国家外汇管理局关于中资外汇指定银行信用证项下外汇垫款处理原则

汇发[2002]56号

颁布日期：20020606 　实施日期：20020606 　颁布单位：国家外汇管理局

HuiFa [2002] No.56

June 6， 2002

SAFE branches in all provinces， autonomous regions， and municipalities directly under the Central Government， exchange administration offices， and SAFE branches in the cities of Shenzhen， Dalian， Qingdao， Xiamen and Ningbo； all designated Chinese-funded foreign exchange banks：

In order to normalize the L/C business of Chinese-funded banks （including wholly state-owned commercial banks， joint-stock commercial banks， policy banks， city commercial banks， rural commercial banks and rural credit cooperatives， hereinafter referred to as bank for all）， urge the banks to control L/C risks and improve the quality of foreign exchange assets， with the approval of the People's Bank of China， a circular on the principles for the disposal of foreign exchange L/C advance and related charges is given hereunder：

1. Scope of Application

This circular applies to L/C advance paid by banks before September 30， 2001. It does not apply to foreign exchange L/C advance paid by financial institutions in bonded areas after September 10， 1998.

2. Repayment of foreign exchange L/C advance

2.1 In case an L/C applicant can submit the Verification Paper of Import Payment and Goods Delivery sealed “verified” by the verification administration department of the SAFE or its branch/sub-branch （hereinafter referred to as SAFE office）， the applicant or its guarantor may apply at the SAFE office in the place of registration for purchasing foreign exchange on the strength of the evidential documents related to the foreign exchange advance， and then purchase foreign exchange at a bank on the strength of the approval of the SAFE office.

2.1.1 In case the L/C applicant purchases foreign exchange for repayment， the applicant shall submit to the SAFE office a valid Verification Paper of Import Payment and Goods Delivery and evidential documents verifying the foreign exchange L/C advance paid by the bank.

2.1.2 In case the guarantor purchases foreign exchange for repayment on behalf of the L/C applicant， the guarantor shall submit to the SAFE office the guarantee contract as well as the documents prescribed in the previous clause.

After the guarantor's purchase of foreign exchange for repaying L/C advance， the L/C applicant shall not purchase foreign exchange in the name of the same advance， and shall only repay equivalent amount of renminbi to the guarantor. In case the guarantor has used its own foreign exchange to repay the L/C advance， the L/C applicant may still apply at the SAFE office for purchasing foreign exchange by presenting the certificate testifying the repayment by the guarantor， and purchase foreign exchange at the bank on the strength of the approval of the SAFE office to repay the guarantor.

2.2 In case the L/C applicant can not provide the Verification Paper of Import Payment and Goods Delivery sealed “verified” by the verification administration department of the SAFE office， if the applicant or/and its guarantor has repaid renminbi to the bank forwardly， or the bank has demanded repayment from the applicant or its guarantor in renminbi with the help of the judicial department or an arbitrator， or the bank has got renminbi by selling off the assets of the debtor or/and the guarantor with the help of the judicial department， or the applicant has repaid the bank with renminbi after liquidation， the bank as the purchasing subject may apply at the SAFE office for purchasing foreign exchange.

3. In case banks as purchasing subjects apply for purchasing foreign exchange to recover L/C advance， they shall follow the following procedures：

3.1 Branches and sub-branches of banks shall apply at local SAFE offices and submit to the latter detailed lists of subject foreign exchange L/C advances sum by sum in the form of attachment 1. The local SAFE offices shall verify the authenticity and legitimacy of each sum of the listed foreign exchange advances.

3.2 Branches and sub-branches of banks shall submit the data of foreign exchange L/C advances and the detailed list verified by local SAFE offices to their superior level or their headquarters， and shall not purchase foreign exchange of their own accord， nor recover the advances with their revolving position for foreign exchange purchases and sales.

3.3 Headquarters of all banks are responsible for collecting the data of foreign exchange L/C advances of all respective branches and sub-branches which have been verified by SAFE branches， submit breakdown of data province-by-province to the SAFE， and apply for purchasing foreign exchange in a unified manner.

4. When examining banks' application for purchasing foreign exchange， SAFE offices shall follow the following procedures：

4.1 SAFE offices shall examine carefully all the documents related to the foreign exchange L/C advances submitted by the banks under their jurisdiction， issue to banks written comments and detailed lists of foreign exchange L/C advances for which purchase of foreign exchange has been certified， and send copies of the written comments and detailed lists to the supervisory departments of the local branches of the People's Bank of China and the SAFE offices of higher level respectively. In case endorsement for purchase of foreign exchange to cover an L/C advance has been given to a bank， the SAFE office shall notify the banks under its jurisdiction not to sell foreign exchange to the L/C applicant in the name of the same L/C advance， and shift the data of subject foreign exchange payment from a status of overdue for verification to a status of for future reference. For L/C advance of an L/C applicant whose business license has been nullified or who does not exist， the SAFE office shall not approve any bank's application for the purchase of foreign exchange thereto related.

4.2 SAFE branches are responsible for collecting the data of foreign exchange L/C advances of banks certified by sub-branches under their jurisdiction， and submitting detailed lists of data （with breakdown for each bank） to the Balance of Payments Department of the SAFE on a monthly basis.

4.3 The SAFE is in charge of examining the applications of the headquarters of commercial banks for purchasing foreign exchange， and schedule their purchase in accordance with supply and demand of the inter-bank foreign exchange market. A list of foreign exchange L/C advances for which purchase of foreign exchange by banks has been approved will be sent back to the SAFE branches concerned through the technical supporting web-site of the SAFE Information Center.

The SAEF branches shall check carefully the feedback list sent by the SAFE with the list of L/C advances certified by themselves or by sub-branches under their jurisdiction. Any inconsistency shall be reported to the Balance of Payments Department of the SAFE in good time.

5. A bank that fails in reclaiming a foreign exchange L/C advance after taking whatever measures， shall account the advance as a non-performing loan dating from the payment of the advance in accordance with relevant provisions in the Provisional Rules on the Determination of Non-performing Loans promulgated by the People's Bank of China.

6. Normal L/C settlement of foreign trade shall be conducted in accordance with relevant current foreign exchange regulations.

7. This circular will go into effect as of the day of promulgation. Any contradictory stipulation in previous regulations will be nullified at the same time.

Upon receiving this circular， all branches shall promptly transmit it to the sub-branches， banks and enterprises under their jurisdiction. Any problems encountered in implementation shall be reported in good time to the Balance of Payments Department of the SAFE （by calling 010-68402310， 68402313， or faxing 010-68402315）。

Attachment：

1. Application Form of Foreign Exchange Purchase by the Banks for Recovering L/C Advance （Omitted）

2. Examination Form of Foreign Exchange Purchase by the Banks for Recovering L/C Advance （Omitted）