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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II APPLICATION FOR QUALIFICATION CHAPTER III MANAGEMENT RULES FOR OPERATIONS CHAPTER IV ADMINISTRATION OF ACCOUNTS FOR SETTLEMENT OF CHECKS CHAPTER V PENALTY PROVISIONS CHAPTER VI SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. The present Interim Measures are formulated in accordance with the regulations of the state on foreign exchange control now in force with a view to guaranteeing the smooth operation of settlement of HK dollar checks between Guangdong and Hong Kong, accelerating the turnover of foreign exchange funds, and promoting the economic development of Guangdong and Hong Kong. Article 2. Any HK dollar check signed by an enterprise within the administrative division of Guangdong Province (including Shenzhen, same in the below) to Hong Kong, with an enterprise in Hong Kong or an institution dispatched by any other country or region in Hong Kong as the payee, or any HK dollar check received by an institution or individual within the administrative division of Guangdong Province which is signed by a drawer in Hong Kong, and on which the funds are cleared through a system for exchange of negotiable instruments between Guangdong and Hong Kong, shall be governed by the present measures. Article 3. The designated foreign exchange bank shall handle the settlement of HK dollar checks between Guangdong and Hong Kong in accordance with the present measures. Article 4. HK dollar checks signed to Hong Kong shall be limited to payments under self-handled import trade; for the payments made to foreign parties under charges subordinate to trade, under non-trade and under capital, no HK dollar check between Guangdong and Hong Kong shall be signed. Article 5. The State Administration of Foreign Exchange Guangdong, Provincial Branch, shall handle unified supervision and administration over the combined settlement of foreign exchange in HK dollar checks between Guangdong and Hong Kong, and be responsible for the examination, approval of qualifications and the daily administration of the enterprises within its jurisdiction that sign checks to Hong Kong parties (The State Administration of Foreign Exchange, Shenzhen Branch shall be responsible for the examination and approval and the daily administration within the administrative division of Shenzhen City). CHAPTER II APPLICATION FOR QUALIFICATION Article 6. An import enterprise that applies to sign a HK dollar check between Guangdong and Hong Kong must meet the following conditions simultaneously: (1) It has been registered in the local administration for industry and commerce, with its annual import value reaching US$10 million or above; (2) It has no act in violation of foreign exchange control within two years, and the rate of submitted import verification for check remains to be 95% or above; (3) It has been listed in the "Directory of Import Entities Paying Exchanges to Foreign Parties" of the foreign exchange bureau (the State Administration of Foreign Exchange or any of its branches or sub-branches); and (4) It has been approved by the foreign exchange bureau to have opened an account for settlement of foreign exchanges. Article 7. An enterprise meeting the above provided conditions shall file an application to the local branch of the State Administration of Foreign Exchange, and must provide the following documents: (1) the industrial and commercial business license (counterpart); (2) the approval document for the power for import and export; (3) the certificate on the code of enterprise legal person; (4) the written notification ratified by the foreign exchange bureau to be used for opening the account for settlement of HK dollar checks; and (5) the application form for import verification of arrived goods of the last year. Article 8. Only enterprises checked and approved by the local branch of the State Administration of Foreign Exchange may sign HK dollar checks to Hong Kong parties. CHAPTER III MANAGEMENT RULES FOR OPERATIONS Article 9. An institution or individual shall, after receiving a HK dollar check signed by a Hong Kong drawer, settle exchanges or deposit the amount into the account in accordance with the "Provisions of the Management of Settlement, Sale, and Payment of Foreign Exchange" and other provisions of foreign exchange control. The designated foreign exchange bank shall, in accordance with the relevant provisions of foreign exchange control, strictly distinguish the nature of the foreign exchange, and check corresponding valid certificates and commercial documents, and handle the formalities of exchange settlement or of deposit. Article 10. An enterprise may, select one account from the existing HK Dollar settlement accounts and use it as the account for signing checks to Hong Kong Parties. The foreign exchange bureau shall ratify the monthly limit of expenditure in check in the account according to the following standards: (1) If the annual import volume is US$10-20 million, the maximum amount of monthly expenditure in check shall be HK$4 million; (2) If the annual import volume is US$20-30 million, the maximum amount of monthly expenditure in check shall be HK$5 million; (3) If the annual import volume is US$30 million or above, the maximum amount of monthly expenditure in check shall be HK$6 million. Article 11. The face amount of a check signed by an enterprise at one time shall not exceed HK$1 million. Article 12. An enterprise checked and approved by the foreign exchange bureau to be qualified to sign checks to Hong Kong parties shall, with the approval documents issued by the foreign exchange bureau, go through the formalities of signing the check to the Hong Kong party and of settlement in the designated foreign exchange bank of the selected account. The approved check account must have enough balance to ensure the payment in check. For a check signed by an enterprise without sufficient amount of HK Dollar deposit, the paying bank must return it. Article 13. An enterprise must, when signing a check, have the real background of import trade. Article 14. An enterprise must, when filling in a HK dollar check, write down in advance the declared transaction code of international payment statistics. Article 15. An enterprise shall, within 5 working days after signing a check to a Hong Kong Party, and in accordance with the "Provisions of the Management of Settlement, Sale, and Payment of Foreign Exchange" and other relevant provisions, fill in the "Import Verification Sheet" with corresponding valid commercial documents and valid certificates in the original paying bank to make declaration of payment to foreign parties, and shall, in accordance with the "Interim Measures of the Administration of Verification of Import Payment in Foreign Exchange", go through the formalities of submitting import verification for check to the foreign exchange bureau within the prescribed time limit. Article 16. With respect to the HK dollar checks signed by the electronic settlement center in Guangdong to an enterprise within Guangdong Province but returned from Hong Kong, they shall be enumerated on a list in daily sequence, and the information related to such checks shall be submitted to the verification department of the local branch of the State Administration of Foreign Exchange at the locality of the enterprise. The submitted information shall contain the following contents: the name of the enterprise that signed the HK dollar check, the name of the Hong Kong enterprise as the payee, the use, amount and information on payment of the signed check. Article 17. A designated foreign exchange bank shall mark and separately manage the relevant vouchers on HK dollar check payments, and shall strictly check the documents on payment of exchange provided by enterprises afterwards in accordance with the "Provisions of the Management of Settlement, Sale, and Payment of Foreign Exchange" and other provisions of foreign exchange control. Article 18. The designated foreign exchange bank shall, after paying for a HK dollar check, urge the enterprise that signs the HK dollar check to the Hong Kong party to timely fill in the "Import Verification Sheet" in accordance with the present measures, and declare the payment of exchange to the involved foreign party. Article 19. The designated foreign exchange bank shall, within 5 working days after each month, report the name list of the enterprises failing to make declaration of the "Import Verification Sheet" within the specified time limit, and the expenditure of the accounts from which the enterprises sign HK dollar checks to Hong Kong parties to the local branch of the State Administration of Foreign Exchange for record. The local branch of the State Administration of Foreign Exchange shall evaluate the submission by the enterprises of verification by month. Article 20. The verification department of the local branch of the State Administration of Foreign Exchange at the locality of a certain enterprise shall, upon the list of signed HK dollar checks, which is submitted by the electronic settlement center in Guangdong and the information on payment of HK dollar checks, which is fed back from the designated foreign exchange bank, improve its supervision over the enterprise's opening HK dollar checks. CHAPTER IV ADMINISTRATION OF ACCOUNTS FOR SETTLEMENT OF CHECKS Article 21. No enterprise shall willingly change the account approved by the foreign exchange bureau for the settlement of HK dollar checks. Where it is necessary to make such a change, it shall be subject to the approval and re-confirmation of the foreign exchange bureau. Article 22. With respect to an approved account for the settlement of checks, foreign exchange receipt and disbursement shall be handled in accordance with the measures of the administration of foreign exchange accounts, and no purchased exchange shall enter this account. CHAPTER V PENALTY PROVISIONS Article 23. Where an enterprise's rate of submitted verification for check is lower than 95% for 3 consecutive months, or if it violates other provisions in the present measures, the foreign exchange bureau shall cancel its qualification to sign HK dollar checks, and impose penalties in accordance with the "Regulation of the People's Republic of China on Foreign Exchange Control" and the relevant provisions. Article 24. Where a designated foreign exchange bank fails to handle the settlement of HK dollar checks between Guangdong and Hong Kong in accordance with the present measures, the foreign exchange bureau shall impose penalties in accordance with the "Regulation of the People's Republic of China on Foreign Exchange Control" and the relevant provisions, and the People's Bank of China Guangzhou Branch or Shenzhen City Central Sub-branch shall cancel its qualification to handle the exchange affairs of HK dollar checks between Guangdong and Hong Kong. CHAPTER VI SUPPLEMENTARY PROVISIONS Article 25. The present Measures shall not be applicable to enterprises in bonded areas. Article 26. The responsibility to interpret the present Measures shall remain with the State Administration of Foreign Exchange. Article 27. The present Measures shall come into force on the date of their promulgation. |
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