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In order to further satisfy the reasonable personal demand of domestic resident individuals for using foreign exchange and facilitate the formalities for foreign exchange purchase of domestic resident individuals, the State Administration of Foreign Exchange has decided to increase the guiding quota of foreign exchange purchase under the current accounts of domestic resident individuals for private purposes and simplify the relevant formalities for purchasing foreign exchange. We hereby notify the relevant issues as follows: I. INCREASING THE GUIDING QUOTA OF FOREIGN EXCHANGE PURCHASE UNDER THE CURRENT ACCOUNTS OF DOMESTIC RESIDENT INDIVIDUALS FOR PRIVATE PURPOSES (1) For the guiding quota of foreign exchange purchase for outbound tours (including tours to Hong Kong and Macao SARs but excluding border tours, hereinafter the same), visiting relatives, going on a pilgrimage, overseas hospitalization, commercial investigation, overseas settlement, international exchange, overseas training, provision of labor service abroad by a domestic resident individual upon the strength of his private passport that involve actual exits from the territory, where the period of overseas stay is within half a year, the equivalent of US$3,000 shall be adjusted to the equivalent of US$5,000; where the period of overseas stay is longer than half a year (included), the equivalent of US$5,000 shall be adjusted to the equivalent of US$8,000. (2) For the guiding quota of foreign exchange purchase for remedies to overseas lineal relatives, payment of membership fees of an international organization or overseas mail-order that involve actual demand of using foreign exchange but no exit from the territory, the equivalent of US$3,000 shall be adjusted to the equivalent of US $5,000. (3) The guiding quota of foreign exchange purchase for self-funded study abroad shall still be implemented according to the Circular of the State Administration of Foreign Exchange on the Guiding Quota of Foreign Exchange Purchase of Domestic Resident Individuals for Self-funded Study Abroad (outside the Territory) (No. 111[2004] of the State Administration of Foreign Exchange). The foreign exchange shall be supplied for the tuition fees as indicated in the admission notice or certificate of expenses in full amount. The living fees shall be no more than the equivalent of US$20,000 for each person each year. II. CONSUMPTION OR WITHDRAWAL IN A FOREIGN COUNTRY A domestic resident individual may consume under the current account by a foreign currency bank card as issued by a domestic bank or withdraw the overdraft in a foreign country. A cardholder may go to a bank to purchase foreign exchange for repayment according to the provisions of the Circular of the State Administration of Foreign Exchange on Regulating the Management of Foreign Currency Bank Cards (No. 66 [2004] of the State Administration of Foreign exchange). III. FURTHER SIMPLIFYING THE CERTIFICATES OF FOREIGN EXCHANGE PURCHASE OF DOMESTIC RESIDENT INDIVIDUALS FOR PRIVATE PURPOSES UNDER CURRENT ACCOUNTS (1) Where a domestic resident individual purchases foreign exchange for outbound tours, visiting relatives, going on a pilgrimage, overseas hospitalization, commercial investigation, overseas settlement, international exchange, overseas training, provision of labor service abroad, etc., he may handle it upon the strength of his private passport and the valid visa. In the case of a group visa for travel, a bank may handle it upon the strength of the photocopy of the group visa as affixed with a seal of the relevant travel agency for recognition. For anyone who goes to a foreign country or region that adopts a policy of visa upon arrival or free visa for China and no visa may be provided before he exits the territory, the relevant bank may directly handle it upon the strength of his private passport of the domestic resident individual. (2) Where a person who is going abroad to study at his own expenses purchases foreign exchange for the tuition fees for the first academic year or semester, he shall handle it on the strength of the passport for private purchase, the valid visa, the admission notice as produced by a foreign school, the certificate of expenses (if the admission notice or the origin of the certificate of expenses cannot be provided, the faxed or downloaded document may be provided, hereinafter the same); for the tuition fees for the second academic year or semester and afterwards, he shall handle it upon the strength of the photocopies of the passport for private purchase and the valid visa and the certificate of expenses for the corresponding academic year or semester. For anyone that has studied abroad in a school and plans to continue his study in any other school, when purchasing foreign exchange for tuition fees of the school where he is going to study, he may handle it according to the requirements of purchasing foreign exchange for tuition fees for the second academic year or semester and afterwards. Where a person who is going to study abroad at his own expenses purchases foreign exchange for the living fees for the first academic year or semester, he shall handle it on the strength of his private passport, the valid visa, the admission notice as produced by a foreign school and the certificate of expenses. Where a person that is going abroad for study at his own expenses purchases foreign exchange for the living fees for the second academic year or semester and afterwards, he shall handle it upon the strength of photocopies of his private passport and the valid visa, such schooling certification as the student identity card or the certificate of the tuition fees of the relevant year (semester). Where the identity card number of a person that purchases foreign exchange fails to be indicated on the passport thereof, the identity card or the residence booklet shall be provided for foreign exchange purchase. IV. PEOPLE GOING ABROAD FOR STUDY AT HIS EXPENSES Under the special circumstance that a person that is going abroad for study at his expenses may only obtain the valid entry visa after he has made remittance or has submitted the maintenance margin for visa to a domestic bank, the person is allowed to handle the formalities for purchasing foreign exchange upon the strength of the prescribed certification materials. V. IMPLEMENTATION The present Circular shall be implemented as of the day of promulgation. Where any provision as promulgated before the implementation of the present Circular has any conflict with the present Circular, if any, it shall be implemented according to the present Circular. |
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