Import Payment Verification Form

The Import Payment Verification Form was a document in China's foreign exchange administration history, used to prove that an importing enterprise had made foreign payment and completed verification procedures. Before the 2012 foreign exchange management reform, after making import payments, enterprises had to take the verification form to the foreign exchange bureau to complete verification, in order to confirm the consistency between the payment and imported goods and prevent evasion of foreign exchange controls. Usage scenarios include: required by banks when making foreign payments, submitted to the foreign exchange bureau for verification, and possibly referenced during customs declaration. Points to note: this document must match the import declaration form, contract, invoice, etc., and the verification deadline is strict. After 2012, the reform of the foreign exchange management system for trade in goods abolished the Import Payment Verification Form and replaced it with enterprise reporting and classified management. Unlike the Export Proceeds Verification Form, it applies to the import payment direction. Compared with the current foreign exchange monitoring system, the verification form was ex-ante transaction-by-transaction management, while the current system focuses more on ex-post monitoring. Foreign trade practitioners should note that the old document has been discontinued to avoid confusion.