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In order to improve the non-trade foreign exchange control, settle the problems of non-trade account sale and purchase of exchanges not clearly provided for in the existing regulations on foreign exchange control, and facilitate the real economic and trade activities of domestic institutions, the State Administration of Foreign Exchange decides to apply classified administration to the non-trade accounts for sale and purchase of exchanges, which are not clearly provided for in the existing regulations, in accordance with the "Regulation of the People's Republic of China on Foreign Exchange Control", the "Provisions on the Management of Settlement, Sale, and Payment of Foreign Exchange", the "Notice on the Relevant Issues concerning the Tax Documents Submitted for Sale and Purchase of Exchanges under Non-Trade Accounts and Some Capital Accounts", and other relevant provisions, and hereby gives its notice on the relevant issues as follows: I. For the sale and purchase of exchanges under non-trade account, which are not clearly provided for in the existing regulations, with the amount not more than the equal value of US$50,000, a domestic institution may, upon the strength of relevant documents, directly go to the designated foreign exchange bank for the verification of authenticity and then go through the formalities of sale and purchase of exchanges; for the sale and purchase of exchanges under non-trade account, which are not clearly provided for in the existing regulations, with the amount not less than the equal value of US$50,000 but not more than that of US$50,0000 (including US$50,0000), a domestic institution shall bring the relevant documents to apply to the branch or sub-branch of the State Administration of Foreign Exchange (hereinafter referred to foreign exchange bureau), and shall, after the verification of authenticity by the foreign exchange bureau, go through the formalities for sale and purchase of exchanges in the designated foreign exchange bank with the approval documents from the foreign exchange bureau. For the sale and purchase of exchanges under non-trade account, which are not clearly provided for in the existing regulations, with the amount more than the equal value of US$50,0000, a domestic institution shall bring the relevant documents to apply to the foreign exchange bureau at its locality, which shall report to the State Administration of Foreign Exchange for the verification of authenticity, and shall then go through the formalities of sale and purchase of exchanges in the designated foreign exchange bank with the approval documents from the foreign exchange bureau at its locality. II. The enterprises honorable for earning exchanges from export, which abide by all provisions on foreign exchange control, and have no acts in violation of foreign exchange control in the recent two years, the important entities with large import value, which have important influence within the jurisdiction, the enterprises and public institutions with frequent income and expenditure of non-trade foreign exchanges, the Party, governmental and military organs, and the state-level scientific research entities, do not have to, if approved by the branches of the foreign exchange bureaus at their respective localities, be limited by the amount provided for in Article 1 of the present notice, and may bring the relevant documents to directly go to the designated foreign exchange banks for going through the formalities of non-trade purchase and payment of exchanges. The foreign exchange bureau at the locality may, in light of the situation of its jurisdiction, formulate specific approval conditions conforming to the present article. The foreign exchange bureau shall, after approving a relevant domestic institution, notify the designated foreign exchange bank at its locality, and meanwhile submit the name list of the approved domestic institutions to the Department of Current Account Administration under the State Administration of Foreign Exchange for record. If an approved domestic institution has any act in violation of the provisions on foreign exchange control, the foreign exchange bureau shall notify the designated foreign exchange bank to immediately cancel the institution's qualification for such business. III. A designated foreign exchange bank shall, when verifying the authenticity of a non-trade account for sale and purchase of exchanges, which is not clearly provided for in the existing regulations, verify the written application, contracts (agreements), invoices (payment notice) and tax documents provided by the domestic institution. IV. A foreign exchange bureau shall, when verifying the authenticity of a non-trade account for sale and purchase of exchanges, which is not clearly provided for in the existing regulations, verify the written application, contracts (agreements), invoices (payment notice), tax documents and other relevant materials provided by the domestic institution. Meanwhile, it shall strengthen internal control, set up and apply a system of authorized management by levels, and decide on the accounts with large amount or incomplete documents through collective discussion. V. A foreign exchange bureau or designated foreign exchange bank shall, when verifying the authenticity of a non-trade account for sale and purchase of exchanges, which is not clearly provided for in the existing regulations, verify the originals of the relevant evidential materials, and shall indicate the date and amount of the sale and purchase of exchanges on the originals, affix a common seal of business, and preserve the photocopies for 3 years for check. VI. A designated foreign exchange bank shall register its business of non-trade account sale and purchase of exchanges not clearly provided for in the existing regulations on foreign exchange control sum by sum, fill in the "Special Registration Form on Non-Trade Account Sale and Purchase of Exchanges" (Attachment), and submit it to the foreign exchange bureau at its locality within 5 business days as of the beginning of each quarter. All branches (foreign exchange administration departments) shall gather and report the information on the situation of their respective jurisdictions within 10 business days as of the beginning of each quarter. VII. The present notice shall come into force on April 1, 2003. Attachment: Special Registration Form on Non-Trade Account Sale and Purchase of Exchanges (Omitted) |
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