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In order to further strengthen and regulated management on travel agencies Foreign exchange receipts and payments from travel service, based on the Regulation on Surrender, Buy and Payment of Foreign Exchange, and the Provisional Rule on Foreign Exchange Management of Domestic Residents, the issues related to foreign exchange receipts and payments of travel agencies from accepting foreign tourist group and organizing domestic residents' private travel abroad are notified as below. I. Travel agencies should charge fees in foreign exchange rather than RMB when accepting foreign tourist group. Travel agencies should settle with the foreign travel agencies in foreign exchange when organizing domestic residents travel abroad. II. The foreign exchange receipts of travel agencies from accepting foreign tourist group should not be used to effect payments for organizing domestic residents travel abroad, nor be kept at abroad. III. With approval from the State Administration of Foreign Exchage (SAFE) or its branches, Chinese funded international travel agencies may apply for opening a special foreign exchange account for accepting foreign tourist group in China, the credit side of such accounts should be the receipts from accepting foreign tourists in China, the debit side should be rebates of fees and the payments for organizing domestic tourist group abroad if approved by the SAFE, and the remaining foreign exchange of the account at end of each year should be surrendered to market; the Chinese funded travel agencies with authority to organize domestic residents to travel abroad on their own expenses may open a special foreign exchange account for organizing tourist group travel abroad besides the account for accepting foreign tourist group in China, credit to the account should be payments for domestic residents' expenses at abroad. The foregoing accounts should be maintained at the bank where the foreign currencies are converted; foreign funded travel agencies may open a foreign exchange current account to deal with foreign exchange receipts and payments under travel. IV. Issues related to the opening, use, close etc of travel agencies' foreign exchange account should apply to the Regulation on Management of Domestic Foreign Exchange Account. V. Foreign currency conversion in case of domestic residents' private travel abroad should apply to the Provisional Rule on Foreign Exchange Management of Domestic Individual, and the converted foreign exchange covers expenses at abroad for meal, accommodation and pin money. Conversion should be made by travel agencies, and travel agencies should give the remaining foreign exchange to tourists as pin money after deducting the expenses for travel abroad. The travel agencies should not buy foreign exchange for paying the tourist group's expenses at abroad unless they do on behalf of tourists. VI. Only for the travel agencies listed in the "name list of travel agencies authorized to operate business of organizing Chinese residents' private travel abroad" (refer to Attachment 1), may banks make foreign currency conversion when the travel agencies organize domestic residents' private travel abroad. VII. Only in case the designated place is in the designated country (region) list of Chinese residents' private travel abroad (refer to Attachment 2), may bank make foreign currency conversion for the authorized travel agencies organizing Chinese residents' private travel abroad. VIII. When travel agencies organize domestic residents' private travel abroad, the foreign currency conversion should only be made in the bank designated by the SAFE. Travel agencies should receive RMB strictly applying to the day's foreign exchange board rate. Travel agencies should charge fees in term of relevant regulations when they change money on behalf of tourists. IX. When travel agencies change money on behalf of tourists who join oversea tourist group, travel agencies should buy foreign exchange of the amount according to the actual demand for expenses of tourist group and directly remit it abroad or credit it to the special account approved by the SAFE; the remaining should be converted into foreign currency cash as pin money for tourists. X. The total amount travel agencies buy on behalf of tourists who travel abroad (the sum of foreign exchange and foreign currency bought) should not exceed the highest amount of foreign exchange that the authority permit individual tourists to buy. In case the travel expenses at abroad exceed the amount that individual tourist is permitted to buy, travel agencies may remit the insufficient expenses from the special foreign exchange account for accepting foreign tourist group in China with approval from the SAFE. XI. When travel agencies make currency conversion on behalf of tourists who travel abroad, the RMB funds needed for buying foreign exchange should be given to exchange bank in form of check or bank transfer, and submit to bank documents listed below: (1) An application letter from travel agencies (tourists' number, designated place, mission fee and pin money should be listed in detail); (2) Tourist group list of Chinese residents' private travel abroad verified by the Tourism Administrative Department (hereinafter the Name List); (3) Relevant contract signed by travel agencies with foreign agencies in line with the Sample Contract with foreign receiving travel agency for tourist group traveling abroad (refer to Attachment 3) stipulated by the National Tourist Administration; and (4) Passports, attached with visa, of tourists who join the oversea tourist group organized by travel agencies and airport tickets. XII. When Banks process the sales and payments of foreign exchange in case of travel abroad, banks should verify the authenticity of the following items: (1) Whether the travel agency is in the Name List of travel agencies authorized to operate business of organizing Chinese residents private travel abroad published by National Tourism Administration; (2) Whether the designated place is in designated country (region) list for Chinese residents' private travel abroad; (3) Whether the signature and stamp of the travel agency in the Name List is incompliance with sample seal reserved at bank and whether relevant material and documents specified by the Article 11 of this circular are genuine and complete; and (4) In case of travel to Singapore, Thailand and Malaysia, the fee charged by foreign travel agencies should apply to the requirements specified in National Tourism Administration's decree LVFA No. 069 (2000), the Circular on Publishing the Travel Agencies Designated by Singapore, Malaysia and Thailand Government, the List of Tourism Shops and Tourist Information Telephone and Reference Price. (refer to attachment 4) After processing the currency conversion, banks should mark each passport, and should save information provided by travel agencies such as tourists' name, sex, passport number, ID number, time and amount in computer for future examination. XIII. In 10 working days after oversea tourist group returns, travel agencies should submit to the bank the name list with border verification stamp and keep a copy for future reference. In case a tourist group fails to travel abroad, the travel agency should surrender the foreign exchange bought. XIV. If a travel agency fails to submit the name list to bank in the specified time, or the Name List is not attached with a border verification stamp, or the Name List is not in compliance with the persons who actually travel abroad while the travel agency does not surrender the foreign exchange bought, banks should stop conducting operation for the travel agency to buy foreign exchange on behalf of tourists, and notify the foregoing to the SAFE. The SAFE should make punishment according to the Regulation of Foreign Exchange Management of People Republic of China. XV. The SAFE should periodically and occasionally examine travel agencies' foreign exchange receipts and payments. XVI. Banks should submit to the local SAFE ummarized Table of Domestic Residents Private Travel Abroad in _(quarter, year) (refer to attachment 5) of previous quarter in the first 5 working days of each quarter, and branches of the SAFE should consolidate all tables and submit to the SAFE headquarters in the 10 working days of each quarter. XVII. In case travel agencies violate the regulation in this circular such that keeping foreign exchange proceeds at abroad without approval, using foreign exchange receipts to pay for tour expenses, receiving fees in RMB which ought to be received in foreign exchange, or buying foreign exchange on behalf of tourists exceeding the person number verified by National Tourism Administration, the SAFE should make punishment according to the Regulation of Foreign Exchange Management of People Republic of China and other relevant regulations. XVIII. In case banks violate the regulation in this circular such that selling and paying foreign exchange without documents, without complete documents or with documents not conforming to the terms of a credit, or conducting operation for travel agencies without authority to organize oversea travel to buy foreign exchange on behalf of tourists, or conducting operation for travel agencies to buy foreign exchange on behalf of tourist while the designated place does not apply to National Tourism Administration's regulation, and in case non-designated banks process buying and payment of foreign exchange for domestic residents' private travel abroad, the SAFE should make punishment according to the Regulation of Foreign Exchange Management of People's Republic of China. XIX. When travel agencies make foreign exchange conversion for tourists to visit Hong Kong and Macao, banks shall do business according to the point 11th and 12th of this circular. XX. The SAFE authorizes Bank of China to process foreign exchange sales and payments for domestic residents' private travel abroad. All travel agency which is qualified to organize Chinese residents' private travel abroad is permitted to buy foreign exchange at only one branch of Bank of China where it is located, and submit to the bank the sample of signature of the person in charge and the stamp of travel agency's seal before hand. Travel agencies should report to the local SAFE the bank they select. XXI. National Tourism Administration and local tourism administrative department (hereinafter to "Tourism Administration" in brief) should periodically send the name list of travel agencies authorized to conduct business of Chinese citizens' private travel abroad, the country (region) list of designation of Chinese citizens Private travel abroad and other relevant documents to the State Administration of Foreign Exchange and its branches. If there is any change in above lists, Tourism Administration should timely inform the SAFE and its branches. The SAFE and its branches should timely forward the above information to banks which process foreign exchange sales and payments for travel abroad as soon as receiving it. XII. This circular is enacted as of March 1, 2001. As soon as receiving this circular, all branches should send it to the sub-branches, and headquarters of Bank of China and other foreign exchange designated banks should send it to their branches, all provincial tourism bureaus (commission) should send it to the travel agencies and international travel agencies in their charge. If there is any problem in implementation, please contact the State Administration of Foreign Exchange and National Tourism Administration. Attachments: 1. Name list of travel agencies authorized to conduct business of Chinese citizens' private travel abroad (omitted) 2. The country (region) list of designation of Chinese citizens' private travel abroad (omitted) 3. Decree LVFA No. 069 (2000) of National Tourism Administration's (omitted) 4. Sample contract with foreign receiving travel agency for tourist group traveling abroad (omitted) 5. Summarized Table of Domestic Residents' Private Travel Abroad in __(quarter, year) |
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