Name
Direct payment by local finance
Introduction
It means that the local fiscal authority delivers a payment instruction to the Bank of China, based on the applications for payment by budgetary units, and then the bank transfers the fiscal funds into the account of the payee or the fund user directly through the zero-balance account of the local fiscal authority.
Features
1. It helps to standardize budget enforcement and strengthen budget control;
2. It helps to reduce payment stages and speed up the transfer of funds;
3. It reinforces the fiscal supervision and administration, and increases the efficiency of payment.
Scope of Application
Local fiscal budgetary units for settlement of budget accounts with the approval of local fiscal authority in Chinese mainland.
Process
1. The local fiscal budgetary unit applies for payment with the local fiscal authority.
2. The local fiscal authority delivers a payment instruction to the bank.
3. The bank transfers the funds into the account of the payee or the fund user.
Kind Reminder
The local fiscal authority is required to open a zero-balance account in the bank.
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