BCRA Communication A 3493: Follow-up of Foreign Exchange Negotiations for Export Goods and Prefinancing Loans

BANCO CENTRAL DE LA REPUBLICA ARGENTINA

---

COMMUNICATION "A" 3493 I 26/02/02

---

TO FINANCIAL ENTITIES
Ref.: Circular
CAMEX 1-331
Communication "A" 3473.

We have the pleasure of addressing you to inform you that the following has been arranged regarding the follow-up of foreign exchange negotiations for export goods for consumption and prefinancing and advances from abroad.

Pursuant to the regulations on the mandatory deposit in foreign exchange of the FOB or C&F value, as applicable, of officialized export collections as of 12/06/01, established by Decree 1606/2001 and the exchange regulations issued by the Central Bank, the following tracking system has been arranged, to be carried out by banking entities, which must comply with the following procedures:

I. Follow-up of the deposit of foreign exchange from export goods negotiations.

1. Exports whose shipping permission was officialized as of the date of this Communication.

Banking entities will become aware of their designation by the exporter, for the tracking of the shipping permission with the destination number for export for consumption, through daily consultation in the SECOEXPO System, which will be available on the page www.afip.gov.ar/bcraafip.

Exporters who wish to change banking entities for the tracking of export collections for a specific shipment must appear before the banking entity designated in the shipping permission, so that it notifies the new entity designated by the exporter of its status. This option will only be open until the maturity date for the settlement of export collections occurs. The acknowledgment of receipt between the entities will release the original bank from its obligations regarding this operation, which will be assumed by the new banking entity.

Banking entities will have access to the following information:
i. Code of the bank designated by the exporter.
ii. Taxpayer Identification Number (CUIT) of the exporter.
iii. Name of the exporter.
iv. Address of the exporter.
v. Export for consumption destination number.
vi. Date of officialization.
vii. Date of loading the merchandise (maritime or air transport) or date of border crossing (land transport).
viii. Tariff position (details of the goods comprising the shipment).
ix. Code of the currency of origin.
x. FOB value of the final settlement in the currency of origin.

The entity will take charge of tracking the deposit of foreign exchange within the deadlines established in accordance with the regulations of the Central Bank and the Secretariat of Industry and Foreign Trade, which are applicable to the export for consumption destination.

For the same shipment, the maximum negotiation deadline will be governed by the product whose total exported FOB value proportionally represents the largest value of the shipment.

The entities will report to the Central Bank, according to the information system made known separately:

a. The export for consumption destinations that complied with the obligation to negotiate foreign exchange and/or apply it abroad in accordance with the applicable exchange regulations in each case. In the report of completed operations, they must detail:
i. Taxpayer Identification Number (CUIT) of the exporter
ii. Export for consumption destination number.
iii. Date on which the negotiation or application was completed.
iv. Code of the bank that performed the tracking.
v. Internal compliance number of the negotiation (sequential number assigned by the banking entity).
vi. Compliance with the required conditions of the export for consumption destination included in point 2 of Resolution No. 56/2002 of the Ministry of Economy.

This information, in addition to being required for exchange purposes for the follow-up of the compliance of export foreign exchange deposits, will give rise to the release of payments due to the Federal Administration of Public Revenues within the applicable regulations in customs and tax matters. The inclusion of an export for consumption destination in the list of "compliant" means the issuance of a certification by the intervening entity for all exchange, tax, and customs effects regulated by the general and specific legal norms in the matter, and extreme control and security measures must be taken to ensure the truthfulness and reliability of the certifications issued.

b. The non-compliance with the exchange negotiation in accordance with the applicable regulations, detailing
i. Code of the bank reporting.

ii. Internal non-compliance number (sequential number assigned by the entity).
iii. Taxpayer Identification Number (CUIT) of the exporter.
iv. Name of the exporter.
v. Export for consumption destination number.
vi. Date of officialization of the shipment.
vii. Date of loading the merchandise (maritime or air transport) or date of border crossing (land transport)
viii. Tariff position of the product, whose total exported FOB value proportionally represents the largest value of the shipment.
ix. Maturity date for the negotiation of the export collection according to the merchandise of highest value.
x. Code of the currency in which the export for consumption destination is expressed.
xi. FOB value of the export for consumption destination.
xii. Freight value, if applicable.
xiii. Amount not negotiated and/or applied pending as of the date of the information in the currency in which the export for consumption destination is expressed.
xiv. Date on which the deposit and/or application was completed
xv. Internal compliance number of the negotiation assigned by the entity.
xvi. Sequence number of the negotiations and/or applications. (Sequential number assigned by the entity).
xvii. Date of negotiation and/or application of foreign exchange.
xviii. Code of the type of operation: 1. Negotiation of foreign exchange of the FOB value, 2. Application of loans, 3. Cancellation of advances, 4. Application of interest, 5. Application of other concepts, 6. Negotiation of foreign exchange for freight. Points 2 to 6 will be governed by the current exchange regulations.
xix. Code of the entity through which the operation was performed.
xx. Amount in the currency in which the export for consumption destination is expressed.

Fields xvi to xx must be used to report each of the partial negotiations and/or applications that present the reported non-compliance. These fields must be completed as many times as necessary to cover all such partial transactions, using the first of them (field xvi) to number them sequentially.

Fields xiv and xv must be used for the purpose of reporting that the total required deposit for the reported non-compliance has finally occurred. In that case, such operation must be included in the set of export for consumption destinations completed (point a), already reported by the entity to this Central Bank according to the schedule established by the information system.

Any updates registered on a previously reported non-compliant operation must be reported by reiterating the non-compliance number already assigned and detailing the entire required information again. The existence of new records with a non-compliance number already reported will be considered a complete update of the previous information, and will imply that the latter will be entirely replaced, after archiving for control purposes, by the new set of data.

2. Exports whose shipping permission was officialized from 12/06/2001 to the date of this Communication:

Exporters with shipments officialized between 12/06/2001 and the date of this communication must appear before the entity listed in the shipping permission as the intervening entity in the exchange settlement or, failing a specific entity, they must select one, within 15 business days following this communication, with the documentation that allows the selected banking entity to complete the information circuit of point 1. For operations whose negotiation obligation had operated prior to the exporter's presentation, the entities will have 20 business days to complete the information and generate the respective message of compliance or non-compliance as applicable.

II. Follow-up of prefinancing advances and loans owed abroad.

For the purpose of tracking the application of advances and prefinancing loans for exports from abroad (prefinancing granted by local banks is not included, regardless of the source of financing), exporters must select one or more local banks for the following tracking:

1. Advances and prefinancing loans deposited after 12/06/2001 (each foreign exchange deposit operation will be considered a unit of registration).
   i. Taxpayer Identification Number (CUIT) of the exporter.
   ii. Exporter number.
   iii. Name of the exporter.
   iv. Date of deposit
   v. Code of the entity through which the exchange negotiation was performed.
   vi. Number of the exchange purchase ticket to clients.
   vii. Code of the negotiated currency
   viii. Amount deposited expressed in negotiated currency
   ix. Name of the foreign creditor.
   x. Type of creditor (1. Financial Entity, 2. Client, 3. Company of the same group).
   x. Country of residence of the creditor.
   xii. Type of operation (1. Export Advance, 2. Export Prefinancing).
   xiii. Nominal annual interest rate (expressed in basis points)
   xiv. Estimated date of final application or, failing that, the maturity date of the export prefinancing.
   xv. Sequence number of application (sequential number assigned by the entity).
   xvi. Date of application.
   xvii. Export for consumption destination to which it was applied.
   xviii. Amount applied expressed in the deposited currency

2. Advances and prefinancing loans deposited up to 12/06/2001, reported and validated in accordance with the regulations established by Communication A 3430 and complementary ones.
   i. Taxpayer Identification Number (CUIT) of the exporter
   ii. Exporter number
   iii. Name of the exporter
   iv. Name of the foreign creditor
   v. Type of creditor (1. Financial Entity, 2. Client, 3. Company of the same group).
   vi. Country of residence of the creditor
   vii. Type of operation (1. Export Advance, 2. Export Prefinancing).
   viii. Nominal annual interest rate (expressed in basis points).
   ix. Code of the entity through which the presentation of this operation was formalized according to what is established in Communication "A" 3430.
   x. Currency code.
   xi. Total amount deposited to the local market and pending cancellation as of 12/31/2001.
   xii. Total amount not deposited to the local market and applied in payments to third parties that was pending cancellation as of 12/31/2001.
   xiii. Estimated date of final application or, failing that, the maturity date of the export prefinancing.
   xiv. Sequence number of application (sequential number assigned by the entity).
   xv. Date of application.
   xvi. Central Bank authorization number (when applicable)
   xvii. Communication number that allows its automatic application
   xviii. Export for consumption destination to which it was applied.
   xix. Amount applied expressed in the currency of the debt.

Fields xv to xix in point 1 and fields xiv to xix in point 2 must be used to register each of the partial applications that the considered operation presents. These fields must be completed as many times as necessary to cover all such partial transactions, using the first of them in each case (fields xv and xiv, respectively) to number them sequentially.

The pending balances for application and/or cancellation of the operations included in points 1 and 2 above will be reported monthly to the Central Bank based on the information system implemented for this purpose.

We salute you very attentively
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
Jorge L. Rodríguez Raúl O. Planes
Manager of Foreign Exchange and Deputy General Manager Changes of Operations