State Administration of Foreign Exchange, Issues Relevant to the Administration of Verification and Reconciliation of Foreign Exchange Received from Export Del Credere Agency Business Circular

Issued: July 1 2003
Effective: as of date of issue

Main contents: The Circular defines export del credere agency business. It explains the regulations that apply if the designated foreign exchange bank (the del credere agent) is or is not providing recoverable financial services to the exporter; what happens once the bank has received money from overseas on behalf of the exporter; the regulations that apply when there is a dispute between the two parties involved in the export and the financial services provided by the bank are not recoverable; and how the bank should be repaid if it incurs losses because of such agency business.
Related legislation: Issues Relevant to the Administration of "Designated Documents for Verification and Reconciliation of Foreign Exchange" Circular, 2003 and Administration of Verification and Reconciliation of Foreign Exchange Received from Exports Procedures, Aug 5 2003, CLP 2003 No.8 p5