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	CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON RELEVANT ISSUES CONCERNING THE ADMINISTRATION OF OPENING FOREIGN EXCHANGE ACCOUNTS BY UNIT AFTER THE STATE COUNCIL'S DECISION ON THE THIRD BATCH OF CANCELLATION AND ADJUSTMENT OF ADMINISTRATIVE APPROVAL ITEMS

	(No.95 [2004] of the State Administration of Foreign Exchange September 27, 2004)


SUBJECT : FOREIGN EXCHANGE ACCOUNTS; OPENING
ISSUING DEPARTMENT : THE STATE ADMINISTRATION OF FOREIGN EXCHANGE
ISSUE DATE : 09/27/2004
IMPLEMENT DATE : 09/27/2004
LENGTH : 318 words
TEXT :

On May 19, 2004, the State Council distributed the Decision of the State Council on the Cancellation and Adjustment of the Administrative Examination and Approval Items (III) (No.16 [2004] of the State Council, see the Attachment), according to which, 494 administrative examination and approval items have been cancelled and adjusted, and the competent industry department no longer issues license or archival filing documents. Thereby, this administration has made adjustment on the policy of foreign exchange account administration, and hereby makes the following notice on the relevant matters concerned:

I. All the branches of the SAFE shall no longer require any enterprise or institution to provide any license or archival filing documents of the competent industry department when making examination on their documents for opening an account, but shall strictly examine the business scope listed in the business license of the enterprise or institution that opens the account, and determine the nature of the foreign exchange account opened by the enterprise or institution according to the business scope and verify the proportion of the account limitation. For contents that still need to be examined by the SAFE in the future, the SAFE has organized and developed the "IC Card System for Comprehensive Administration of Foreign Exchange Business of Enterprises" for the purpose of realizing the share of information by each business functional department and being convenient for the enterprises. The System will be popularized and applied throughout the whole country step by step.

II. All the braches of the SAFE shall earnestly implement the Decision of the State Council on the Cancellation and Adjustment of Administrative Examination and Approval Items (III), and reflect to the SAFE in time the new conditions and issues arising from the opening of foreign exchange accounts by any enterprise or institution and the administration thereof.

Attachment: Decision of the State Council on the Cancellation and Adjustment of Administrative Examination and Approval Items (III) (Omitted)