Internet shopping single trade limit increased, set up 50,000 dollars

Domain Name City (domain.cn) January 30, the State administration of foreign exchange 29th issued a notice on the implementation of the foreign exchange payment business of payment agencies, the nationwide implementation of some of the payment agencies across the border foreign currency payment business pilot, To allow payment agencies to provide foreign exchange funds for Cross-border E-commerce transactions and payment and settlement services, and the Internet shopping single transaction limit from the equivalent of 10,000 U.S. dollars to 50,000 dollars.

In order to prevent the risk of Internet channel foreign exchange payment, since 2013, the State administration of foreign exchange in Shanghai, Beijing, Chongqing, Zhejiang, Shenzhen, 5 regions to carry out payment agencies Cross-border e-commerce foreign currency payment business pilot, the pilot situation is good. On this basis, the foreign Exchange Bureau will expand the pilot to the national scope.

The main contents of the notice include: one is to raise the single business limit. The Internet shopping single transaction limit is increased from $10,000 to $50,000, easing the limit on the number of foreign exchange reserve accounts that the payment institution opens. The second is to standardize the pilot process. In order to obtain the pilot qualification, the payment institution shall register with the registered foreign Exchange Bureau for the "Trade foreign exchange income and expenditure Business Directory". Third, strict risk management. The payment agencies are required to strictly perform the transaction authenticity audit duties, keep relevant information for 5 years, and timely and accurate submission of relevant business data and information. The foreign Exchange Bureau will conduct off-site verification and on-site verification of the pilot business for prudential supervision.