Documentary Requirements for Reserve Bank Approvals Airline Ticket Sales [applicable only to overseas airlines with offices or agents in Fiji]

Similar documents
(i) 1 FinSurv Reporting System Section B.3 Operations Manual

Brunei Payment Purpose Codes THEN SELECT IF THE PAYMENT GROUP CLASSIFICATION IS... AND YOUR PAYMENT PURPOSE DESCRIPTION IS

NOTICE TO AUTHORIZED DEALERS EXCHANGE CONTROL REGULATIONS, 1956

INTERNATIONAL SERVICES

Outward Categories. BoPCus categories version 2 & version 3 As received from SARB 23 April 2013

Appendix I: Purpose of Payment Code

Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2000

FORM A2 (To be completed by the applicant)

Please refer to the category description to assist you in determining the main category to be used for your transaction type.

RESERVE BANK OF INDIA PAYMENT CODES

Balance of Payments (BoP) Categories

»FRY Official Gazette«25/2002 and 34/2002

Disclosure of Fees and Charges

Understanding and Using Letters of Credit, Part I

FORM A2 (To be completed by the applicant)

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI

LIST OF EXTERNAL PAYMENT CODES LEPC 2.1

NEW PURPOSE CODES FOR REPORTING FOREX TRANSACTIONS PAYMENT PURPOSES. Purpose Code S0001 S0002. S0003 Indian investment abroad -in branches

Title Gender Male Female Date of Birth D D M M Y Y Y Y

NEW PURPOSE CODES FOR REPORTING FOREX TRANSACTIONS RECEIPT PURPOSES. Purpose Code

BoP Codes Outward Forex Transactions

Explanatory Notes on Purpose of Payment for payments to Malaysia

APPLICATION CUM FORM A2 WITH FEMA DECLARATION For Telegraphic Transfer (TT) / Demand Draft (DD) /Foreign Currency Notes (CN)

Terms and Conditions. Suncorp Bank Rewards and Suncorp Bank Qantas Frequent Flyer Rewards for Suncorp Clear Options Personal Credit Cards

REGULATIONS GOVERNING FOREIGN CURRENCY ACCOUNTS IN INDIA

Citibank Rewards and Citibank Qantas Rewards Program Terms and Conditions

EXTERNAL COMMERCIAL BORROWINGS. RAJESH THAKKAR 17 February 2018 ICSI WIRC Training

Other facilities to NRIs/PIO and other Foreign Currency Accounts

Citibank Rewards and Citibank Qantas Rewards Program Terms and Conditions. Citibank Rewards Credit Card - Signature Citibank Select Credit Card

CH C H A P T E R 13 SECTION- I PRIVATE FOREIGN CURRENCY ACCOUNTS

Deposit and Remittances Foreign Exchange Management Act, 1999

APPENDIX V: PURPOSE OF PAYMENT CODE (THB)

INSTRUCTION OF FEBRUARY 11 TH, 2001 RELATING TO THE RESERVE REQUIREMENT SYSTEM

NOTICE TO AUTHORIZED DEALERS AND TRAVEL AGENTS EXCHANGE CONTROL REGULATIONS, 1956

If you have any queries regarding the above, please feel free to contact our Client Services Group:

If you have any queries regarding the changes, please feel free to contact our Client Services Group:

Tariff Booklet 2017 CONTENTS. JustOne Savings Account 1-2. Brunei Dollar Current Account 3. Foreign Currency Current Account 4-5

CONTENTS. JustOne Savings Account 1-2. Brunei Dollar Current Account 3. Foreign Currency Current Account 4-5. Fixed Deposit Account 5

Dear Client, FEBRUARY 3, 2016

Terms and Conditions. Premium and Standard Membership Rewards Program for Suncorp Clear Options Business Credit Cards

Citibank Rewards and Citibank Qantas Rewards Program Terms and Conditions

The significant accounting policies adopted by the Bank are summarized hereunder:

Loyola University Maryland Procurement Card Policy & Procedure Revised October 9, 2014

Citi Rewards and Citi Qantas Rewards Program Terms and Conditions

EXCHANGE CONTROL DIRECTIVE TO AUTHORISED DEALERS RU 28/2019

Request for Outward Remittance from NRO account

BERKELEY COUNTY FILE: DM

VIETNAM - SCHEDULE OF SPECIFIC COMMITMENTS ( For the Second Package of Commitments ) 1) None 2) None 3) Unbound 4) Unbound

Schedule of Charges Barbados Corporate Banking Effective: March 1, 2018

Schedule of Charges. Barbados. Corporate Banking. Effective: J une 20, 2017

Y%S,xld m%cd;dka;%sl iudcjd ckrcfha.eiü m;%h

E. Non-resident Rand account, Customer Foreign Currency accounts, foreign currency accounts and foreign bank accounts

Schedule of Charges. Dominica. Corporate Banking. Effective: March 1, 2018

Schedule of Charges. BAHAMAS Corporate Banking. Effective: J u n e 20, Page 1 of 17

Customs Clearance & Tariffs

FCIB Webinar Series DOCUMENTARY COLLECTIONS. Instructor: Aysegul Budak, VP Commercial Lender, WBC

TERMS AND CONDITIONS

Schedule of Charges. Antigua. Corporate Banking. Effective: Ma rch 1, 2018

PURCHASING CARD USER S GUIDE

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai Notification No. FEMA 5(R)/2016-RB April 01, 2016

FOREIGN EXCHANGE TRANSACTIONS

LAW. on foreign currency transactions I GENERAL PROVISIONS

Lending Fees and Charges. Effective from 12 November 2016

Schedule of Charges. St. Vincent. Business Banking. Effective: March 1, 2018

FYJC. Subject : Organisation of Commerce & Management. Ch. 5. International Business SOLUTION

Schedule of Charges BAHAMAS Business Banking Effective: March 1, 2018

Insurances. National Certificates of Currency

ANZ BUSINESS REWARDS PROGRAM TERMS AND CONDITIONS

Schedule of Charges. St. Maarten. Corporate Banking. Effective: J une 20, 2017

Schedule of Charges. Anguilla. Corporate Banking. Effective: J une 20, 2017

Schedule of Charges. Barbados. Business Banking. Effect ive: F ebr u a r y 1, 2018

Ontario Disability Support Program - Income Support Directives

THE BALANCE OF PAYMENTS

Schedule of Charges. Dominica. Retail. Effective: March 1, 2018

Schedule of Charges BAHAMAS Retail Effective: J u ly 1, 2018

WORLD TRADE ORGANIZATION

ANNEX TO THE PROTOCOL TO IMPLEMENT THE FOURTH PACKAGE OF COMMITMENTS ON FINANCIAL SERVICES UNDER THE ASEAN FRAMEWORK AGREEMENT ON SERVICES

ANZ BUSINESS REWARDS PROGRAM TERMS AND CONDITIONS

CENTRAL BANK OF ARGENTINA. I. Summarized foreign exchange regulations effective as of the end of March 2007

Dupaco Community Credit Union Rewards Visa Terms & Conditions

GUIDE TO COMPLETING THE U.S. CUSTOMS DECLARATION

Rs 35 + VAT per month, i.e. Rs per month 4Debit interest on unauthorised overdrawn balances

Schedule of Charges BAHAMAS Retail Effective: March 1, 2018

ACCOUNTS PAYABLE POLICIES AND PROCEDURES

EQ TRAVEL CLAIM FORM

U.S. DEPARTMENT OF THE TREASURY

SCHEDULE 1 [See Regulation 5(1) (i)]

Business. Fees and Charges. 29 March 2018

BMO Harris Rewards SM Program Rules

Trip Protector Documentation required when filing a claim. Your claim is important to us, so help us help you!

TARIFF GUIDE. Fees and Charges SCR3 per entry charged half yearly. Internal to third party External-Local

LAW ON FOREIGN CURRENCY TRANSACTIONS ("Official Herald of the Republic of Serbia", Nos. 62/2006, 31/2011 and 119/2012)

1.1. The FNB PayPal Withdraw Service is exclusive to FNB Botswana account holders who are also PayPal account

EXTERNAL COMMERCIAL BORROWINGS BY INDIAN COMPANIES MADE EASY

Policy on Business Travel

REVISED FOREX SERVICE CHARGES. Schedule I Export Transactions

Schedule of Charges. St. Lucia. Corporate Banking. Effective: March 1, 2018

SALARY PACKAGING. Policy & Administrative Guide

15 CA &15 CB. Presented by: CA Sheetal Mankani Partner R. C. Jain & Associates LLP. In association with: Rajeev Tahalramani

END OF BANK HOLIDAY (GOVERNMENT GAZETTE A 84, ) QAs

Transcription:

PART 2: FOREIGN CURRENCY PAYMENTS effective from 1 January 2010. (Conversion of F$ into foreign currency including deposits into designated F$ external accounts of non-residents and payments made out of account holders foreign currency accounts) Type of Payment Delegated Limit Airline Ticket Sales [applicable only to overseas airlines with offices or agents in Fiji] Up to $100,000 per application Documentary evidence that amounts applied for are sourced from the Airline s ticket sales Original blanket tax clearance for projected annual sales Original blanket tax clearance for projected annual sales; Documentary evidence that amounts applied for are sourced from the Airline s ticket sales; Weekly sales for the previous month; Projected sales for the following 3 months. Charges/Fees/Services a) Freight & Shipping b) Other Transport Charges c) Royalty & Commission d) Patents, Copyright e) Brokerage & Other Charges to agents and representatives outside Fiji f) Movie/Film Hire, News Service g) Repair domestic air/shipping, other h) Technical, Professional & Management Fees i) Advertising j) Office Expenses k) Visa Application l) Re-imbursement/refund m) Software, etc n) Other *does not include commercial bank s head office expenses or reimbursement charges Up to $100,000 per invoice Original invoice or statement for payment due; Original Tax Clearance Certificate for amount due above $10,000; *Original Reserve Bank on Form B for * In the case of refunds and reimbursement, a tax clearance is not required if funds are received within a month from the date of repatriation. Original invoice or statement; and Original Tax Clearance Certificate for amount due above $10,000. 1

Type of Payment Delegated Limit Court Order Payments a) Alimony b) Collection of debt c) Other Note: Beneficiary must be nonresident Credit Card Payments Personal Corporate Cards Up to $50,000 per amount due per annum $10,000 per month $20,000 per card per month Cash drawing $1,500 per month Debit Card Facility Monthly Usage $10,000 per month Original Court Order; Original current month s statement of payment due. Original current month s statement of payment due Original Court Order. Original current month s statement of payment due; Tax clearance for usage other than travel related; SADs for purchases of products Original current month s statement of payment due; Tax clearance for usage other than travel related; SADs for purchases of products Deposits into F$ External A/cs a) Salaries & wages from employment in Fiji Original pay slip which should indicate tax has been deducted b) Interest payable on the account n/a c) Payments from other external accounts d) Proceeds of sale of assets/personal effects/claims Up to $50,000 per sale Original documentary evidence of source of funds Original Tax Clearance Certificate; Signed Sale & Purchase Agreement and proof of transfer of ownership where applicable. Tax Clearance Certificate; Signed Sale & Purchase Agreement and proof of transfer of ownership where applicable. e) Income from rental/directors fees/gratuity Up to $50,000 per annum Documentary evidence of payment; Original Tax Clearance Certificate; Rental agreement; Letter from the company for payment of gratuity. Tax Clearance Certificate; Original Tax Clearance Certificate; Rental agreement; Letter from the company for payment of gratuity. 2

Type of Payment Delegated Limit Deposits into F$ External A/cs In case of Directors Fees the coy s latest audited accounts is required. For rental deposits, tax clearance to be provided if monthly deposits exceed $10,000 for 12 months f) FNPF Proceeds FNPF cheque g) Tax Refunds IRD cheque h) Proceeds from sale of foreign currency sourced from external sources or remaining from travel funds uplifted i) Other funds from local sources Up to $200 per month Education Expenses a) Paid directly to the education institution Up to $50,000 per student per annum Original enrolment letter on letterhead and statement of expenses for the school year. Original enrolment letter on letterhead and statement of expenses for the school year. b) Paid directly to the student c) Scholarship Payments by recognised institution Up to $1,000 per applicant per annum Up to full amount due Original scholarship confirming the amount due As above and Original Tax Clearance Certificate for amounts above $10,000. 3

Type of Payment Delegated Limit Emigration Allowance Requires RBF Original Reserve Bank on Form IE/B. Source of Funds Authorised dealers to ensure that the last page of Fiji Sale of personal assets [Restrict to $200,000 per passports are endorsed with the amount of foreign Maturity of life insurance family per annum] exchange facilities approved for emigration. Death benefits [Travellers abroad including emigrants are only Rental/directors fees allowed to carry Fiji currency notes up to $500 and Savings/FNPF/Refund foreign currency notes up to the equivalent of F$5,000 Estate Funds (inclusive of any Fiji currency notes)] Pension [Note: Travel allowance is not applicable in such cases.] Gifts Up to $500 per applicant/beneficiary per annum Original Form IE application for initial applications; Original Form B for additional applications; Valid passport (including family members); Permanent resident visa (including family members); Original Tax Clearance Certificate for amounts above $10,000; Airline Tickets one way. Government Department Payments/Transfers [includes Funding of Offshore Accounts] Up to full amount Original letter from the Ministry of Finance Original invoice for amounts due Import Payments a) Goods on board ship or aircraft, or goods landed but awaiting Customs clearance. Up to full payment due for Letters of Credit and Sight Draft arrangements. Original supplier s invoice showing the value of goods imported Original Bill of Lading or Airway Bill confirming details of the current shipment or cargo Relevant original Customs documents upon receipt of goods in Fiji b) Goods already landed & cleared by the Fiji Customs Up to the full payment due Original supplier s invoice and Customs SAD documents. c) Prepayment of term bills for goods already landed & cleared by Fiji Customs d) Advance Import Payments prior to shipment of goods Requires RBF Up to $20,000 per invoice Original Reserve Bank on Form B. Original supplier s invoice Supplier s demand for immediate payment Original Customs SAD documents to be provided once goods have been cleared by Customs. Original supplier s invoice; Supplier s demand for immediate payment; Original Customs SAD documents. As above, however Customs SAD documents to be provided once goods have been cleared by Customs. 4

Type of Payment Delegated Limit e) Merchanted Goods Requires RBF Original Reserve Bank on Form B. Original Form F (x4 copies)/original Customs SAD document; Original supplier s invoice; Confirmation of funds once received in Fiji. f) Payment to Third Party (Goods already received in Fiji) Requires RBF Oil Import Payments Requires RBF Insurance /Re-insurance Payments Offshore ** Placement Offshore Requires RBF Original Reserve Bank on Form B. Original Form B application. Original supplier s invoice Original Customs SAD documents; Letter from the supplier stating payment to be made to third party Original Reserve Bank on Form B. Original supplier s invoice; Original customs SAD documents; Tax clearance for Freight and Port Charges; Projected Payments for ensuing quarter; Re-export figures from shipment Original Reserve Bank on Form B. Tax Clearance Certificate for amounts above $10,000. Lease Payments a) Aircraft b) Fishing or cruise vessels c) Machinery d) Other Lease Payments Loan Repayments Up to $100,000 per amount due per annum Original signed lease agreement; Original tax clearance for amounts due per annum; Original signed Lease Agreement. Original Tax Clearance for amounts above $10,000. a) Principal & Interest (excluding up front fees) Up to $100,000 per amount due as scheduled Original Loan Agreement & repayment schedule; Original Tax Clearance Certificate for the amount due. and Original Tax Clearance Certificate b) Loan prepayment Requires RBF As above; and Lender s demand for early repayment; Revised repayment schedule (where applicable). 5

Type of Payment Delegated Limit Lottery Tickets Up to $500 per applicant Original documentary evidence from recognised *Note: up front payment of per annum overseas lotteries only (not pyramid selling e.g. lottery winnings is not [Applications above this dollar jet) permitted limit are restricted] No amount above $500 will be considered. Maintenance Medical Expenses Up to $500 per applicant per annu applications outside delegated authority limit Original Form B application stating relationship between applicant and beneficiary; Original Tax Clearance Certificate for amounts above $10,000. a) Paid directly to the Medical Institution Up to $50,000 per medical treatment Original invoice or letter from the medical institution stating the amount due; Visa of the applicant (where applicable). Original invoice or letter from the medical institution stating the amount due Visa of the applicant (where applicable) b) Paid directly to the patient Up to $1,000 per applicant per annum applications outside delegated authority limits. As above; and Documentary evidence of expenses incurred upon return (if not already provided); Tax Clearance Certificate for amounts above $10,000 per application. Offsetting of Foreign Exchange Earnings against Foreign Currency Bills Payable a) Merchandise imports Up to $100,000 per transaction Original supplier s and exporter s invoices; Original Customs SAD Documents and other relevant information; Banks to provide to the Reserve Bank a list of the export licences reconciled. Original supplier s and exporter s invoices; Original Customs SAD Document and other relevant information. Original Reserve Bank on Form B. b) Other Requires RBF 6

Type of Payment Delegated Limit Offshore Investment Suspended [New applications and existing s not yet utilised by non-bank financial institutions, companies and individuals.] Pensions/Superannuation/ Gratuity Up to full amount Original documentary evidence from the paying payments by Government institution. and FNPF [Note: Beneficiary must Payments by companies be non-resident] Profit declared and Requires RBF Original Reserve Bank on Form B distributed to non-resident shareholders/partners/sole proprietors a) Capital b) Dividend or Operating Profit a) Capital profit remittance is restricted to F$1m per annum b) Dividend profit remittance is restricted to any one calendar year s profit not yet remitted c) Local borrowing to fund profit remittances are restricted Original Tax Clearance Certificate; Audited accounts for amounts above $0.5m per amount distributed; Unaudited accounts for amounts of $0.5m and below; Directors resolution approving the dividend payment Refund a) Hotel bookings cancelled b) Other (incl. Airline tickets sold locally by travel agent c) Tax for electronic refund for electronic refund per beneficiary Original documentary evidence of cancelled booking from hoteliers and travel agencies; Banks to provide regular updates of amounts approved Original IRD cheque 7

Type of Payment Delegated Limit Subscriptions to clubs, societies and trade organisations including entrance fees. Up to $500 per subscription per annum Original invoice or statement for the amount due; Original invoice or statement for amount due. Travel Allowance a) Fiji Passport Holders (excluding emigrants) Return ticket One way ticket Delegated up to $10,000 per person per trip; Delegated up to $5,000 per person per trip Return travel ticket to Fiji, original passport & visa and original Reserve Bank on Form T (or B) for applications outside delegated authority limits. Authorised dealers to ensure that last page of Fiji passports are endorsed with the amount of foreign exchange facilities approved for travel. Original Form T (or B) application; Tax Clearance Certificate for amounts above $10,000 (including $5,000 under delegated authority); Return travel ticket to Fiji; Original passport & visa. b) Foreign passport holders sourced directly from the applicant s F$ external or foreign accounts; [Travellers abroad including emigrants are only allowed to carry Fiji currency notes up to $500 and foreign currency notes up to the equivalent of F$5,000 (inclusive of any Fiji currency notes)] sourced from F$ resident account Delegated up to $10,000 per person per trip on return ticket Others (tourist) Up to the full unutilised balance of funds imported and verifiable by documentary evidence Wages paid in foreign currency cash to foreign crew members Up to $500 per beneficiary Original documentary proof of receipt of funds from offshore. Original documentary proof of receipt of funds from offshore. Wedding Expenses Restricted to $500 per applicant per annum Documentary evidence of statement of expenses, wedding invitation card, invoices etc. No amount above $500 will be considered. 8

Type of Payment Delegated Limit Withdrawal of Investment a) Sale of Shares/Assets Requires RBF Original Reserve Bank on Form B Original Tax Clearance Certificate for amounts above $10,000; Signed Sale & Purchase Agreement (or other original documentary proof of sale); Bank confirmation of receipt of funds from offshore (if applic); Minister of Lands Consent (if applc) b) Shareholders Funds Miscellaneous Expenses $500 per applicant and / or beneficiary per annum Original Tax Clearance Certificate; Original letter from Company; Original bank confirmation that funds originated from offshore (where applicable). 9

Other Facilities Category 2010 1. Foreign Currency Denominated Business Accounts a) Exporters b) Other FX Earners c) Regional or Intl Organisations a) & b) requires prior of Reserve Bank c) fully delegated 2. Forward Foreign Exchange Cover & Options As per conditions stipulated to commercial banks 3. Offshore Borrowing Delegated to authorised lenders up to $5.0 million per borrower 4. Foreign Currency Loans by local banks Not delegated and requires prior of Reserve Bank; Foreign currency to be sourced from commercial bank s own holdings or from external sources and not from the Reserve Bank; 5. Investment in Fiji by Foreign Investors a) Issue of Shares/Capital b) Transfer of Shares/Capital c) F$ Fixed Deposits with Authorised Lending Institutions a) & b) require the of the Reserve Bank Investment by non-residents on SPSE and licensed brokers up to F$5.0 million per foreign investor per annum c) Unlimited investment in Fiji dollar term deposits 6. Local Borrowing & Guarantees a) non-resident controlled Business Entities a) & b) Not delegated and requires prior of Reserve Bank Notes: b) Non-resident individuals 1. All amounts in excess of limits delegated to authorised foreign exchange dealers including facilities not delegated at all require the prior permission of the Reserve Bank of Fiji. 2. The maximum delegated limit per transaction for authorised restricted dealers and money changers including Global Transfers t/a Western Union, is restricted to the paid up capital of the business. 3. Any amendments to validity of specific and unconditional permissions (unutilised) formally granted by the Reserve Bank is fully delegated, provided any amendment made is within 1 year of the original validity date and the Reserve Bank is notified of the amendment, except for oil s are valid for one month only. 4. The above facilities will require documentation to be sighted for amounts above F$500 per transaction. 5. Unless otherwise specified by the Reserve Bank, authorised restricted dealers and money changers including Global Transfers t/a Western Union are required to sight documentary evidence for amounts above F$500 per transaction and to maintain accurate records and a register for all transactions (including transactions that may not require documentary evidence to be sighted). 6. Where applicable, tax clearance requirement is waived for transactions up to $10,000 Reserve Bank of Fiji 1 January 2010 10