Bank of Mozambique
NOTICE 2/GGBM/2006
SUBJECT: New structure and wording of Notice 6/GGBM/2005
It has become necessary to update Notice 6/GGBM/2005 of 25 May, which deals
with the minimum procedures to be followed in the import and export of goods
and services, and to clarify questions that have arisen in its implementation.
Therefore, using the powers vested in it by the provisions of articles 28 and 37(d)
of Law 1/92 of 3 January, the Organic Law of the Bank of Mozambique, read
together with article 8(3) of Law 3/96 of 4 January, the Foreign Exchange Law,
the Bank of Mozambique now determines:
1. This notice amends articles 1, 2, 3, 4, 6, 13 and 16 of Notice 6/GGBM/2005 of
25 May, hereinafter referred to as the Regulations on Imports and Exports of
Goods and Services, which shall henceforth have the structure and wording
set out in the annexe hereto.
2. With regard to operations already commenced, banks shall adjust them to
comply with the attached Regulations within a period of 90 days.
3. This Notice shall enter into force forthwith, thereby establishing the rules on
imports and exports of goods and services and repealing articles 12 to 17 of
Notice 5/GGBM/96 (Regulations on the Exchange Law) as well as any other
provisions that are contrary hereto.
4. Doubts that may arise from the interpretation of this Notice shall be submitted
to the Department of Banking Supervision of the Bank of Mozambique, which
shall issue such instructions as may be necessary to its correct
implementation.
Maputo, 29 May 2006
Adriano Afonso Maleiane
The Governor
SUBJECT: Regulations on Imports and Exports of Goods and Services
As there is a need to establish the principles that should be followed in the import
and export of goods and services, and to lay down the rules that governs these
foreign exchange operations, under the provisions articles 28 and 37(2)(d) of
Law 1/92 of 3 January, the Organic Law of the Bank of Mozambique, read
together with article 8(3) of Law 3/96 of 4 January, the Foreign Exchange Law,
the Bank of Mozambique now determines:
CHAPTER I GENERAL PROVISIONS
Article 1 (Object, scope and duty of verification)
1. This Notice establishes the basic rules and procedures that banks must follow
when carrying out transactions that involve payments and receipts made
through the national banking system in respect of imports and exports of
goods and services.
2. When undertaking transactions with which this Notice deals, banks shall be
under a duty to check the legal conformity of the transactions and shall refrain
from carrying them out if there is any doubt as to their lawfulness.
Article 2 (Definitions)
1. The purposes of this Notice, it is considered that:
a) Import – means an operation between a resident and a non-resident as a
result of which merchandise enters the national customs territory.
b) Export – means an operation between a resident and a non-resident as a
result of which merchandise leaves the national customs territory.
c) Merchandise – means movable goods that can be imported or exported,
also referred to herein simply as “goods”.
d) Services – means the rendering of assistance or the performance of tasks
by a non-resident to a resident or visa versa, or the use of goods in
analogous circumstances without the transfer of ownership in a material
asset, in the following fields of activity: transport, communications, travel,
construction, insurance, information technology, information, services relating
to trade, royalties and licences, government services and finance (excluding
income such as interest).
2. The classification of goods (merchandise) and services shall be done in
accordance with the Table of Foreign Exchange Operations in force.
Article 3 (General payment methods)
1. Subject to the exceptions provided for in this article, only the following general
payment methods shall be used for the settlement of transactions relating to
imports of goods (merchandise) and services:
a) Imports of goods:
(i) Documentary collections
(ii) Documentary credits.
b) Imports of services:
(i) Documentary collections
(ii) Bank transfer
2. Subject to the exception provided for in paragraph 3 below, no foreign
payment shall be made until the importer has presented documents
evidencing that the goods have entered the national customs territory.
3. When there is a solid relationship of trust between the bank and the importer,
payments may be made in advance in exceptional cases, in full or part, on
the condition that the importer undertakes to furnish the bank with the
documents evidencing that the goods have entered the national customs
territory within a maximum period of ninety days.
4. Payment for services shall only be made against confirmation by the
beneficiary that the services have been rendered, which confirmation shall be
placed on the respective commercial invoice.
5. In every case where payments are made in advance pursuant to paragraph 3
above, irrespective of the value, a guarantee of the same value as the
payment must compulsorily be required, and it shall be provided by a banking
institution recognised by the importer’s commercial bank.
6. When the payment methods referred to in this article are used, account shall
be taken of usual banking practice and best practices in international trade,
namely, the uniform rules and customs issued by the International Chamber
of Commerce.
CHAPTER II PROCEDURES RELATING TO IMPORTS
Article 4 (Procedures in documentary credits)
When documentary credits are used, the importer shall be the one to initiate the
opening of a credit and, in so doing, must provide the following information:
a) Full and correct name and address of the beneficiary;
b) Amount and currency of the credit;
c) Type of credit;
d) Reimbursement conditions;
e) Brief description of the goods, including quantities and unit prices, as
shown in the pro-forma invoice;
f) Summary of the documents required;
g) Place of shipment and destination of the goods;
h) Whether partial shipments are permitted;
i) Whether transhipments are permitted;
j) Period for shipment (if applicable);
k) Expiry of the credit;
l) Transferable credit;
m) Revolving credit;
n) How clients are to be advised (by telephone, telex, etc).
Article 5 (Registration and organisation of foreign exchange operations)
1. Banks shall register and organise their foreign exchange operations in an
orderly manner, and each payment method shall have a numbering
sequence and an indication of the relevant year.
2. This information shall be kept updated and available at all times.
Article 6 (Compulsory documents)
1. Irrespective of the payment method that is used, the following documents are
required for any import of goods:
a) Commercial invoice, in triplicate, at least;
b) Transport documents;
c) Pre-shipment inspection certificate, if applicable;
d) Document proving entry of the goods, accepted by the customs
authorities.
2. Transport documents shall be issued to the order of the originator’s bank and
the documents listed in the table below shall be required, depending on the
type of transport used:
Required transport documents:
Type of
transport
Type of transport document required
Sea
Bill of lading
Air
Air way bill
Rail
Consignment note
Road
Road transport document or export
clearance
Article 7 (Requirements of commercial invoice)
The final invoice shall, when applicable, contain at least the following information:
a) Supplier/ exporter: name, full address, country, telephone and/ or fax
number;
b) Consignee/ importer: name, full address, telephone and/ or fax number;
c) Date of issue and respective number;
d) Description of goods;
e) Quantities, marks, models, series numbers, units, gross and net weights,
volume or measurement, and other specifications according to the nature
of the goods;
f) Unit prices, value of the transaction and currency in which values are
expressed; and
g) Terms of delivery and payment.
Article 8 (Requirements of transport or shipment document)
Transport documents must, obligatorily, contain the following information:
a) Name of the carrier or authorised agent;
b) Signature and stamp showing receipt or other similar indication showing
that goods have been received for shipment;
c) Indication of the places of shipment and discharge of the goods;
d) The number of original bills of lading issued;
e) Verify whether the quantity and description of the goods correspond to the
invoice;
f) In cases of road transport, the transport documents shall identify the
respective driver and the vehicle registration number;
g) Other requisites required for the particular method of payment used.
Article 9 (Requirements of pre-shipment inspection certificate)
When checking a pre-shipment inspection certificate, credit institutions must,
obligatorily, verify the following:
a) Whether the document was issued by the entity requested;
b) Whether it has been signed;
c) Whether the certificate fulfils the inspection as requested;
d) Whether it contains any negative statements about the goods.
Article 10 (Other documents)
1. In addition to the abovementioned documents, other documents may be
required depending on the foreign exchange legislation in the country of the
vendor.
2. When the documents referred to in this article are being checked, their
consistency with other documents that the file contains shall be taken into
account.
Article 11 (Checking of documents)
1. Credit institutions shall check documents thoroughly, taking into account the
method of payment used.
2. After documents have been checked and settled, they shall be endorsed and
delivered to the importer.
Article 12 (Recording and filing)
Credit institutions shall compile an individual file for each operation, which file
must contain the following documents:
a) A copy of the documento único (single customs document), if applicable;
b) Documentary credit, if applicable;
c) Commercial invoice;
d) Shipping document;
e) Remittance letter, if applicable;
f) Bank advice of settlement and/ or payment;
g) Correspondence received and sent in regard to the transaction.
CHAPTER III PROCEDURES RELATING TO EXPORTS
Article 13 (Export using documentary credit)
1. In export operations, the following methods of payment are allowed:
a) Cheques and transfers;
b) Documentary credits;
c) Documentary collections.
2. It shall be incumbent upon banks to provide adequate assistance to exporters
in ensuring strict compliance with the terms and conditions of documentary
credits, for immediate settlement of the relevant export.
3. Before a documentary credit is advised to the beneficiary (exporter), [banks]
shall ensure that the terms and conditions of the credit conform to the
country’s
foreign
exchange legislation and that they are likely to be complied with within the
established period.
4. In the event that a clause cannot be complied with, the credit institution shall
recommend that its client (the exporter) request that the importer make the
necessary amendment, which shall be communicated to the exporter’s credit
institution by the importer’s bank before the goods are shipped.
Article 14 (Compulsory documents)
1. Exporters shall present one copy of the documento único (single customs
document).
2. The commercial invoice and the shipping document must, obligatorily, feature
in the list of documents to be presented for the purposes of any of the
payment methods.
3. Transport documents shall be issued to the order of the exporter’s bank and
endorsed to the importer’s bank.
Article 15 (Checking and negotiating documents)
1. Credit institutions shall check documents thoroughly, taking into account the
method of payment used, particularly in cases where documentary credits
are used.
2. When the beneficiary (exporter) has complied with all the conditions, the credit
institution shall demand reimbursement in the terms established in the
documentary credit.
3. If the conditions have not been complied with, the credit institution may choose
one of the following alternatives:
a) Request the beneficiary to make the relevant amendments in the
documents, in accordance with the requirements of the
documentary credit;
b) Request the issuing or confirming bank to authorise payment or
negotiation with the enumerated discrepancies;
c) Send the documents to the issuing or confirming bank for its
decision regarding payment.
Article 16 (Export using documentary collection)
1. If the method of payment in an export operation is a documentary collection,
credit institutions shall examine the documents taking into account the
international rules that govern documentary collections.
2. Once the bank has authorised negotiation or payment, the respective payment
is effected and the documento único (single customs document) is utilised by
placing upon it an ink stamp indicating the amount utilised and the relevant
date.
3. If the documents are in order, they are remitted to the bank designated by the
exporter (the presenting bank), with a covering letter of remittance which sets
out the conditions for reimbursement.
Article 17 (Recording and filing)
Credit institutions shall compile an individual file for each operation, which file
must contain the following documents:
a) A copy of the documento único (single customs document);
b) Documentary credit and amendments to the terms of the credit (if
applicable);
c) Remittance letter to the importer’s bank;
d) Commercial invoice;
e) Shipping document;
f) Bank advice of settlement;
g) Other telexes;
h) Telex or confirmation of payment.
CHAPTER V FINAL PROVISIONS
Article 18 (General register)
Credit institutions shall keep a register for each type of operation (import or
export) and this register shall contain the following information:
a) Sequence number of the operation, preceded by the year of the
operation;
b) Name of the originator;
c) Amount of the documentary credit;
d) Type of documentary credit (irrevocable, revolving, etc);
e) Name of the beneficiary;
f) Negotiating bank;
g) Confirming bank;
h) Status of the credit (cancelled, settled or extended);
i) One copy of the documento único (single customs document) or an
equivalent document.
Article 19 (Entry in force and repeals)
This Notice shall come into force forthwith, and all provisions that are contrary
hereto are repealed.
Article 20 (Clarification of doubts)
Doubts that may arise from the interpretation and application of this Notice shall
be clarified by the Department of Banking Supervision of the Bank of
Mozambique.
THE GOVERNOR
Adriano Afonso Maleiane