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	CIRCULAR OF STATE ADMINISTRATION OF FOREIGN EXCHANGE REGARDING VERIFICATION AND EXAMINATION PROCEDURE FOR FOREIGN EXCHANGE PAYMENT FOR IMPORT

	(No. 98 [2001] of State Administration of Foreign Exchange promulgated on May 25, 2001, which shall come into force as of the same day of promulgation)


SUBJECT : VERIFICATION AND EXAMINATION PROCEDURE; IMPORT
ISSUING DEPARTMENT : STATE ADMINISTRATION OF FOREIGN EXCHANGE
ISSUE DATE : 05/25/2001
IMPLEMENT DATE : 05/25/2001
LENGTH : 379 words
TEXT :

According to Article 14 of Circular on Perfecting the Administration of Sales of and Payment in Foreign Exchange (No. 27 [1998]) promulgated by State Administration Foreign Exchange (SAFE) on August 14, 1998, SAFE and its branches shall keep both the first copy of the verification statement and attached vouchers and certificates submitted by the domestic entity on file after examination. Attached vouchers and certificates (including the verification certificates) shall not be returned to the domestic entity. This stipulation was effective in improving the administration of import payment in foreign exchange and preventing duplicated purchase of and payment in foreign exchange upon one set of import vouchers and certificates. After nationwide implementation of the Verification Network System for Import and Export Customs Declaration Form on January 1, 1999, network verification of the electronic account data make the authenticity of the import customs declaration form quite certain and duplicated use of import customs declaration form impossible. There's no need to keep attached vouchers and certificate on file any more. We hereby circulate relevant stipulations as follows to this end:

I. SAFE and its branches, after examining the verification statement and attached vouchers and certificates submitted by the import entity and conducting the verification of import payment in foreign exchange for the entity, shall stamp the verification statement and all of attached verification certificates with "reported for verification". The first copy the verification statement and the last copy of the customs declaration form printed by the Verification Network System for Import and Export Customs Declaration Form shall be kept on file (in case of "transit trade" or "materials for overseas project", receipts of foreign exchange sales and notice of collection shall be stamped with "reported for verification". A duplicate copy of them shall be kept on file). Other vouchers and certificates shall be returned to the import entity. The import entity shall keep the second copy of the verification statement and relevant vouchers and certificates on file for 5 years according to requirement.

II. This circular shall go into effect as of the date of promulgation.

On receipt of this circular, SAFE branches are required to transmit it expeditiously to their sub-branches and related entities. If problems arise during implementation, it is requested that they be reported to SAFE in timely fashion.