|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
In order to create a better investment environment for foreign investors, improve efficiency in supervision over forex capital settlement for investment projects, and facilitate capital operations for enterprises simultaneously, the State Foreign Exchange Control Administration has decided to carry out trial reforms on management methods of settlement of forex capitals of foreign-invested enterprises in places that meet the relevant requirements. All the sub-administrations that have met the requirements for trial reforms may submit written applications to the State Administration, and then carry out trial reforms within their extent of power upon approval by the State Administration. We are now notifying the relevant proceedings as follows: I. The Major Contents of the Trial Reform Program of Forex Capital Settlement under Foreign-funded Projects (1) The forex capital under foreign-funded projects mentioned here refers to the capital in the capital accounts of foreign-funded enterprises within the amount limited and ratified by foreign exchange control administrations. The banks refer to the designated banks approved by the People's Bank of China for foreign currency trade and settlement. (2) As for the settlement management measures, the present direct management over foreign-funded enterprises shall be changed into indirect management over banks, namely, the foreign exchange control administrations shall authorize the banks that meet the relevant requirements with the ratifying power, and the banks are then responsible for the inspection, reporting and filing in accordance with their authorizations. Foreign exchange control administrations shall conduct regular non-spot inspection on capital settlement in accordance with the statements and other data of the authorized banks, and shall conduct regular spot inspection on whether the authorized banks' capital settlements comply with regulations, and on the implementation of internal control policies. (3) Banks that meet the following requirements may apply to foreign exchange control administrations for authorizations: 1. No violation record in capital's sale and payment during the latest three years; 2. With consummate control measures for capital account limitation; 3. With full-time managerial staff members trained by foreign exchange control administrations; 4. With consummate internal control systems for capital settlement management; and 5. With complete monitoring and early warning systems for capital settlement statistics to ensure monthly reporting of capital settlement monitoring data and prompt discovery of abnormal business situations to foreign exchange control administrations. II. The written applications of the sub-administrations shall include: The following contents shall be included in the applications for local trial reforms concerning management methods of forex capital settlement of foreign-funded enterprises: (1) Current local situations for capital settlement management over foreign-funded enterprises; (2) Necessity and feasibility for trial reforms concerning forex capital settlement management; (3) Major contents and implementation proceedings in the Implementation Rules for trial reforms; and (4) Other necessary explanations. The sub-administrations shall enhance the supervisory inspections over designated forex banks after their approving of trial reforms concerning the management methods for forex capital settlement under foreign-funded projects, submit the relevant data in time to the State Administration in accordance with laws and regulations, and disseminate the data to all concerned at the same time. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|