THE RESERVE Bank is making headway in its efforts to create an ‘electronic’ alternative to the F178 and a presentation to the Johannesburg Exporters’ Club last week provided useful input on how to generate the new electronic numbers that replace the dreaded form. A pilot project currently involving 165 exporters is expected to streamline procedures electronically and provide matching information to Customs and the banks on movement of goods and payments. Reporting on Phase 2 of the pilot project, SARB’s Rushdi Edries and Gert Niewenhuys said the 165 exporters participating in the project had been selected according to certain criteria. These included the value of their exports and their ability to match exports electronically under Phase1. The targeted exporters will have to sign letters of commitment. Edries said this was clearly a small control group given that Customs lists 180 000 exporters, and that Sars data suggests 60 000 to 70 000 cross-border transactions each month. The pilot project has identified the need to co-operate with and plan a new process with Customs (Sars) and with role players involved with exports. Phase 2 focuses on the ways exporters can match their exports electronically using two types of numbers, namely the Unique Consignment Reference (UCR) number and the Export Control Number (ECN). Either number can be used for matching purposes and its length varies from 12 to 21 digits, depending on the complexity of the business, the nature of the exports and the manner in which payment is received from clients. The SARB uses the UCR to link data from customs on the physical export of goods with reports from the banks on the receipt of payment for these exports. This number must be used when goods are cleared through Customs and when receiving payment for the goods via the banking system. The correct and accurate use of these numbers is therefore critical to the electronic matching of exports with receipts. The ECN is generated by Customs from the Customs Release Notification (CRN) document and the Bill of Entry Exports (DA 550). For details of the method of setting up the new export documentation see www.reservebank.co.za/exchangecontrol/exports/ The current F178 administration is a relatively complex and time-consuming task. It has to be completed in triplicate by the exporter/ freight agent every time an export leaves this country. The forms are taken to the exporter’s bank (Authorised Dealer) where the original is attested (stamped and signed) and returned with a copy. The bank retains a copy for control purposes. Customs requires the original F178 as part of the essential export documentation without which the goods cannot leave the country - and they subsequently pass the form on to the Exchange Control Department of the South African Reserve Bank.
