BSP Circular Letter

February 7, 2003 BSP CIRCULAR LETTER TO : All Authorized Agent Banks (AABs) and Their Subsidiary/Affiliate Forex Corporations This is to remind all concerned that sales of foreign exchange are subject to the documentary requirements under the attached Circular Letters dated August 9, 2001 and January 24, 2002. Violations of the aforesaid Circular Letters will be dealt with accordingly. (SGD.) ALBERTO V. REYES Officer In-Charge August 9, 2001 BSP CIRCULAR LETTER TO : All Authorized Agent Banks (AABs) and their Subsidiaries/Affiliate Forex Corporations Attached, for your guidance, is the list of minimum documentary requirements that AABs and/or their subsidiary/affiliate forex corporations shall require from residents purchasing foreign exchange for non-trade purposes. ITSacC This Circular-Letter serves to clarify Section 2 of Circular No. 1389 s. 1995, as amended. (SGD.) ALBERTO V. REYES Deputy Governor MINIMUM DOCUMENTATION REQUIREMENTS FOR THE SALE OF FX FOR NON-TRADE PURPOSES Purpose Documents Required 1) Travel Funds (Only for permanent 1. Applicant's passport residents of the Philippines 2. Passenger ticket 2) Educational Expenses/Student 1. Statement of enrollment or Maintenance acceptance by the school abroad showing that the student is working or about to work for a degree or taking a high technology course; 2. School bills/statements of account covering tuition and other school fees, and 3. Sworn statement of the student that he does not enjoy scholarship/ grant/fellowship/stipend and/or is not gainfully employed. 3) Correspondence Studies 1. Proof of admission or enrollment in AABs may sell foreign exchange to correspondence school; cover tuition fees for correspondence 2. Description of curriculum courses; studies which shall be directly remitted 3. Statement of fees, dues or total cost of to the correspondence school. course; and 4. Schedule of payment/billings from the school abroad. 4) Medical Expenses 1. Certification from a local doctor certifying the need for the patient to undergo medical treatment abroad and the non-availability of such treatment locally; and 2. Estimate of cost of medical/hospital treatment abroad/statement of account with the hospital/bills of expenses. 5) Support of Dependents Abroad 1. Consular certificate or its equivalent AABs may sell foreign exchange documents to prove that the covering the monthly living allowance dependent is residing abroad and is not abroad of a child not more than 21 gainfully employed in the country of years of age, spouse or parent of a residence abroad; Philippine resident. 2. Certified true copy of birth certificate, marriage contract, adoption papers, whichever is applicable, to prove that dependent is the wife, husband, child or parent of the remitter applicant; and 3. Proof that remitter is a resident of the Philippines 6) Emigrants' assets 1. Proof of permanent residence of emigrant/beneficiary abroad; 2. Proof of ownership of the asset/s by emigrant/beneficiary abroad; 3. Payment of applicable taxes; 4. In case of income from real properties, a. statement of rentals/income earned, certified by an independent CPA; 5. In case of transfer of proceeds of capital assets, the AABs shall additionally require. a. Copy of deed of sale b. If the subject of the sale is real estate, proof that the transaction was registered with the Register of Deeds. 6. In case of capital transfer of testate and intestate inheritance and legacies. a. Copy of court order approving the partition and distribution of estate; b. Copy of the extrajudicial settlement and partition duly registered with Register of Deeds. 7. For transfer of proceeds of life insurance benefits, proof of payment of the proceeds of the policy; 8. For remittance of proceeds of sales of personal property, copy of deed of sale; 9. In case of transfer of proceeds of sale of shares of stock, AABs shall also require: a. Copy of the confirmation of sale of authorized securities dealer/broker or the issuing corporation; b. Certification of stock transfer agent showing the name of issuing corporation, date of issuing par value, cost of acquisition, and that the shares of stock owned by the beneficiary have been sold at the price indicated. 10. In case of retirement benefits, AABs shall, in addition to Items 1 to 4, also require: a. Evidence of payment of retirement benefits; b. If the remittance will be done in five (5) years or over after receipt of the retirement pay, evidence regarding custody of the funds. 7. Salary of foreign expatriates 1. Certification of employer on the amount of compensation paid to the foreign nationals stating whether the same had been paid in foreign exchange or in pesos, and if in foreign exchange, proof that the foreign exchange was sold for pesos to AABs; 2. Copy of the withholding tax receipts unless exempt by law; 3. Photocopy of the ACR and MOLE Alien Employment Permit of the foreign national. 8) Producers' Share/TV Film Rentals 1. Statement of remittable share rental The producers' or foreign lincensors' certified by an independent CPA; contractual share which shall not 2. Proof of payment of withholding tax. exceed 60% of the net proceeds less local distribution expenses, from the distribution/exhibition of such films imported without foreign exchange payments, may be remitted in full, net of taxes, TV film rentals may also be remitted in full based on rates stipulated in the individual contracts or agreements. 9) Commissions on Exports due Foreign 1. Agency agreement Agents 2. Export Declaration or Export Permit 3. Export Bills of lading and invoices 4. Statement of Accounts/Invoices 5. Computation showing how the amount sought to be remitted was arrived at; and 6. Certification from receiving bank concerned indicating the amount of export proceeds which have been sold for pesos. 10) Foreign Charges on Exports 1. Freight contract. If no formal contract of Phil. exporters may buy foreign affreightment has been executed, a duly exchange from AABs to pay for freight noted freight bill/statement of account charges due shipping companies, may be presented; whether foreign or Filipino-owned, on 2. Export declaration; export shipments. 3. Sales Invoice; 4. Bill of Lading; 5. Bills/Statements of account on foreign charges. 11) Advertising Costs 1. Copy of advertising agreement; and 2. Original statement of accounts or bills or invoices. 3. Clippings of appropriate page of publications or the advertisement. 12) Subscriptions 1. Subscription Agreement 2. Statement of Account or bills 13) Charters and Leases of Vessels 1. Charter or Lease contract without option Domestic operators or lessees of to purchase foreign-owned vessels may remit 2. Billings/Statement of account from the foreign exchange for charter fees or owner or lessor duly certified by an lease rentals independent CPA 3. Proof of payment of withholding tax 14) Membership dues and registration 1. Proof of membership in the foreign or fees international association. Remittance to be made directly to the 2. Billings for membership dues/registration associations abroad. fees 15) Port Disbursements 1. Copy of contract or agreement; Port disbursements abroad of aircrafts 2. Duly certified true copy of statement of and vessels of Phil. registry or accounts/bills/invoices (verified against chartered/leased by domestic operators original copy) for fuel, ship's stores and similar supplies, harbor/airfield fees, tonnage, repair and maintenance 16) Mail fees/International settlement of 1. Copy contract of agreement whenever accounts for telegraph, telegram, radio, applicable satellite and other communication 2. Duly certified statements of facilities accounts/bills/invoices 17) Salvage fees 1. Copy of contract for salvage services 2. Duly certified statement of accounts/bills/invoices 3. Proof of payment of applicable taxes 18) Income taxes due to Foreign 1. Certified true copy of MOLE-approved Governments contract of employment; Income taxes due to foreign 2. Certified true copy of income tax return Government from foreign nationals covering the income tax payment sought with special temporary visa and MOLE to be remitted. employment permit, if required by law, who are employed in the Philippines and whose entire compensation (salary, allowances, bonuses and other fringe benefits) is paid for in foreign exchange inward-remitted into the Philippines. 19) Services/License/Consultancy Fees/ 1. Copy of the pertinent agreement Management Fees 2. Statement/Computation of fees due; and Foreign exchange payments for 3. Proof of payment of applicable management/service/consultancy withholding taxes on fees to be remitted. contract with foreign firms or individuals or residents not involving technology transfer may be serviced by AABs. 20) Retainers' fees 1. Copy of the agreement; and Foreign exchange payments by 2. Billings/invoices from the beneficiary residents to foreign professionals acting as liaison, counsel, agent on representative abroad may be serviced by AAB 21) Reinsurance premium/claims for 1. Original copy of certification from the losses Insurance Commissioner stating among and other payments of insurance others, that the amount is due and companies/brokers payable to the beneficiary. 2. In case of remittance of payment of claims for losses, AABs shall also require copy of Report of Damage on Survey Report rendered by an adjustor on Marine Surveyor and a copy of the Notice of Demand for Payment of Loss, both verified by OIC. 22) Freight Charges on Imports 1. Certified copy of Bills of Lading and Freight Invoice 2. Certified copy of LC/Sales Confirmation if Shipment is without LC. 23) Net Passenger Revenues of Foreign 1. Copy of the General Sales Agency Airlines Agreement or certified copy of the Foreign airlines authorized to do Bilateral Air Agreements; business in the Philippines may remit 2. Statement of Receipts and abroad their peso revenues, net of Disbursements for the period covered by commissions paid, peso commissions the Remittance, duly certified by an earned, commissions earned and ticket independent CPA; sales in foreign exchange. Agency 3. Proof of payment of the corresponding commissions shall be paid in the taxes; currency in which the tickets are sold. 4. Statement of gross Philippine billing corresponding to the period covered by the remittance; and 5. List of non-resident passengers who paid their tickets in pesos, if any, and list of passenger tickets refunded. 24) Freight Collections of Shipping 1. Copy of the Agency Agreements; Companies 2. Statement of Revenues and Expenses Shipping agents may remit to their duly certified by an independent CPA; principals abroad freight collections in 3. Proof of payment of corresponding taxes pesos, net of agency fees, commissions 4. Detailed statement of freight receipts and disbursements made in behalf of indicating name of payors, bills of lading, the principals. official receipts, date and amount of payment. 25) Transfer of savings expatriates 1. Contract of employment; Transfer of savings of expatriate 2. Certification of the employer that the employee may be allowed in full, net of contract has been terminated or taxes, when the contract of concluded; employment has been concluded or the 3. Statement of salaries paid during the employee has been transferred to other validity of the contract of employment; officer abroad. 4. Transcript of bank deposit account certified by the bank official. If the amount to be remitted comes from new deposits (less than one year placement), information regarding the sources of funds, supported by appropriate documents; 5. Proof of payment of Income taxes. 26) Royalties/Fees 1. Statement/computation of the Royalty/fee duly certified by independent CPA 2. Proof of payment of withholding taxes 3. Registration/Certificate of Compliance issued by Documentation Information Technology Transfer 27) Copyright fees 1. Copy of sales report to the non-resident author, publisher, or copyright owner 2. Statement/computation of copyright fees 3. Proof of payment of withholding tax 28) Investment in PSE listed securities 1. If the selling/remitting bank is also the (Circular Letter dated May 25, 2000) registering custodian bank a. Bangko Sentral Registration Document (BSRD) 2. If the selling/remitting bank is not the registering custodian bank a. Copy of BSRD b) Letter advice in the prescribed form from the registering bank 29) Direct Foreign Equity Investments 1. BSP registration 2. Proof of sale 30) Investment in Money Market 3. BSP registration instrument or bank deposits 4. Proof of sale 31) Dividends/Profits/Earnings 1. BSP registration 2. Board Resolution declaring the dividend 3. Audited financial statement covering the dividend declaration/profit earnings 32) Outward Investment 1. A project feasibility study, investment proposal, subscription agreement, bond/stock offering circular and such other documents showing the nature and place of the investment; and 2. A written undertaking to inward remit and sell for pesos thru AABs the dividends/earning or divestment proceeds from outward investments funded by FX purchased from AAB as required therein 3. BSP approval and registration (For outward investment exceeding $6 million per investor per year) 33) Foreign Currency Loan and Interest 1. BSP registration of loan and/or BSP Payment registration of payments pursuant to Circular 1389, as amended 2. Statement of account 3. If the selling bank is not the booking/remitting bank, the selling banks shall require the purchaser of foreign exchange, the following information a. name of lending bank b. original loan amount c. due date d. outstanding loan balance e. purpose of loan f. Invoice No. and amount of import bills liquidated by the proceeds of the loan (For FCDU loan qualified to be serviced by the banking system without specific BSP approval). Said information should be certified as to correctness by the Treasurer or higher officer of the company g. Certification from the booking/remitting bank responsible for the FCDU loan account that the bank has taken measures to ensure the client has not purchased foreign exchange from the banking system in excess of the amount of the outstanding loan balance plus the finance charge. h. The foreign exchange sold shall be remitted by the selling bank to the lending bank indicating in the draft ITT/PDDTS instruction, pertinent information of the loan account. All documents supporting the sale of foreign exchange shall be made available for verification by the examining BSP officers. January 24, 2002 BSP CIRCULAR LETTER TO : All Universal and Commercial Banks The following guidelines shall be observed in the implementation of Circular-Letter dated 09 August 2001 covering sale of foreign exchange (FX) for trade transactions. I. Importations under Letters of Credit (LCs), Documents against Payment (DPs) and Documents against Acceptance (DAs): a. All import LCs to be opened shall include under the LC terms and conditions, among others, the clause: " LC number shall be indicated on all copies of shipping documents " b. All original shipping documents [Bill of Lading (BL) or Airway Bill (AWB) and Invoice] shall be stamped by the booking/issuing bank with the Bank's Name and Mode of Importation (i.e. LC, DA or DP), whether FX has been sold or not. c. Banks other than the issuing/booking bank may sell FX to importer clients, provided: 1. The sale is supported by the following documents: 1.1 Copy/photocopy of the original shipping documents duly stamped as in Item I.b above; 1.2 Certification from the issuing/booking bank (addressed to individual FX selling bank/s) indicating the following: i. Amount of the outstanding FX trade obligations; ii. Amount of FX intended to be purchased; and iii. BSP Registration Number for DA. The certification shall be duly signed by the bank's authorized signatory under Circular-Letter dated 09 August 2001. 1.3 Notarized certification from the importer-client that FX has not been purchased from other bank(s) and/or bank-affiliated forex corporation(s) for the transaction. In case of previous FX purchase, the certification shall indicate amount of FX previously purchased for the transaction. The certification shall be duly signed by the authorized signatory of the importer-client. 2. The FX selling bank shall immediately remit proceeds of FX sale directly to the issuing/booking bank, indicating in the remittance instructions pertinent information such as the LC No., BSP Registration No., BL No., Invoice No., etc. 3. The booking/issuing bank shall, upon receipt of FX, stamp "FX SOLD" on the original shipping documents at hand and indicate thereon the amount of FX and the name of the FX selling bank(s). The stamped information shall be duly signed by the booking/issuing bank's authorized signatory. II. Importations under Direct Remittance (DR) or Open Account Arrangement (OA): a. Importer-client shall present to his remitting/registering bank all the original copies of the shipping documents for stamping of BANK'S NAME AND MODE OF IMPORTATION (i.e., DR or OA). All original shipping documents [including at least (3) original BLs or one of the original/carbonized copy of AWBs] shall be accounted for. In case any one of the original BLs/AWBs cannot be presented for stamping of Bank's name, the importer client shall present to his remitting/registering bank 1. A notarized certification from the Bureau of Customs (BOC) and/or the shipping/airline company that an original BL has been retained by them to process release of cargo, and 2. Notarized certification as in Item I.c.1.1.3 above. b. Bank may sell FX for DR and BSP-Registered OA to importer-clients, provided, the sale is supported by the following documents: 1. In case FX selling bank is the same as the registering bank where original documents were previously presented, only one (1) original copy of the shipping documents duly stamped as in Item II.a above. 2. In case FX selling bank is other than the registering bank which applied for the BSP registration of the OA transaction and where original documents were previously presented, the requirements enumerated under Item I.c. above as well as the BSP registration of OA transaction shall apply. c. FX sale under Direct Remittance can only be serviced by banks if made within twenty (20) calendar days [instead of fifteen (15) banking days] after BL date otherwise, FX shall not be sourced from the banking system unless the transaction is considered an OA, subject to BSP registration requirements. d. FX registering/remitting bank shall stamp "FX SOLD" on the original shipping documents at hand and indicate thereon the amount of FX and name of the FX selling bank(s). The stamped information shall be duly signed by the remitting/registering bank's authorized signatory. Thereafter, the FX payment shall be immediately remitted to the beneficiary. III. Unless specifically authorized by the Bangko Sentral, proceeds of FX sale for trade-related transactions shall not be credited to any FCDU account even if remittance to beneficiary/supplier will be made on the same date that the FX was sold. cACDaH IV. Photocopies of the original shipping documents (released to client) listed under Circular-Letter dated 09 August 2001 shall be marked "ORIGINAL DOCUMENT PRESENTED AS REQUIRED" and duly signed by the bank's authorized signatory. These should be retained on bank's file for BSP examination purposes. Clarifications on FX sales for trade transactions based on the queries received from banks are hereto attached as Annex "A". It is understood that the penalty provisions under Circular-Letter dated 23 July 2001 shall apply to erring banks. Provisions of BSP Circular-Letters dated 06 January 1998, 31 March 1998, 20 July 2001, and 09 August 2001 that may be inconsistent with the provisions of these implementing guidelines are hereby repealed. This Circular-Letter shall take effect immediately (SGD.) RAFAEL B. BUENAVENTURA Governor ANNEX A CLARIFICATIONS ON SALE OF FOREIGN EXCHANGE FOR TRADE TRANSACTIONS RELATIVE TO CIRCULAR-LETTER DATED 09 AUGUST 2001 (Based on Inquiries Received from Banks) Q1. Is the client's notarized certification on sale of FX applicable only to documents that were sent directly to the importer, hence does not cover the following : Under LC (reimbursing bank debits account of local bank on negotiation date) , under sight LC but with documentary discrepancies which are sent on collection basis , under usance LC, and under DA/DP where documents are transmitted by the foreign bank to the local bank? A: Yes, except under Items I . c, II . b . 2 and II . b . 3 of the implementing guidelines . Q2. Can the bank's certification on the stamping of "FX Sold" be done on a summary basis (covering all FX sale on trade transactions for the day)? A: Bank's certification on the stamping of "FX Sold" is no longer required in the implementing guidelines. Q3. Shall the FX selling bank require presentation of all the original shipping documents? A: Yes, if the FX selling bank is the booking/issuing bank and in case of Item II.b.3 of implementing guidelines; otherwise, Item I.c of implementing guidelines shall apply. Q4. What are the documentary requirements where the amount of the importation cannot be fully serviced by just one bank? A: See Item I.c of the implementing guidelines. Q5. Can banks sell FX for unregistered DA/OA importations? A: No, only BSP-registered DA/OA import transactions can be serviced by banks. Q6. What other documents shall be presented for TELEX RELEASE? Telex release is a notice by the foreign shipping company to its local agent on the shipment of the exporter to the importer wherein the original BLs have been surrendered and, thus, authorizing the release of goods . Upon receipt by the local agent of the said telex release, an arrival notice shall be issued by the local agent to the importer . A: The following other documents shall be presented: a) Original invoices; b) Original non-negotiable BL duly stamped "ORIGINAL SURRENDERED"/"SURRENDERED" by the shipping company or its local agent; c) Original arrival notice that the imported goods have arrived (with details matching the BL) issued by shipping company's local agent; and d) Client's notarized certification that it has not purchased FX under said BL as prescribed under Item I.c.1.1.3 of the implementing guidelines. Q7. What other documents shall be presented for SEAWAY BILL? Seaway Bill is an unsigned, non-negotiable, electronically-transmitted (via web page) advice that the goods will be loaded (without indicating if on-board) . A: The documents to be presented are a) Items a, c and d of the answer to Q6; and b) Copy of electronically transmitted Seaway Bill. Q8. What documents shall be presented in lieu of the original airway bill? A: The following documents shall be presented: a) The original non-negotiable airway bill; and b) Client's notarized certification that FX has not been purchased under said airway bill as prescribed under Item I.c.1.1.3 of the implementing guidelines. Q9. For certification signed by the importer, up to what level will be the authorized signatory? A: Officer authorized to sign for the company. Q10. Is a photocopy of original BL enough for purposes of BSP verification? A: Yes, Bank may retain in its files a photocopy of the original BLs, duly marked and signed as required in the implementing guidelines, which shall be made available for on-site verification by BSP examiners. Q11. If bank's copy is only a photocopy of the BL, can we sell FX without presentation of the original BL at the time of the DA settlement? A: No. Q12. If at bank guarantee application, importer would already buy FX in anticipation of the arrival of the original documents, should AABs sell? A: Yes, for importations under LC, bank may sell FX, the proceeds of which shall be booked under margin deposit or cash LC. Q13. May AABs also sell FX for unmatured outstanding acceptances under usance LCs? A: Yes, same as Q12 above or to be remitted immediately to the beneficiaries' correspondent bank. Q14. If AAB receives directly the original shipping documents marked against "DP arrangement" and the BL was dated earlier than the 20 calendar days and the sale will, therefore, be effected beyond the 20 calendar day rule of BSP, will AAB now treat the documents as DA arrangement which is now required to be registered with BSP? A: No, it will still be treated as a DP arrangement. The 20 calendar day payment deadline applies only to direct remittance mode. Q15. Can AABs submit to BSP advance copies of original shipping documents for registration? The rationale is that the importer would like to waste no time, hence, they register early prior to receipt of original documents . Can we accommodate importer's request as long as AABs ensure that they won't sell the FX unless registered with BSP; and original shipping documents are presented? A: Yes. Q16. How do we handle indents (importer is different from the consignee)? Please note that the BL is with the consignee but the importer is the one purchasing the FX . A: The consignee as indentor should endorse the original shipping documents to the importer who will buy the FX. Q17. The wordings in the Application to Purchase FX are the same as the Certification required under Circular-Letter dated 09 August 2001 . Do we still require client to submit both where the importer buys FX for importations made through another bank? A: No, see Items I.c.1.1.3 and II.b.3.3.2 of the implementing guidelines. Q18. Can you clarify the documentation required for intercompany netting? A: In intercompany netting scheme, the following documents shall be presented: a) Offsetting agreement between local subsidiaries and parent/affiliates abroad; b) Statement of Intercompany Receivable and Payable certified by authorized officers of both the foreign and local offices covering the settlement period and the net payable amount that will be applied for FX purchase; and c) Client's notarized certification that it has not purchased FX from AABs or bank-affiliated forex corporations for settlement of the net payable amount for the specified settlement period. Q19. Shall we allow cable negotiation for FX sale under sight LC where the following documents would normally not be available at the time of sale of FX to settle import bills? a) Original transmittal letter of foreign negotiating bank covering import documents b) Proof of debit to bank's account abroad c) Copy of original commercial invoice d) Copy of original first BL Bank's account with the correspondent bank abroad may have already been debited but the importer can't settle its import bills due to documentary deficiencies. The problem will arise if the importer will not shoulder the in-transit interest and the FX rate differential for the late settlement . A: Yes, cable negotiation is allowed, provided, it is indicated in the LC or when the negotiating bank in a tested telex message certifies that all the terms and conditions of the LC have been complied with. AcDHCS Q20. Can we sell FX to importers on the condition to complete the documentary requirements later on? Do we have alternative action if the documentary requirements are not met? A: No. The documents should be complete at the time of FX sales. Q21. To whom should the required certifications under Circular-Letter dated 09 August 2001 be submitted? A: The certifications must be on file with the FX selling bank and should be readily available for on-site verification by the BSP. Q22. Who shall be the authorized signatory for the required bank certification in the absence of the Vice President? A: In the absence of the Vice President, the following officers may be allowed: For Head Office - any designated authorized officer with a rank of at least an AVP or other equivalent rank For Branches - any designated authorized officer next in rank The BSP should be advised in writing of the designated authorized signatories. Q23. How do we control the import documents submitted as underlying transactions of short-term FCDU loans? A: Import documents submitted as underlying transactions of short-term FCDU loans should be marked by the lending bank "Paid with proceeds of FCDU loan" duly signed by authorized signatory. Q24. What are the documentary requirements for servicing payments on FX purchases made inside the free trade zones in Clark or Subic? A: The following documentary requirements shall apply for trade payments serviced from purchases made inside the Special Economic Zone (SEZ)-PEZA, Subic, Clark: a) FX settlement for transactions between SEZ-registered firms or between a SEZ-registered firm and a non SEZ-registered firm should be self-funded. b) For imports on consignment where there is no transfer of title of goods to the consignee, sale of the consigned goods, duly approved by SEZ authority, to other firms (whether inside or outside SEZ) shall be supported by a sales invoice of the foreign consignor/supplier. This can be serviced with FX purchased from the banking system. In case the sales invoice is issued by the SEZ-registered firm, Item a ) above shall apply. Q25. Is it ok to include in the lower portion of the certification the following phrase; "I/We declare that I/We have not purchased foreign exchange under any of the original BLs from other sources"? A: Please refer to Item I.c.1.1.3 of the implementing guidelines. Q26. For trade transactions, can proceeds of FX sales be credited to FCDU account if selling bank is both opening and remitting bank and remittance to beneficiary will be made on the same day? A: No. Q27. In lieu of the original commercial invoice under OA, can we allow photocopy of invoice duly certified by a responsible officer of the company? A: No. Q28. Is duplicate copy (including carbonized original and duplicate automated commercial invoice) but originally signed commercial invoice (first copy goes to Customs) and acceptable document when purchasing FX? A: Yes, provided, the commercial invoice is accompanied by all three (3) original BLs.