Outline of the system
The import licensing system of foreign currency banknotes is administered by the National Bank of Cambodia. All banks licensed by the National Bank of Cambodia are allowed to import these items over the value of USD$10,000 equivalent with any such import requiring prior declaration. The reason these items are under the purview of the bank is because as monetary authority, monitoring and supervision of circulation of foreign banknotes is required. The administration is intent to provide the National Bank of Cambodia with inward and outward banknote flow information but not to restrict its movement. Information on the licensing process is available on the central bank website.
The required import license covers foreign currency banknotes in the following HS 4907.00.10.
Nature of licensing
If Automatic, administrative purpose
If Non-Automatic, description of the notified Non-Automatic Licensing regime
Products under restriction as to the quantity or value of imports
It does not intent to restrict the quantity or value of import but only to collect data and keep track of its flow. There is no limit or quota on the amount of import allowed. An alternative has been considered to allow for easier import process while also able to collect the data however importers tend not to report their activity.
Questions for products under restriction as to the quantity or value of imports
The system applies to products originating from which country?
The license does not discriminate by country of origin.
Expected duration of licensing procedure
Is the licensing statutorily required?
The law on foreign exchange require any import of any foreign currency banknote equal or exceeds ten thousand US dollars be subject to prior declaration to the Central bank. Licensing is not statutorily required but prior declaration is.
Does the legislation leave designation of products to be subject to licensing to administrative discretion?
Is it possible for the government to abolish the system without legislative approval?
It is possible for government to abolish the licensing system without legislative approval.
Eligibility of applicants
Is there a system of registration of persons or firms permitted to engage in importation?
What persons or firms are eligible to apply for a licence?
All Cambodian Banks can apply for import.
Is there a registration fee?
Is there a published list of authorized importers?
The names of importers are not made known to export promotion bodies of exporting countries as it is kept confidential for importer behalf.
Contact point for information on eligibility
Submission of an application
Administrative body(ies) for submission of an application
What information is required in applications?
Registered address of business, certificate of incorporation, business license, photo of venue of business. To ensure licenses allocated are actually used for import, the importer need to provide custom declaration where the amount of actual import is reported.
What documents is the importer required to supply with the application?
Window of submission of an application
How far in advance of importation must application for a licence be made?
License application must normally be made seven days in advance but can be obtained within a shorter time limit.
Are there any limitations as to the period of the year during which application for licence can be made? If so, explain
No, licenses can be submitted anytime.
Issuing the license
Can a licence be granted immediately on request?
It is possible for a license to be granted immediately on request but usually the administrative process would require at least a day. Processing time takes between three-seven days.
Can licences be obtained within a shorter time-limit or for goods arriving at the port without a licence
License is required for goods arriving at port.
Which administrative body is responsible for approving application of licences?
License application is administered by a single administrative organ which is the Central Bank.
Must the applications be passed on to other organs for visa, note or approval?
Are there any other conditions attached to the issue of a licence?
No other conditions are attached.
Fees and other administrative charges
Is there any licensing fee or administrative charge?
The fee is required and is according to the denomination of the banknotes.
What is the amount of the fee or charge?
Is there any deposit or advance payment required associated with the issue of licences?
No deposit or advanced payment is needed.
Amount or rate?
Is it refundable?
What is the period of retention?
What is the purpose of this requirement?
Refusal of an application
Under what circumstances may an application for a licence be refused other than failure to meet the ordinary criteria?
License requests are seldom and almost never rejected. No import requests have been declined before. A license can be refused if importer is known to use the license improperly such as for money laundering purposes.
Are the reasons for any refusal given to applicants?
Have applicants a right of appeal in the event of refusal to issue a licence?
If so, to what bodies and under what procedures?
Are there any limitations as to the period of year during which importation may be made?
Import can be done immediately after license is granted.
What documents are required upon actual importation?
Custom office verification letter on the volume of actual import.
Are there any other administrative procedures, apart from import licensing and similar administrative procedures, required prior to importation?
Nothing else is needed.
Conditions of licensing
What is the period of validity of a licence? Can the validity be extended? How?
The licence provided will be valid for 30 days.
Is there any penalty for the non-utilization of a licence or a portion of a licence?
No penalty will be imposed for non-utilization of a licence.
Are licences transferable between importers? If so, are any limitations or conditions attached to such transfer?
Licences are not transferable to others.
Is foreign exchange automatically provided by the banking authorities for goods to be imported?
Yes foreign exchange is readily available.
Is a licence required as a condition to obtaining foreign exchange?
No license is needed to obtain foreign exchange.