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We have received some feedback comments from some branches on the "Circular on Improving the Administration of Sales of and Payments in Foreign Exchange" (Huihan No. 27) (hereinafter, the "Circular") after its issuance on August 14. After study, we hereby issue this supplementary Circular on relevant questions as follows: I. Article 1 of the Circular is clarified as: "When a designated foreign exchange bank handles sales of and payment in foreign exchange against the arrival of goods and the total amount on the import customs declaration form (hereinafter referred to the "Declaration Form") is equivalent to US$100,000 or more, the designated bank shall in each case first verify the authenticity of the Declaration Form with customs. The designated bank shall handle the sale of and payment in foreign exchange only after the authentication being verified by customs." II. Article 3 of the Circular is amended as: "When a designated foreign exchange bank handles sales of and payment in foreign exchange against the arrival of goods, the purchaser under the import contract, the import unit on the Declaration Form, the applicant for the purchase of and payment in foreign exchange and the consignee on the bill of lading shall be identical. If the consignee on the bill of lading differs from the first three, an agency agreement shall be presented, provided that the first three shall be identical." III. Article 11 of the Circular is amended as: "Under the conditions of trade imports when settlements is made by payment against delivery, and the date of purchase of and payment in foreign exchange is 90 days beyond the customs clearance date, domestic institutions shall go to SAFE branches to apply for a Reference Form for Import Payment in Foreign Exchange with their import contracts, Import Declaration Form (special copy for verifying import payment in foreign exchange) and invoices. The designated foreign exchange banks shall handle sales of and payment in foreign exchange by the Reference Form for Import Payment in Foreign Exchange in accordance with the relevant regulations on sales of and payment in foreign exchange after verifying the relevant documents. Under the conditions of trade imports when settlement is made by bill collection, administration shall be by reference to the methods used for opening forward letters of credit of more than 90 days under the conditions of deferred payment stipulated in the Detailed Rules on the Supervision of Foreign Debt Statistics. After issuing Reference Form for Import Payment in Foreign Exchange, the verification and cancellation departments of SAFE branches shall regularly transmit the information on issued Reference Form for Import Payment in Foreign Exchange to the foreign debt administrative departments of SAFE branches which compile foreign debt statistics. However, SAFE branches shall not conduct examination and approval of the repayment of principal and payment of interest on the basis of such statistics." IV. Article 13 of the Circular provides that when advancing payment for imports, the letter of advance payment guarantee issued by a foreign bank and verified and sealed by a domestic bank shall be presented. Such letter of guarantee will not be required if the amount is the equivalent of US$ 30,000 or less. V. Designated foreign exchange banks shall handle sales of and payment in foreign exchange on the basis of Reference Forms for Foreign Exchange Payment in Other Locations issued on or before September 1 only after careful verification of authenticity by SAFE branches. After September 1 all purchases of and payment in foreign exchange conducted outside the place where the enterprise is registered shall cease. Special cases shall be reported by provincial branches to SAFE for examination and approval. VI. As provided in Article 16 of the Circular, "the regulations shall take effect as of September 1, 1998" means the date of purchase of and payment in foreign exchange shall be conducted after September 1, and for which is not in accordance with the Circular, the designated foreign exchange banks shall handle the sale of and payment in foreign exchange only after careful verification of authenticity by SAFE branches. The Circular shall be strictly complied with in accordance with regulations. VII. Except for the above items, all other circumstances shall be conducted strictly in accordance with the Circular. VIII. Designated foreign exchange banks shall handle sales of and payment in foreign exchange under current accounts upon the presentation of the valid documentation and related commercial documents specified in foreign exchange administrative regulations or the verification documents issued by SAFE branches and related document. Designated foreign exchange banks shall not handle sales of and payment in foreign exchange for anyone unless the specified valid certifications, related commercial documents and the approval documents issued by SAFE branches are presented. Designated foreign exchange banks shall handle sales of and payment in foreign exchange for those items not covered in the foreign exchange regulations only after careful verification of authenticity by SAFE branches. IX. This Circular shall take effect as of the date of issuance. All branches shall please promptly transmit this Circular after its issuance to sub-branches, financial institutions (including foreign-funded financial institute) and related units within their jurisdiction. Head offices of all Chinese-funded designated foreign exchange banks shall transmit this Circular to their branches and sub-branches, and assemble information on implementation for reporting to SAFE. |
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