Regulatory Alerts2019-02-04
Directive No. 01/DCC/2019 on Foreign Exchange Policy - Information Reporting of Payment Commitment Declarations Issued by Commercial Banks for Merchandise Exports
The Foreign Exchange Control Department issued Directive No. 01/DCC/2019 to standardize how commercial banks report payment commitment declarations for merchandise exports. The directive mandates that banks submit monthly XML or Excel reports detailing shipped goods, advance payments, and corresponding financial documents by the 15th of each month via the Financial Institutions Supervision System. Non-compliance triggers penalties under existing financial and foreign exchange laws, with the department retaining authority to resolve interpretive disputes.
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