Oct. 28 – The State Administration of Foreign Exchange announced this week that it has adopted reforms to the verification and write-off system for import payment in foreign exchange in the national range.
Beginning December 1, importers must process their import payment in foreign exchange in accordance with the Tentative Measures for Administration of Import Payment in Foreign Exchange for Goods Trade, and banks shall process the relevant foreign-exchange payment business by complying with these measures.
According to the October 20 circular, banks must also complete their connection to the verification and write-off system for import payment in foreign exchange prior to November 30, 2010. They will then need to use the system for all inquiries of importers, registration forms for import payment in foreign exchange, and classified assessment grades.
For more information on the State Administration of Foreign Exchange, please contact the Corporate Accounting Services division of Dezan Shira & Associates at firstname.lastname@example.org. The firm’s brochure is available for download here.