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In order to provide convenience for the enterprises to use the domestic foreign exchange loans and for the financial institutions to carry out the credit management, the State Administration of Foreign Exchange (SAFE) has, on the basis of summing up the experiences of the pilot projects of some regions, decided to reform the method of foreign exchange administration of domestic foreign exchange loans throughout the whole country. The relevant matters are hereby notified as follows: I. Reform of the method of foreign exchange administration of domestic foreign exchange loans refers to changing the administration method in which the debtor makes the registration of foreign exchange loans one by one with the branch or subsidiary or foreign exchange department of SAFE (hereinafter referred to foreign exchange bureau) into the method in which the creditor makes a concentrated registration, that is the Chinese-funded financial institution granting the domestic foreign exchange loan makes the regular foreign exchange credit registration with the foreign exchange bureau, submits the change of domestic foreign exchange loans, and makes the examination by itself of the authenticity and rule-compliance of the opening of special accounts of domestic foreign exchange loan, and of the handling of repayment of loan principal and interest by the enterprises, without the approval of the foreign exchange bureau. II. Reform of the method of foreign exchange administration of domestic foreign exchange loans shall be limited to the self-managed foreign exchange loans granted by the Chinese-funded financial institutions (hereinafter referred to creditors) to the non-financial domestic institutions (hereinafter referred to debtors), excluding debts convertible to loans. III. Administration of the registration of foreign exchange credits of domestic foreign exchange loans. All creditors operating domestic foreign exchange loan business shall make the registration of foreign exchange credits of domestic foreign exchange loans, that is to fill in and submit the Concentrated Registration Form of Creditors of Domestic Foreign Exchange Loans (attachment 1), the Feedback Form of Change of Domestic Foreign Exchange Loans (attachment 2), and the Gathering Form of Domestic Foreign Exchange Loan Business Data (attachment 4) to the foreign exchange bureaus within the first 5 workdays of each month, and submit the granting and change of domestic foreign exchange loans of the last month. IV. Administration of the special accounts of domestic foreign exchange loans. The creditor shall be responsible for examining the applications filed by the debtors for opening or nullifying the domestic special accounts of foreign exchange loan, and shall fill in and submit the Monthly Report on Opening and Nullifying the Domestic Special Accounts of Foreign Exchange Loan (attachment 3) and the Gathering Form of Domestic Foreign Exchange Loan Business Data (attachment 4) to the local foreign exchange bureau within the firth 5 workdays of each month, Where a debtor applies for opening a special account of domestic foreign exchange loan, and the creditor is a bank, the account may only be opened with the credit bank or a bank of the registration place of the debtor. If the creditor is a non-financial institution, the account may only be opened with the bank allocating the loan fund or a bank of the registration place of the debtor. Where the account opening bank of the creditor and that of the debtor are not the same financial institution, the creditor shall issue a notification on opening (nullifying) the account to the account opening bank of the debtor, and indicate that: "examination of authenticity and rule-compliance has been conducted according to the relevant provisions of SAFE on foreign exchange administration of domestic foreign exchange loans, the ____ branch (subsidiary) bank of _____ bank is requested to assist in handling the relevant account opening (nullifying) formalities", and shall sign and affix the official business seal. The account opening bank must take the notification on account opening (nullifying) indicated and sealed by the creditor as the basis for opening or nullifying the special account of domestic foreign exchange loan. The income scope of a special account of domestic foreign exchange loan includes the said loan income of the debtor and the fund allocated for repayment; the expenditure scope includes the repayment of loan by the debtor, the expenditure under the current account and that under the approved capital account. The time when the fund for repayment is allocated into the special account may not go beyond 5 workdays prior to the date of loan maturity or of actual repayment. Only one special account may be opened for one foreign exchange loan, and the special account shall be nullified after the loan contract is fulfilled. V. Administration of payment for the loan principal and interest. Where a debtor pays for the loan principal and interest with the foreign exchange it owns or it purchases with RMB, it shall provide the creditor with the certifications such as the bank statement of foreign exchange account and the Confirmation of Enterprise's Self-owned Foreign Exchange (see attachment 5). The creditor shall make an examination of the authenticity and rule-compliance, and shall report for record with the local foreign exchange bureau every month (see attachment 2). When paying for the loan principal and interest, the debtor shall firstly use its self-owned foreign exchange and may only purchase foreign exchange for the insufficient part. When a debtor purchases or pays foreign exchange for the purpose of paying for loan principal and interest, if the creditor is a bank, the formalities may only be handled with the credit bank or a bank of the registration place of the debtor. If the creditor is a non-financial institution, the formalities may only be handled with the bank allocating the loan fund or a bank of the registration place of the debtor. If the banks with which the creditor and debtor purchase or pay foreign exchange are not the same institution, the creditor shall indicate in the notification on payment for principal and interest issued to the debtor that: "examination of the authenticity and rule-compliance has been conducted according to the relevant provisions of SAFE on foreign exchange administration of domestic foreign exchange loans, the ____ branch (subsidiary) bank of _____ bank is requested to assist in handling the relevant foreign exchange sale and payment formalities", and shall sign and affix the official business seal. The bank of foreign exchange sale or payment must take the notification indicated and sealed by the creditor as the basis for handling the foreign exchange sale or domestic foreign exchange transfer. A debtor shall file an application if it needs to purchase foreign exchange for payment of principal and interest of the domestic loan. If the creditor has obtained RMB fund from the enterprise through legal means (including court judgment, arbitration institution's award, realization of mortgaged or pledged assets, or retaining of security deposit), and the debtor is unable to apply for purchasing foreign exchange because of due causes, the creditor may apply for purchasing foreign exchange with the foreign exchange branch where the enterprise is located for the enterprise, the branch shall examine the authenticity and rule-compliance according to the relevant provisions before granting the approval, and shall nullify or offset the corresponding loan registration. VI. Export negotiation and exchange surrender of packing loans may be directly ratified and handled by the creditor, any other domestic foreign exchange loans may not be surrendered. VII. The foreign exchange bureaus and creditors operating domestic foreign exchange loan business shall be well prepared for the change of foreign exchange loan registration method before December 31, 2002. When implementing this reform, the foreign exchange bureaus shall strengthen the training of foreign exchange personnel of the creditors, supervise and urge the banks to well clear up the domestic foreign exchange loan business and the special accounts, and strengthen the verification of the relevant loan registration information and account information before and after the reform. After the reform, foreign exchange bureaus shall nullify all the registrations of self-managed foreign exchange loans of the debtors, and the debtors may no longer take the registration certificates of domestic foreign exchange loans as the basis for purchase of foreign exchange. VIII. The creditors shall establish sound internal control rules for foreign exchange loan business, and submit the rules to the local foreign exchange bureaus for record. The foreign exchange bureaus shall make examinations, in fixed or unfixed terms, of the implementation of the internal control rules for foreign exchange loan business, internal statistics report rules, personnel quality and business operations of the creditors. If there is any problem, the creditor shall be ordered to correct within the prescribed time limit. If the creditor fails to do so, the foreign exchange bureau shall circulate a notice of criticism to it or punish it according to the relevant provisions. IX. The foreign exchange bureaus shall strengthen post control of the creditors, and supervise and urge them to submit various kinds of data and he relevant materials on time. The foreign exchange bureaus shall make a non-on-spot examination of the domestic foreign exchange loan business according to the materials submitted by the creditors, and make on-spot examinations, in fixed or unfixed terms, of the concentrated registration, opening or nullifying of foreign exchange accounts and the examination of repayment of loans by the creditors. X. The creditors shall submit the statements to the local foreign exchange bureaus pursuant to the provisions. In the areas where the foreign exchange account management information system has functioned, banks shall submit the relevant data pursuant to the requirements of that system; in the areas without the conditions at the present, the data may be submitted through disks or paper statements, and the banks shall be required to actively create conditions and realize the net connection as soon as possible. XI. The branches shall submit to SAFE the relevant data of domestic foreign exchange loans through the Capital Account Statistics Monitoring Serial Report. XII. The branches shall strengthen the publicity of the reform of the method of foreign exchange administration of domestic foreign exchange loans. XIII. This notice shall be put into practice on January 1, 2003. The Notice on Pilot Projects of Reforming the Method of Foreign Exchange Administration of Domestic Foreign Exchange Loans (No.142 [2001] of the State Administration of Foreign Exchange) shall be abrogated at the same time. If any previous relevant provisions conflict with this Notice, the latter shall prevail. Attachments: 1. Concentrated Registration Form of Creditors of Domestic Foreign Exchange Loan (omitted) 2. Feedback Form of Change of Domestic Foreign Exchange Loans (omitted) 3. Monthly Statement on Opening and Nullifying the Special Accounts of Domestic Foreign Exchange Loans (omitted) 4. Gathering Form of Domestic Foreign Exchange Loan Business Data (omitted) 5. Confirmation of Enterprise's Self-owned Foreign Exchange (omitted) |
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