Name
Authorized payment of central finance
Introduction
It means that a central budgetary unit delivers a payment instruction to Bank of China based on the authorization of the Ministry of Finance. The bank then will transfer fiscal funds from the treasury single account system into the account of the payee or the fund user under the instruction, through the zero-balance account of the budgetary unit in the bank. It requires the bank to conduct within the quota approved by the Ministry of Finance.
Features
1. Ensure funds paid up;
2. Meet needs of information enquiry for various payment quotas;
3. Control the quota of budgetary unit automatically;
4. Support various means of settlement, and application with business cards.
Scope of Application
It is applicable to the central budgetary unit for settlement of central financial budget funds in Chinese mainland.
Process
1. The central budgetary unit opens a zero-balance account in the account opening bank with a prior approval by the Ministry of Finance.
2. The central budgetary unit delivers a payment instruction to the account opening bank in case of a payment required to the payee.
3. The bank will directly pay for the payee after examining and lowering the quota of the budgetary unit.
Kind Reminder
1. The central budgetary unit may choose the account opening bank, and use the funds within the quota approved by the Ministry of Finance.
2. The budgetary unit may apply for various types of quota, and shall use the quota correctly according to the type of business.
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