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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II PROCESS OF THE VERIFICATION OF IMPORT PAYMENT IN FOREIGN EXCHANGE CHAPTER III VERIFICATION SUPERVISION CHAPTER IV SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. In order to perfect the administration of the verification of trade import payment in foreign exchange, these procedures are formulated according to the Regulations on Foreign Exchange Administration of PRC. Article 2. Enterprises and establishments (including foreign-funded enterprises) approved to engage in import business by the Ministry of Foreign Trade and Economic Cooperation or its authorized units (hereinafter importer), when making import payment, including payment of earnest money and remaining by purchased foreign exchange or from their foreign exchange accounts (hereinafter import payment in foreign exchange) shall go through the procedure of verification according to these procedures. Article 3. "Verification Certificate of Import Payment in Foreign Exchange" (acting declaration form) (hereinafter Verification Certificate; refer to Attachment I) refers to the certificate designed by the State Administration of Foreign Exchange (hereinafter SAFE), which shall be filled by the importer and act as proof document for the designated bank to make import payment in foreign exchange. One copy of Verification Certificate shall only be used for import payment once. Article 4. SAFE and its branches (hereinafter the SAFE) are in charge of the verification, inspection, and administration of all import payment in foreign exchange, as well as supervising and inspecting importers and designated foreign exchange banks. Designated foreign exchange banks shall send Verification Form and related statements to domiciled SAFE. Importers making external payment in foreign exchange shall apply for verification of the payment with domiciled SAFE. Article 5. In case of payment against arrival, the procedure of verification is conducted as the payment is made by the designated foreign exchange bank upon originals of customs declaration form. In case of means of settlement the importer shall apply for verification with the SAFE by presenting Verification Certificate, Record Form, originals of customs declaration forms (receipts verifying foreign exchange derived from entrepot trade surrendered in case of payment for entrepot trade). Article 6. Importer shall apply with domiciled SAFE for entering "Importer List of External Payment in Foreign Exchange" (hereinafter Importer List; refer to Attachment II) by presenting the approval issued by Ministry of Foreign Trade and Economic Co-operation and its branches, business license issued by the Administration of Industry and Commerce, and IC card issued by technology supervision agency. Importers, which are not on the Importer List, shall not be allowed to make import payment directly in the designated foreign exchange bank. Article 7. The SAFE shall publish the Importer List timely, update and adjust it. SAFE branch of each province, autonomous region, municipality directly under the Central Government, listed city, and special economic zone shall choose to publish the Importer List of concerned region centrally or authorize its sub-branches to publish respectively according to specific circumstance. Article 8. The SAFE have the right to publish Importer List Subject to Authenticity Verification by SAFE (refer to Attachment III) to the designated foreign exchange bank at all times according to the verification performance of the importer. Importers on this list shall be subject to authenticity verification by SAFE for at least 6 months. Article 9. Before making payment or opening L/C, the importer shall apply for Record Form of Import Payment in Foreign Exchange (hereinafter Record Form; refer to Attachment IV) with the SAFE case-by-case. The designated foreign exchange bank shall make payment for them upon Record Form. (1) Importers not on Importer List; (2) Importers on Importer List Subject to Authenticity Verification by SAFE; (3) The date of payment exceeding the time line set for customs clearance by 90 days; or (4) Payment is made by designated foreign exchange bank other than those in the cities and counties under the jurisdiction of domiciled SAFE. CHAPTER II PROCESS OF THE VERIFICATION OF IMPORT PAYMENT IN FOREIGN EXCHANGE Article 10. The import, when making payment, shall fill in Verification Certificate (a set of three copies) accurately as required. In case of payment against arrival, serial number, currency, and amount of the customs declaration form shall also be filled. The Verification Certificate, together with other vouchers and certificates shall be sent to the designated foreign exchange bank for verification. Article 11. After payment made, the designated foreign exchange bank shall book-bind the first copies of the Verification Certificate according to means of settlement, which is divided into payment against arrival and others, and send them to domiciled SAFE where the importer located on a weekly basis. The second copy of the Verification Certificate shall be returned to the importer. The third copy shall be kept with other related vouchers and certificates for record for five years. Article 12. In case of payment against Record Form, the designated foreign exchange bank shall keep both the first copy of the Record Form and the third copy of the Verification Certificate for record. The second copy of the Record Form and of the Verification Certificate shall be returned to the importer. The third copy of the Record Form and the first copy of the Verification Certificate shall be sent to the domiciled SAFE. Article 13. Importer shall send the Verification Statement (refer to Attachment V & VI) and related vouchers and certificates to the SAFE on a monthly basis. The procedure of verification shall conducted within one month after customs declaration. When applying for verification, the importer shall attach the originals of customs declaration forms and other related vouchers to the Verification Certificate in case that the imported goods have arrived (for payment against the Record Form, the Record Form is also needed), and fill out the Arrived Goods Verification Statement accurately. The importer shall fill out the Not Arrived Goods Verification Statement in case that that the imported goods have not arrived. Article 14. After examining the Verification Statement and attached vouchers submitted by the importer, the SAFE shall affix a stamp of "verified" to the Verification Statement and each copy of the attached vouchers, keep the first copy of the Verification Statement for record, and return the second copy and attached vouchers to the importer. The importer shall keep the Verification Statement and attached vouchers for record for five years. Article 15. The designated foreign exchange banks shall send Monthly Statement of Import Payment in Foreign Exchange within the first 5 days of each month to the SAFE (refer to Attachment VII). CHAPTER III VERIFICATION SUPERVISION Article 16. The SAFE shall crosscheck the Verification Certificates two-way reported by the designated foreign exchange banks and the importer by the means of calculating the total value or checking the value case-by-case. SAFE shall check the Verification Statement and attached vouchers reported by the importer in the light of the Verification Certificate reported by the designated banks, and check the payment and verification in the light of the Record Form. Article 17. The SAFE shall spot check the importer and the designated foreign exchange banks according to the crosscheck result. The spot check shall be focused on questionable ones. SAFE shall make a double-check at the customs that issues the concerned customs declaration form at all times according to relevant regulations. In case of payment against customs declaration form, double-check of the customs declaration form shall still be conducted by the designated foreign exchange banks. Article 18. If importers commit following behaviors, they shall explain to the SAFE within 5 working days after receiving the notice. In case of no timely explanation without warrant reasons, SAFE shall list the importer on the I Importer List Subject to Authenticity Verification by SAFE according to Article 8 of this rule: (1) Send forged, imitated, altered, used customs declaration form (special copy for the verification) and other certificates to SAFE or the designated foreign exchange banks; (2) Be failed in providing valid customs declaration form or other certificates verifying goods arrived in time after payment; (3) Make payment against Record Form while have no Record Form; (4) Not send Verification Statement and attached vouchers to SAFE as required, or lose related vouchers and certificates of verification; or (5) Other violations of provisions of these procedures. Article 19. SAFE shall penalize the designated foreign exchange banks and importers in violation of these procedures according to Regulations on Foreign Exchange Administration of PRC. Article 20. Each branch of SAFE shall send Assessment Statement of the Verification of Import Payment in Foreign Exchange to SAFE within the first 10 days of each month (refer to Attachment VIII). CHAPTER IV SUPPLEMENTARY PROVISIONS Article 21. It is SAFE that is responsible for the interpretation of these procedures. Article 22. These procedures shall be implemented as of March 1, 1997. Provisional Procedures on the Administration of the Verification of Import Payment in Foreign Exchange promulgated by SAFE on July 31, 1996 shall be repealed at the same time. Attachments: 1. Import Trade Payment Verification Form (Declaration form) (omitted) 2. Importer With Payment in Foreign Exchange Directory (omitted) 3. Importer List With Authenticity Verified by the SAFE (omitted) 4. Import Payment In Foreign Exchange Record Form (omitted) 5. Import Payment In Foreign Exchange Arrival Verification Form I (omitted) 6. Import Payment In Foreign Exchange Without Arrival Verification Form II (omitted) 7. Import Payment In Foreign Exchange Monthly Summary Form (omitted) 8. Import Payment In Foreign Exchange Verification & Examination Form (omitted) |
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