关于完善售付汇管理的通知（修正） State Administration of Foreign Exchange, Improving Administration of Sale and Paym

by the foreign exchange authorities to designated foreign exchange banks.

　　When implementing sale and payment of foreign exchange for organizations within China in accordance with the verification and approval certificates from foreign exchange authorities, designated foreign exchange banks may not directly implement sale and payment of foreign exchange for such organizations holding customs declarations involving a foreign exchange payment date in excess of 90 days from the date of issue of the customs declarations, or marked as "foreign debt registration completed".

　　12. Organizations within China using loans from foreign governments or international financial organizations, or using international commercial loans or funds raised through debt issue, or when imports are made on behalf of work units within China which have won contracts in international tenders, must submit the customs declarations and go through the procedure for verification and cancellation of foreign exchange paid for imports regardless of whether funds are paid from China or allocated directly from accounts abroad, and regardless of whether they are importing for themselves or on behalf of others.

　　13. Organizations within China using foreign exchange for import for prepayment of goods, where the amount of such prepayment does not exceed 15 per cent of the total sum of the contract, or where it does exceed 15 per cent but not exceed the equivalent of US$100,000, should submit the foreign bank's letter of guarantee for prepayment of goods which has been verified and escorted confidentially by the bank, together with the import contract, the statement of verification and cancellation of foreign exchange paid for imports, and the formal invoice directly to the designated foreign exchange bank to implement purchase and payment of foreign exchange. When an organization within China is using foreign exchange for import for prepayment of goods where the amount of such prepayment does exceed 15 per cent of the total sum of the contract and also exceeds the equivalent of US$100,000,

it should submit the foreign bank's letter of guarantee for prepayment of which has been verified and escorted confidentially by the bank, together with the explanation stamped by the legal person, the import contract and the formal invoice to the foreign exchange authorities to obtain an "Import Foreign Exchange Payment Recordal Form", and shall be checked and verified by foreign exchange authorities. The designated foreign exchange bank shall implement sale and payment of foreign exchange in accordance with the Import Foreign Exchange Payment Recordal Form registered and issued by the foreign exchange authorities plus the above-mentioned valid certificates and commercial vouchers. Once designated foreign exchange banks have dealt with sale and payment of foreign exchange for prepayment of goods involving less than 15 per cent of the total sum of the contract but in excess of the equivalent of US$300,000, they should complete a monthly "Major Prepayment of Goods and Premiums Recordal Registration Form" to be put on file with the foreign exchange authorities within ten working days of the beginning of every month, not less than 50 per cent of which shall be examined by the foreign exchange authorities. The foreign exchange authorities shall not re-examine and verify this item of business or re-issue a Foreign Exchange Sale Notification, and the sale and payment of foreign exchange vouchers from the designated foreign exchange bank shall not include another Foreign Exchange Sale Notification.

　　14. Once the foreign exchange authorities have examined the statement of verification and cancellation and the attached vouchers and certificates reported and submitted by the organization within China in accordance with Article 14 of the Supervision and Administration of Verification and Cancellation of Foreign Exchange Paid for Trade Imports Tentative Procedures, they should stamp "reported and examined" on the statement of verification and cancellation and the attached customs declaration and retain the top copy of the statement and the attached vouchers and certificates. The attached vouchers and certificates (including the customs declaration) may not be returned to the organization within China, and all the customs declarations submitted must be verified a second time by the Customs.

　　15. The foreign exchange authorities should keep appropriately the retained vouchers and certificates, and retain them for two years for inspection. Designated foreign exchange banks may not implement sale and payment of foreign exchange for organizations within China holding customs declarations stamped "reported and examined".

　　The foreign exchange authorities should administer strictly the signing and issue of Import Foreign Exchange Payment Recordal Forms and the implementing of verification and cancellation of foreign exchange paid for imports, and establish a system of internal review. Sales and payments of foreign exchange for organizations within China under the Import Foreign Exchange Payment Recordal Forms should be verified and cancelled item by item by the foreign exchange authorities in accordance with the Supervision and Administration of Verification and Cancellation of Foreign Exchange Paid for Trade Imports Tentative Procedures.

　　This Circular shall be effective as of 1 September 1998. All branches are asked to transmit it to those financial institutions (including foreign investment financial institutions) and importing work units under their authority, and all Chinese designated foreign exchange banks to transmit it to the branches under their authority. If problems arise during implementation please report these to the Administration in a timely fashion

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