The Central Bank of Colombia has replaced the previous External Regulatory Circulars (DCIN-36 of July 19 2001, DCIN-05 of January 10 2002, and DCIN-10 of February 15 2002) with a new External Regulatory Circular: DCIN-23 of May 9 2002. This will come into force on June 4 2002. The principal changes introduced by the new Circular are the following:
- Annex No 3 is incorporated into the Circular, and this contains the definition and description of all exchange numerals, which were previously contained in the Central Bank's External Regulatory Circular DCIN-80 of December 30 1998.
- Annex No 6 setting out the conditions for the use of electronic services offered by the Central Bank through the Department of International Exchange is incorporated.
- New exchange numerals are created and others modified.
- A new obligation of declarants and exchange market intermediaries is established, according to which all exchange declarations with information reported to the Central Bank by electronic means must be kept on paper for a term equivalent to the prescription of the sanctioning action by infractions to the exchange regime.
- The holders of compensation accounts may send information (Form No 10) and exchange declarations (Forms No 3 and 4) by electronic means, complying with the requirements and conditions set out in Annexes 5 and 6 of the Circular.