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ICBC Launches Electronic Bank Deposit Account Business for Processing Trade

ICBC Launches Electronic Bank Deposit Account Business for Processing Trade

Write: Ramsden [2011-05-20]

On Aug, 5th, ICBC successfully processed the Electronic Bank Deposit Account Business for enterprises in Beijing, Shandong, Anhui and Guangdong, which was the first electronic deposit accounts after the implementation of the electronic network management, by the General Administration of Customs of China, of the bank deposit business for processing trade.

It is reported that ICBC has recently signed with the General Administration of Customs the cooperation agreement of this business, and officially become the designated pilot bank. According to the unified arrangement of the General Administration of Customs, the Beijing, Shandong, Anhui and Guangdong Branches of ICBC can handle the Electronic Bank Deposit Account Business for Processing Trade for those first pilot enterprises.

As is introduced, the pilot electronic network management mode of the bank deposit business for processing trade refers to the paperless process that the customs has introduced in order the facilitate the handling of the deposit business for enterprises of processing trade, without altering the original management system of the bank deposit business for processing trade.

Through the systematic linking and the electronic data interchange between the customs and the bank, this business reduces the transmission of paper documents and manual operations in the previous deposit mode to simplify the procedures of the business for enterprises, and thus saves the handling cost of enterprises and increases the management efficiency of deposit accounts.

In order to facilitate the sound and orderly development of the processing trade in China and to regularize its management, according to the relevant governmental provisions, part of the units or enterprises of processing trade should apply at the designated banks for the bank deposit for processing trade with procedures approved by the customs; and they should export all the processed products and obtain the cancellation after verification from the customs within the due period, and then the bank will cancel the bank deposit after verification.

In this process, those customers who need to actually pay the bank deposit can utilize the taxation guarantee business.

According to a person in charge of the relevant business in ICBC, the bank will provide two channels for the electronic management of the bank deposit account business for processing trade enterprises to choose at their will, that of the Internet Banking and the Over-the-counter Banking. This saves customers from going between the bank and the customs for times, and they can immediately obtain the electronic contact document of the customs and the results of the deposit account after subscribing for ICBC's messenger service, which provides them with financial services of high efficiency and convenience.