Law Summary
1. Introduction
This document is a directive issued by the Central Bank of the Philippines, specifically Circular Letter dated October 8, 1992, addressing authorized agent banks regarding the reporting schedules for import transactions under the revised IOS Form 1.
2. Revised Schedules for Reporting
The circular mandates the use of updated schedules for reporting various aspects of import transactions. Each schedule pertains to specific documentation and compliance requirements.
- Key Schedules Outlined:
- Schedule 12: List of Regular Import Letters of Credit (L/Cs) Opened
- Schedule 12A: Regular Import Letter of Credit
- Schedule 13: Schedule of Negotiation on Regular Import Letters of Credit
- Schedule 14: Schedule of Confirmation/Amendments of Letter of Credit
- Schedule 15: List of Records of Goods Imported Under DA-OA Arrangement
- Schedule 15A: Records of Goods Imported Under DA and OA Arrangement
- Schedule 16: Schedule of Foreign Exchange Disposition for Imports Under DA-OA Arrangement
3. Compliance Requirements
All authorized agent banks are required to strictly adhere to the new reporting schedules as outlined in the circular.
- Important Requirements:
- Utilize the revised IOS Form 1 for all reporting of import transactions.
- Ensure accuracy and completeness of the information provided in the schedules.
4. Enforcement and Compliance
The circular emphasizes the importance of compliance with these schedules, suggesting that adherence is essential for proper reporting and operational integrity.
- Consequences of Non-Compliance:
- While specific penalties for non-compliance are not detailed in the circular, strict adherence is enjoined, indicating potential repercussions for failure to comply.
5. Adoption and Authority
The directive is officially adopted as of October 8, 1992, and is signed by Edgardo P. Zialcita, the Deputy Governor in Charge of the International Operations Sector, affirming its authority.
Key Takeaways
- The Central Bank has issued revised reporting schedules for import transactions that all authorized agent banks must follow.
- Specific schedules detail the types of documentation required in relation to import letters of credit and goods imported under designated arrangements.
- Strict compliance is mandated, although no explicit penalties for non-compliance are provided, indicating the necessity of adherence to the circular’s directives.