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	CIRCULAR OF SAFE AND GENERAL ADMINISTRATION OF CUSTOMS ABOUT THE USE OF VERIFICATION OF FOREIGN EXCHANGE COLLECTION FOR EXPORT BY REGULATORY APPROACHES TO IMPORT AND EXPORT SUPERVISION OF GOODS

	(No. 120 [2001] of State Administration of Foreign Exchange and General Administration of Customs promulgated on July 3, 2001, which shall come into force as of August 1, 2001)


SUBJECT : EXPORT; VERIFICATION OF FOREIGN EXCHANGE COLLECTION
ISSUING DEPARTMENT : STATE ADMINISTRATION OF FOREIGN EXCHANGE, GENERAL ADMINISTRATION OF CUSTOMS
ISSUE DATE : 07/03/2001
IMPLEMENT DATE : 08/01/2001
LENGTH : 416 words
TEXT :

Verification certificate of export collection (hereinafter "verification certificate") is one of the important certificates for SAFE to trace and supervise the exporter's collection of foreign exchange and for the exporter to go through the formalities of export. However, in the process of export declaration for certain modes of trade (indicated on the customs declaration form), there is neither actual delivery of goods, nor foreign exchange transaction. In this case, the exporter need not go through the formalities of the verification of export collection.

To further enhance efficiency, simplify export declaration and verification of export collection, according to the modes of trade currently employed by the customs and taking into consideration of whether there being delivery of goods and export collection or not, we classify the relationship between mode of trade and export collection into two categories: "mode of trade requiring verification certificate" and "mode of trade not requiring verification certificate" (see attachment for details). Detailed procedures are stipulated as follows;

I. When going through the formalities of export declaration, the customs shall determine according to this circular whether the declared export requires verification certificate.

II. If the export falls into the category of "mode of trade requiring verification certificate", the customs shall verify the exporter's verification certificate. After going through the formalities of export declaration, the customs shall report electronic data as required. SAFE shall trace and supervise the exporter to collect foreign exchange and go through the formalities of verification of export collection.

III. If the export falls into the category of "mode of trade not requiring verification certificate", the customs shall not verify the verification certificate. SAFE shall not go through the formalities of verification of export collection.

IV. If GAC adjust modes of trade, SAFE and GAC shall jointly adjust and publish new categories of the relationship between mode of trade and verification of export collection whenever necessary.

V. The GAC shall adjust the controlling condition accordingly on its Logic Supervising Form of Customs Declaration Form. In case of "mode of trade requiring verification certificate", if the serial number of the verification certificate has not been filled, or has been wrongly filled, the customs shall reject its declaration.

VI. Any problem during implementation shall be reported to Inspection Department of SAFE and Clearance Department of the GAC promptly.

VII. This circular shall take into effect as of August 1, 2001.

ATTACHMENT: Categories Of Correspondence Between Regulatory Approaches To Import And Export Supervision Of Goods And Verification Of Foreign Exchange Collection For Export (omitted)