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Rules and Regulations
  • Index number:
    000014453-2016-00456
  • Dispatch date:
    2016-11-08
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
    Huifa No. 13 [2016]
  • Name:
    Circular of the State Administration of Foreign Exchange on Announcing 14 Regulatory Documents on Foreign Exchange Administration Abolished and Nullified and One Modified
Circular of the State Administration of Foreign Exchange on Announcing 14 Regulatory Documents on Foreign Exchange Administration Abolished and Nullified and One Modified

The branches and foreign exchange administration departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the Central Government, the branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, and all designated Chinese-funded foreign exchange banks,

In response to the Central Government's and the State Council's requirements on accelerating the transformation of government functions, pushing forward administration streamlining, power delegation, combination of decentralization and regulation, and service optimization, stabilizing growth, promoting reform, adjusting restructure and benefiting people, as well as comprehensively sorting out regulations and policy documents, and to further promote trade and investment facilitation, the effectiveness of selected regulatory documents on foreign exchange administration is notified as follows:

I. With agreement of the Ministry of Finance, the Circular of the State Administration of Foreign Exchange and the Ministry of Finance on Adjusting the Table of Foreign Exchange Issues for Annual Inspection of Foreign Exchange Business of Foreign-Invested Enterprises (Huifa No. 124 [2002]) is abolished.

II. The following two regulatory documents, with the main content replaced by new content and not conforming to current management practices, are abolished:

(I) Circular of the State Administration of Foreign Exchange on Distributing the Streamlining Status of Foreign Exchange Statements (Huifa No. 12 [2004]);

(II) Circular of the State Administration of Foreign Exchange on Starting Use of Relevant Vouchers of Domestic Banks for Foreign-related Receipts and Payments and Clarifying the Relevant Requirements on Data Submission (Huifa No. 42 [2012]).

III. The following 11 regulatory documents on foreign exchange administration whose applicable period has expired or objects of adjustment have disappeared are nullified:

(I) Reply of the State Administration of Foreign Exchange on Issues Concerning Foreign Exchange Settlement for Income from B-Share Investments by Domestic Individual Investors (Huifu No. 283 [2007]);

(II) Circular of the State Administration of Foreign Exchange on the Examination and Ratification of Short-term External Debt Quotas of Financial Institutions for 2009 (Huifa No. 14 [2009]);

(III) Circular of the State Administration of Foreign Exchange on Issues Concerning Distributing the 2010 Quotas for Outstanding Short-term External Debt (Huifa No. 18 [2010]);

(IV) Circular of the State Administration of Foreign Exchange on Issues Concerning the Ratification of the 2011 Quotas for Outstanding Short-term External Debt of Domestic Institutions (Huifa No. 14 [2011]);

(V) Circular of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Work Concerning Launching the Pilot Foreign Exchange Monitoring System for Trade in Goods (Huizongfa No. 125 [2011]);

(VI) Circular of the State Administration of Foreign Exchange on Issues Concerning the Ratification of the 2012 Quotas for Outstanding Short-term External Debt of Domestic Institutions (Huifa No. 12 [2012]);

(VII) Circular of the General Affairs Department of State Administration of Foreign Exchange on Relevant Items Concerning Carrying out the Acceptance and Joint Debugging of Bank Data Interface Program on the Online Balance of Payments Declaration System (Huizongfa No. 14 [2012]);

(VIII) Circular of the State Administration of Foreign Exchange on Issues Concerning the Ratification of the 2013 Quotas for Outstanding Short-term External Debt of Domestic Institutions (Huifa No. 6 [2013]);

(IX) Circular of the State Administration of Foreign Exchange on Issues Concerning the Ratification of the 2014 Quotas for Outstanding Short-term External Debt of Domestic Institutions (Huifa No. 14 [2014]);

(X) Circular of the General Affairs Department of the State Administration of Foreign Exchange on Printing and Distributing the Content of Assessment and Scoring Criteria of Banks in Implementing the Provisions on Foreign Exchange Administration (2014) (Huizongfa No. 52 [2014]).

(XI) Reply of the General Affairs Department of the State Administration of Foreign Exchange Concerning Simplifying Documents and Improving the Foreign Exchange Administration of Individual Trade by the SAFE Branches in Fujian and Zhejiang (Huizongfu No. 40 [2014]).

IV. “Settlement of foreign exchange shall be handled based on the export agent contract or agreement signed with the agent and the agent's Customs declaration for exports” in Subparagraph 2 of Article 9 of the Appendix " Detailed Rules on Implementation of the Measures for the Administration of Individual Foreign Exchange" to the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Detailed Rules on Implementation of the Measures for the Administration of Individual Foreign Exchange (Huifa No. 1 [2007]) is modified as "Settlement of foreign exchange shall be handled based on the contract or the commercial documents issued by the logistics company."

The Circular will come into force on the day of promulgation. Upon receipt of this Circular, all branches and foreign exchange administrative departments of the SAFE shall immediately forward it to the central sub-branches, sub-branches, urban and rural commercial banks and foreign banks; and all designated Chinese-funded foreign exchange banks shall forward it to their branches and sub-branches as soon as possible.

Please follow the Circular in your implementation.

 

State Administration of Foreign Exchange

May 29, 2016





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