Name
Authorized payment of local finance
Introduction
It refers to that a local budgetary unit, based on the authorization of the local fiscal authority, and issues a payment instruction to Bank of China, which then according to this instruction pays, through the zero-balance account of the budgetary unit, the fiscal fund within the unit' quota approved by the local fiscal authority from the treasury single account system to the account of the Payee or the fund user.
Features
1. Effectively accumulate funds of various budgetary units
2. Realize real-time payments and settlement on the same day, improving the operating and utilization efficiency of fiscal funds
3. Meet the various needs of information inquiry about payment
4. Conduct autocontrol over the quota of budget units
Scope of Application
It is applicable to the local fiscal budgetary units for settlement of local fiscal budgetary items in Chinese mainland.
Process
1. The local fiscal budgetary unit opens a zero-balance account at the opening bank with a prior approval by the local fiscal authority.
2. The budgetary unit issues a payment instruction to the opening bank when a payment to the Payee is required.
3. Direct payment to the Payee will be realized after the bank examines and decrease the quota of the budgetary unit.
Kind Reminder
1. The local fiscal budgetary unit may choose an opening bank, and use the funds within the quota approved by the fiscal authority.
2. The budget unit could apply various types of quota, and shall use the quota correctly according to the type of business.
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