This standard specifies the code structure and code for international trade payment methods. This standard applies to electronic data exchange and information processing by institutions engaged in international trade in China. GB/T 16962-1997 Code for international trade payment methods GB/T16962-1997 Standard download decompression password: www.bzxz.net
This standard specifies the code structure and code for international trade payment methods. This standard applies to electronic data exchange and information processing by institutions engaged in international trade in China.

GB/T16962—1997
International trade payment methods play an important role in international trade business activities. This standard is based on international trade practices and combined with relevant laws and regulations on foreign trade management in my country to facilitate electronic data exchange and information processing and stipulates payment method codes. This standard is applicable to electronic data exchange and information processing by institutions engaged in international trade in my country. This standard is also one of the important standards of the National Golden Gate Project.
This standard is proposed by the Ministry of Foreign Trade and Economic Cooperation. This standard is managed by the China Institute of Standardization and Information Classification and Coding. This standard is drafted by the Quota and License Affairs Bureau of the Ministry of Foreign Trade and Economic Cooperation and the China Institute of Standardization and Information Classification and Coding. The main drafters of this standard are: Meng Zhuming, Cheng Nufan, and Li Youping. 312
1 Scope
National Standard of the People's Republic of Chinawww.bzxz.net
Codes for international trade payment
Codes for international trade payment This standard stipulates the code structure and codes for international trade payment methods. This standard is applicable to electronic data exchange and information processing by institutions engaged in international trade in my country. 2Code structure
International trade payment method codes use 1-digit codes. 3Code table
Name of payment method
Letter of credit
Instructions
English name
LETTER OF CREDIT
COLLECTION
REMITTANCE
INCASH
OPEN ACCOUNT
GB/T16962. 1997
Letter of credit L./C(Letter of Credit)Documents against payment D/P(Documents against Payment)Documents against acceptance D/A(Documents' against Acceptance)M/T(Mail Transfer)
Telegraphic transfer T/T(Telegraphic Transfer)Demand draft D/D(Demand Draft)
Promissory note P/N(Promissory note Note) Cash payment (InCash)
Cash check (CashDraft)
Bookkeeping O/A (Open Account)
Free is not an actual payment method. Considering the exposure in international trade business, management and statistics, it is used in non-payment situations such as samples, gifts, donations, and aid.
Institutions engaged in international trade in my country use the 1-digit code in the code table for electronic data exchange and information processing. In specific applications within the organization, users can add a second digit to sub-classify according to actual needs. Example: 3
Approved by the State Administration of Technical Supervision on September 2, 1997 and implemented on January 1, 1998
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