Settlement of foreign exchange refers to the behavior that the owner of foreign exchange income sells his foreign exchange income to the designated foreign exchange bank, and the designated foreign exchange bank pays the equivalent local currency at a certain exchange rate. There are many forms of foreign exchange settlement, such as compulsory foreign exchange settlement, willingness foreign exchange settlement and quota foreign exchange settlement.
Auditing principles
1. Creditors (financial institutions) should follow the principle of exhibition industry and undertake the responsibility of authenticity and compliance audit when handling the payment of domestic foreign exchange loan funds for domestic debtors (non-financial institutions). If domestic foreign exchange loan funds are used for cross-border payment and current account expenditure, they shall comply with the relevant foreign exchange management regulations on current account and capital account.
2. Except for domestic foreign exchange loans with the background of goods trade and export, other domestic foreign exchange loans may not be settled.
3. The funds under the export trade financing business can be directly transferred to the foreign exchange account of the current account of the enterprise when the financial institution lends money and the enterprise actually recovers the export payment. The settlement and use of funds shall comply with the relevant provisions on foreign exchange management of the current account.
4. Export trade financing and domestic foreign exchange loans with the background of goods export without obtaining the certification materials of the authenticity of goods export must be through the domestic foreign exchange loan account, and the debtor can choose to settle foreign exchange by payment or willingness. If you choose to settle foreign exchange, you should also open a corresponding account to be settled, or use the foreign exchange income of other capital projects to be settled. Banks should review the authenticity and compliance of the use of settlement funds, and endorse the current settlement amount and acceptable settlement amount in the original loan contract. After the settlement of foreign exchange, the use of RMB funds should be consistent with the export background of goods trade. This kind of settlement declaration is "9240 10".
5. The use of domestic foreign exchange loan funds to handle foreign exchange derivatives business shall comply with the relevant provisions of the Detailed Rules for the Implementation of the Measures for the Administration of Bank Settlement and Sale of Foreign Exchange. Domestic foreign exchange loans that are not allowed to settle foreign exchange shall not handle foreign exchange derivatives related to the background of foreign exchange settlement transactions; Domestic foreign exchange loans that are not allowed to be repaid by purchasing foreign exchange shall not handle foreign exchange derivatives related to the background of foreign exchange purchase transactions.
6. When the same debtor transfers the original currency between domestic foreign exchange loan accounts with the same name opened by different financial institutions, the withdrawal bank shall indicate the words "domestic foreign exchange loan transfer with the same name" when reporting the domestic transfer, and the receiving bank shall check whether the collection account number is a domestic foreign exchange loan account.
7. After handling the foreign currency transfer of domestic foreign exchange loan funds for the debtor, the financial institution shall timely complete the declaration of balance of payments or the declaration of domestic transfer of balance of payments.
What are the ways to settle foreign exchange? Foreign exchange settlement methods are divided into remittance, collection, letter of credit and others. 1. Remittance includes: (1) remittance (2) telegraphic transfer (3) remittance (2) collection includes: (1) D/P (2) D/A (3) L/C settlement.