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South African Export Exchange Controls

South African Export Exchange Controls. Pieter Ehlers Financial Surveillance Department South African Reserve Bank. Introduction. U nique Consignment Reference (UCR) compilation Reporting: General Balance of Payment categories applicable to exports

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South African Export Exchange Controls

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  1. South African Export Exchange Controls Pieter Ehlers Financial Surveillance Department South African Reserve Bank

  2. Introduction • Unique Consignment Reference (UCR) compilation • Reporting: General • Balance of Payment categories applicable to exports • FinSurv Reporting: All export transactions • FinSurv Reporting: Third party export transactions • Matching • Summary

  3. Unique Consignment Reference compilation (Block 28 of SAD 500 and FinSurv Reporting System Last digit of the year of export (1) Last 24 digits: Unique number exporter will use to link export proceeds with a specific export. Can be invoice, quotation, order, contract, client specific number or name of the foreign customer, etc.. (1 – 24) SWIFT Country Code (2) Customs Client Number (8) 3 Z A 0 0 0 1 1 1 1 1 4 5 4 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 No changes to first 11 characters Avoid certain specialised characters Unique characters12-35 Alpha numeric, no special characters 12 character minimum : 35 characters maximum

  4. Export proceeds with CCN & UCR AUTHORISED DEALERS CUSTOMS SARB Reporting • SARB receives two streams of data. • Customs provide SARB with export data. • Banks report to SARB the cross-border transactions via the FinSurv Reporting System. Export data post-clearance with CCN & UCR CCN or UCR 4

  5. Balance of Payment categories - exports CAT Description SUB CAT 101 01to11 Advance payment 101 01 Excluding the below named 02 Capital goods 03 Gold 04 Platinum 05 Crude oil 06 Refined petroleum products 07 Diamonds 08 Steel Coal 09 10 Iron Ore 11 Exported via the SA Post Office

  6. Balance of Payment categories – exports (ctd) CAT Description SUB CAT 101 01 to 11 Receipt of advance payments Exports excluding advance payments 101 01 to 11 103 Consumables supplied in port 105 106 Repayment of trade finance for exports 107 Exports with customs value of less than R500.00 Good purchased by non-residents where no physical export will take place – excluding Merchanting 108 Payments for export goods declared as luggage (no UCR) 109 01 to 09 110 Merchanting

  7. FinSurv Reporting of payment: All exports • The UCR is reflected in the field applicable to the UCR under the Import / Export data element of the transaction reported to the SARB. • The entity who receives the export proceeds is reflected as the account holder, with the Customs Client Code allocated to the account holder.

  8. FinSurv Reporting of payment:Where a third party is the actual exporter • In cases where the actual exporter, who completed the SAD 500, does not receive the export proceeds, the details of the actual exporter must be reflected under the Third Party Details of the transaction reported to the SARB. • The entity who receives the export proceeds is reflected as the account holder, with the Customs Client Code allocated to the account holder.

  9. FinSurv Reporting of payment:Where a third party is the actual exporter • The Customs Client Code of the third party is reflected under the Third Party Details. • The UCR is reflected in the field applicable to the UCR under the Import / Export data element of the transaction reported to the SARB.

  10. FinSurv Reporting of payment:Where a third party is the actual exporter

  11. Matching of data: Micro and Macro 1 1st leg: Physical Export 2nd leg: Payment for goods 3 RESIDENT EXPORTER RESIDENT EXPORTER Payment advice Micro 3ZA00011111454 3ZA00011111454 USD12,000,000.00 USD12,000,000.00 Macro 00011111 0011111 2 4 SARB CUSTOMS AUTHORISED DEALER Non SA NON-RESIDENT IMPORTER

  12. Summary • Financial Surveillance Department (FinSurv) monitors exports with the Electronic Export Monitoring System. • Non receipt of export proceeds is followed up by FinSurv with the exporter’s Authorised Dealer. • Failure to comply with Exchange Control Regulations may lead to FinSurv applying remedies available, i.e. prosecution for transgressing the regulations.

  13. Questions Email address: SARB-TRADE@resbank.co.za

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