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Article 1. This rule is promulgated to improve the administration of domestic entities' receipts and payments of foreign currency notes according to Article 15 of the Regulation of Surrender, Sales of and Payments in of Foreign Exchange. Article 2. Domestic entities' receipts and payments of foreign currency notes referred to in this rule are the activities that domestic entities undertake withdrawal, payments, receipts, surrender and conversion into foreign exchange of foreign currency notes in external trade and non-trade businesses. Article 3. Domestic entities shall not receive foreign currency notes under capital account. Article 4. Withdrawal of foreign currency notes no more than equivalent US$10,000 for one transaction may be directly processed at a bank in foreign exchange operation (hereinafter "bank" in brief) upon presentation of valid documents and commercial bills specified in Chapter 2 of the Regulation on Surrender, Sales of and Payments in of Foreign Exchange (hereinafter "Regulation" in brief). Article 5. Domestic entities shall apply to SAFE for withdrawing foreign currency notes of more than equivalent US$10,000 with valid documents and commercial bills specified in the Regulation, and SAFE shall give approval after verifying its authenticity. Banks shall process it upon presentation of SAFE's verification note. When verifying and approving withdrawal of foreign currency notes, SAFE shall distinguish trade and non-trade businesses, and verify the authenticity and necessity of withdrawal of foreign currency notes. Since remittance through banks under trade is convenient and smooth, payments shall not be made in foreign currency notes in principle. Article 6. To pay for salaries and oversea travel expenses of employees from foreign countries and Hong Kong, Macao, Taiwan and oversea Chinese in foreign currency notes, foreign-funded enterprises shall directly withdraw notes at a bank upon presentation of resolution of board of directors and duty-clearing proof documents if the sum is no more than US$10,000. If the sum is over US$10,000, the foreign-funded enterprise shall apply to SAFE with resolution of board of directors, duty-clearing proof documents first, and then make withdraw at a bank with verification note issued by SAFE after SAFE verifies its authenticity. Article 7. Domestic entities shall not receive or pay (including kickback) foreign currency note for commission under imports and exports. Article 8. Domestic entities shall not receive foreign currency note in non-trade business unless otherwise specified. In need of receiving foreign currency notes due to a special reason, entities shall surrender the foreign exchange at a bank after being verified by SAFE. Article 9. Domestic entities shall sell the foreign currency notes from external trade to banks, and entities shall not keep or deposit the foreign currency notes in bank or convert it into foreign exchange. Article 10. When surrendering foreign currency notes from external trade, domestic entities shall process and present contract, invoice, verification certificate of export collection in foreign exchange checked by the Customs, and a reserved copy of import declaration form stamped by the Customs. Banks shall indicate sum of foreign exchange surrendered and date on the foregoing documents and put a stamp on it after making foreign currency surrender for domestic entities, and keep a Xerox copy of the documents for inspection, and issue a foreign exchange surrender memo for verification certificate of export collection in foreign exchange. Article 11. With respect to surrender of foreign currency notes over equivalent US$10,000 for one transaction, banks shall make a registration of surrender and submit the statistic table of domestic entities' surrender foreign currency notes to SAFE in the attached form by quarter. Article 12. In violation of this rule, investigation and penalty shall be prosecuted according to the Regulation of Foreign Exchange Administration of People's Republic of China. Article 13. The interpretation of this rule shall rest with SAFE. Article 14. This rule shall come into effect as of the date of promulgation. Attachment: Domestic Entities Foreign Currency Settlement Form (omitted) |
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