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	CIRCULAR OF STATE ADMINISTRATION OF FOREIGN EXCHANGE ABOUT FOREIGN EXCHANGE PURCHASE AND PAYMENT OF RESIDENT INDIVIDUALS FOR STUDY ABROAD

	(No. 185 [2001] of the State Administration of Foreign Exchange promulgated on November 5, 2001, which shall come into force as of December 1, 2001)


SUBJECT : INDIVIDUALS; STUDY ABROAD
ISSUING DEPARTMENT : STATE ADMINISTRATION OF FOREIGN EXCHANGE
ISSUE DATE : 11/05/2001
IMPLEMENT DATE : 12/01/2001
LENGTH : 366 words
TEXT :

To meet the needs of entry into WTO and of increasing demand of self-financed study abroad, and perfect the current account administration, State Administration of Foreign Exchange (SAFE) has decided to adjust policies of foreign exchange purchase of resident individuals for their self-financed study abroad as of December 1, 2001. Relevant issues are notified as follows:

I. Foreign exchange needed to cover tuition and living expenses for college courses (preparatory courses included) can be purchased. Foreign exchange needed shall be purchased on an academic-yearly basis.

II. Simplify approving procedures of foreign exchange purchase. Foreign exchange less than equivalent of US$20,000 (US$20,000 included) may be purchased directly at the counter of foreign exchange designated bank authorized by SAFE or its branches (hereinafter referred to "authorized bank") with prescribed valid certificates. For purchasing foreign exchange more than equivalent of US$20,000, the self-financed student shall apply with the local branch of SAFE with prescribed certificates. After bona fide verification by the local branch of SAFE, foreign exchange may be purchased with approval of the local branch of SAFE and prescribed certificates at the authorized bank.

III. Foreign exchange needed to cover the first academic year tuition and living expenses must be purchased by the student him/herself. Foreign exchange needed for left academic years may be purchased by his/her directly related family member on behalf at the bank authorized by the local branch of SAFE.

IV. In case that foreign exchange needed to cover the first academic year tuition and living expenses has been purchased before the implementation of this Circular, while the student is currently continuing his/her study abroad, foreign exchange for left academic years may be purchased on an academic-yearly basis. However, make-up purchase of foreign exchange for previous academic years is not permitted.

V. This circular shall take into effect as of December 1, 2001. In case of any contradiction with previous regulations, this circular shall prevail.

On receiving this circular, each branch of SAFE shall transmit it to its sub-branches and foreign exchange designated banks under its jurisdiction without delay, and make use of all kinds of media to propagandize. Any problem during the implementation shall be reported to the Current Account Department of SAFE promptly.