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Guangzhouhuibao [2001] No. 39 has been received. State Administration of Foreign Exchange (SAFE) hereby reply to foreign exchange for sale of international air tickets by international travel agencies in Guangdong province as follows: I. International travel agencies with Approval Certificate of Commission Agent of Air Transportation Issued by Civil Aviation Administration of China which indicates that they can act as a commission agent of international or Hongkong, Macao, and Taiwan passenger transport, shall collect Renminbi when they sell international or HongKong, Macao, and Taiwan air-tickets. Collected Renminbi may be converted into foreign exchange and remitted to concerned overseas airline companies. II. Travel agencies, when selling air-tickets, shall act in accordance with the following requirements: (1) Choose one foreign exchange designated bank for converting Renminbi income from selling air-tickets into foreign exchange and report their choice to the local branch of SAFE; (2) Renminbi income from selling international air-tickets must be deposited in a special Renminbi account. This account can only be credited with their income from selling international air-tickets and be debited with conversion into foreign exchange and then remittance to overseas. The bank whom the special Renminbi account is opened with shall be the same one as that who make the conversion of currencies; (3) Conversion into foreign exchange and remittance shall be made at the foreign exchange designated bank with following vouchers and certificates: a. Application for conversion; b. Commission contract signed with overseas airline company (This contract shall be recorded at the foreign exchange designated bank in advance); c. Settlement list provided by overseas airline company; and d. Stubs of air-tickets corresponding with the settlement list (the bank shall make a copy and keep them for record). III. The foreign exchange designated bank, when making conversion for the travel agency, shall act as follows: (1) Keep a table account to record each conversion. The time when the conversion is made shall be clearly recorded; and (2) Verify all of the vouchers and certificates submitted by the travel agency carefully. In case of large sum and abnormal conversion, the bank shall report to local branch of SAFE without delay. The local branch of SAFE shall verify the authenticity of the vouchers and certificates. IV. SAFE shall check the conversion of Renminbi income from selling international air-tickets into foreign exchange under its jurisdiction periodically. V. This reply shall be applied to the same kind of business of the travel agencies under the jurisdiction of other branch of SAFE. |
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