The declaration of balance of payments statistics is an important data source for compiling the national balance of payments statement and the international investment position statement, and it is also an important basis for the state to formulate monetary policy and exchange rate policy. According to the provisions of the national foreign exchange management policy, domestic individuals or units handling overseas receipts and payments through banks and other financial institutions must make indirect declaration of international payments through trading banks.
According to the Notice of the State Administration of Foreign Exchange on Printing and Distributing the Operating Procedures for the Statistical Declaration of International Payments of Financial Institutions
Non-bank institutions and individuals (hereinafter referred to as "reporting units") that generate foreign-related income or foreign-related payment through domestic banks shall make timely, accurate and complete statistical declaration of international payments.
Foreign-related income reporting units shall report the payment within five working days (T+5) after the settlement date (T) of the settlement bank. The reporting entity for foreign-related payment shall report the payment at the same time as submitting the application for overseas remittance or the notice of foreign payment/acceptance.
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What will happen if the balance of payments statistics are not reported in time as required?
For the payee who fails to declare foreign-related income as required within the prescribed time limit, when receiving the money from abroad within 3 months from the date of the expiration of the declaration period, he must first go through the supplementary declaration procedures for all undeclared foreign-related income, and the bank can go through the formalities for understanding the payment of foreign exchange for him after being confirmed by the local foreign exchange administration.
Therefore, if the payee fails to declare the remittance within the prescribed time limit, the money will not only be recorded in time, but also bring interest losses. At the same time, for those who fail to declare the balance of payments in accordance with the regulations, the foreign exchange administration authorities will order them to make corrections and give them a warning, and may impose a fine of less than 300,000 yuan on institutions and 50,000 yuan on individuals.
Baidu Encyclopedia-Declaration of Balance of Payments