Bank of Mozambique

Governor

Notice No. 01/GBM/2013
Maputo, 8 March 2013

SUBJECT: TERMS OF COMMITMENT FOR BANKING INTERMEDIATION OF GOODS EXPORT

Given the necessity to ensure full compliance with the obligation to remit revenues from the export of goods, services, and foreign investment by resident entities, as prescribed in paragraph 2 of Article 9 of Law No. 11/2009, of 11 March - Foreign Exchange Law -, and in paragraph 3 of Article 8 of Decree No. 83/2010, of 31 December, which approves the Regulations of the Foreign Exchange Law, the Bank of Mozambique, in accordance with the provisions of paragraph 2 of Article 130 of the same Regulations, combined with item d) of paragraph 2 of Article 37 of Law No. 1/92, of 3 January – Organic Law of the Bank of Mozambique -, and under the provisions of paragraph 5 of Article 143 of the Constitution of the Republic, determines:

ARTICLE 1
(Object)

1. This Notice establishes the Terms of Commitment for Banking Intermediation of Goods Export and sets out the procedures for its implementation, aiming to guarantee the effective compliance with the obligation to remit revenues from the export of goods by resident entities.

2. The procedures for remitting revenues from the export of services and foreign investment by resident entities are defined by specific regulations.

ARTICLE 2
(Scope)

This Notice applies to banks and resident exporting entities that participate in foreign exchange operations involving receipts from abroad,

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Bank of Mozambique
Governor

relating to revenues from the export of goods, regardless of the payment modality agreed upon by the parties.

ARTICLE 3
(Definitions)

For the purposes of this Notice, the following are considered:

a) Intermediary bank of an export operation: the bank that initiates the export operation, with the issuance of the Terms of Commitment for Banking Intermediation of Goods Export and the recipient of the revenues to which said Terms refer;

b) Date of effective remittance of revenues: the date stated in the document confirming the receipt of funds from abroad, namely bordereau, payment order, or other document equivalent to this, issued by a foreign bank at the request of the counterparty of the exporter and/or the investor;

c) Single Electronic Window (JUE) – Computerized system for customs management and interconnection between the participants in the customs clearance process;

d) Unique Number per Shipment (UCR) – unique reference number for remittances to be generated automatically from the customs management system (JUE) and mandatory for each shipment;

e) Terms of Commitment for Banking Intermediation of Goods Export: document issued by the intermediary bank of an export operation to be presented to the customs authority, in which the bank certifies that the exporter is its client and that it is intermediating the export operation in question, as well as where the exporter assumes the irrevocable commitment to remit export revenues to the same bank, within the deadlines defined for this purpose.

ARTICLE 4
(Implementation of goods export)

1. Without prejudice to the procedures established in the Regulations of the Foreign Exchange Law for goods export operations, whenever an export operation is initiated, a Terms of Commitment for Banking Intermediation of Goods Export must be issued, where the bank certifies that the exporter is its client and that it is intermediating the export operation in question, as well as where the exporter assumes the irrevocable commitment to remit export revenues to the same bank, within the deadlines defined for this purpose.

2. The issuance of the Terms of Commitment must always be preceded by the duty of verification to which entities authorized to conduct foreign exchange trade are subject, as provided for in the current foreign exchange legislation.

3. When it concerns the export of goods where the modality used is direct advance payment, the bank receiving the revenue must issue the competent Terms of Commitment as soon as, within the scope of the duty of verification, it is ascertained that it concerns revenue from the export of goods.

4. The intermediary bank of the operation must, immediately after the customs clearance of the goods, require the exporter to deliver copies of the mandatory export documents provided for in Article 43 of the Regulations of the Foreign Exchange Law, as well as monitor compliance with the deadline for remittance of the revenue and its conversion.

Article 5
(Processing of the Terms)

1. The Terms of Commitment are processed electronically or manually, in the latter case when the former is not possible, through the JUE.

2. The processing of the terms is carried out by the exporter whenever they intend to initiate an export, with the intermediary bank being responsible for validating it in the JUE.

3. The exporter must, during the processing of the Terms of Commitment, indicate in the appropriate field the UCR previously obtained for this purpose in the JUE for each shipment.

4. The validation of the Terms of Commitment carried out by a specific intermediary bank makes it co-responsible for the transaction.

5. The intermediary bank must proceed with the validation of the Terms of Commitment within forty-eight hours, counted from the date of receipt of the request.

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Bank of Mozambique
Governor

ARTICLE 6
(Duty of information)

For the purposes of the provisions of Article 10 of the Regulations of the Foreign Exchange Law, banks must constantly update, in accordance with the terms defined herein, information on each Terms of Commitment issued, with a view to determining compliance or non-compliance with the obligation to remit export revenues.

Article 7
(Transitional Provision)

For the purposes of the provisions of paragraph 1 of Article 5 of this Notice, all participants in the issuance and validation of the Terms of Commitment have a period of 6 months, counted from the date of entry into force, to adapt to processing and validation via the JUE.

ARTICLE 8
(Entry into force)

This Notice enters into force on 1 May 2013, revoking all provisions to the contrary.

ARTICLE 9
(Clarification of doubts)

Doubts arising from the interpretation and application of this Notice must be submitted to the Foreign Department of the Bank of Mozambique.

[Signature]
Ernesto Gouveia Gove
GOVERNOR

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[Logo of the Bank of Mozambique]

MODEL FORM FOR TERMS OF COMMITMENT FOR BANKING INTERMEDIATION FOR GOODS EXPORT¹

UNIQUE NUMBER PER SHIPMENT (UCR)
ISSUING BANK
DATE OF ISSUE	/ /
EXPORTER

In compliance with the duty to use the banking system in export operations, provided for in Articles 12 and 42, both of the Regulations of the Foreign Exchange Law, we confirm that the above exporter is our client and that, at their request, the bank will intermediate the operation, in all phases until the receipt of the respective export revenue.

Given the obligation to start and end the export operation at the same bank, the exporter hereby assumes the irrevocable commitment to remit the revenues resulting from this operation to this bank.

1. Payment Modality:

1.1	Documentary Credit
1.2	Payment	Advance
		Deferred
1.3	Documentary Remittance

2. Export Details:

2.1	Name of importer
2.2	Product/goods
2.3	Quantity
2.4	Invoice Value
2.5	Settlement Date
2.6	Place of shipment
2.7	Shipment Date (estimate)
2.8	Place of discharge
2.9	Discharge Date (estimate)
2.10	Means of transport

¹ Annex to Notice No. 01/GBM/2013, of March.

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3. Obligations Abroad

Type of obligation	Reference of authorization from the Bank of Mozambique	Amount

4. Information on the remittance of export revenue

Effective date of payment²
Amount remitted

Signature³

Bank:	Exporter:

² Filled in after receipt of export revenue.
³ Legible name and stamp in cases of manual processing.