Circular 25/2011/tt-Nhnn: About The Enforcement Options That Simplify Administrative Procedures Foreign Exchange Activities Under The Resolutions Of The The Government On The Simplification Of Administrative Procedures In P. ..

Original Language Title: Thông tư 25/2011/TT-NHNN: Về việc thực thi phương án đơn giản hóa thủ tục hành chính lĩnh vực hoạt động ngoại hối theo các Nghị quyết của Chính phủ về đơn giản hóa thủ tục hành chính thuộc p...

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Pursuant to the law the State Bank of Vietnam the number 46/2010/QH12 16 June 2010;

Pursuant to the law on credit institutions the number 47/2010/QH12 16 June 2010;

Foreign Exchange Ordinance base of 28/2005/PL-UBTVQH11 on December 13, 2005;

Pursuant to Decree No. 96/2008/ND-CP on August 26, 2008 Government's functions, tasks, powers and structure of the State Bank of Vietnam;

Pursuant resolution No. 60/NQ-CP on December 17, 2010 by the Government on the simplification of administrative procedures in the scope of the management function of the State Bank of Vietnam;

Pursuant resolution No. 25/NQ-CP on 02 June 2010 of the Government about whether to simplify 258 administrative procedures within the management function of ministries, the State Bank of Vietnam (hereinafter referred to as the Bank) modify, Supplement, replace or repeal, cancel the provisions in the text released by the State Bank to execute method project to simplify administrative procedures in the field of foreign exchange are as follows: article 1. Regulations for the procedure of managing loans, repayment of foreign countries to enforce the simplified approach outlined in paragraph 7 of part A of section II of resolution 60/NQ-CP DATED as follows: 1. registration confirmation procedure of medium-and long-term loans by foreign lenders, paid themselves method : a) within 30 working days from date:-foreign loans contracted long term, China (not including foreign loans in the form of international bonds) or from the date the guarantee was signed text (in the case of loan guarantees);

-Sign the contract extension of short term loans that total time of renewal and short-term loan time is over 1 year.

Borrower's business, credit institutions (except the State commercial bank), foreign banks branches (hereinafter referred to as "enterprises") set 1 set of registration documents of foreign loans sent by post or submitted directly to:-the State Bank (Foreign Exchange Management Service) for loans have loan turnover from over 10 million us dollars (or other currency equivalent value);

-State Bank branch in the city, where businesses headquartered for the loans have loan turnover to 10 million us dollars (or other currency equivalent value).

b) within 15 working days of receipt of a valid application:-the State Bank to confirm registration for medium-and long-term loans of the business turnover of the loan on the $ 10 million (or foreign currency equivalent value at the time of the signing of the loan contract). The case refused to confirm, the State Bank have written reply stating the reason.

-State Bank branch in the city, where the enterprise has its headquarters to confirm registration for medium-and long-term loans of the business turnover of the loan up to $ 10 million (or foreign currency equivalent value at the time of the signing of the loan contract). The case refused to confirm State Bank branch, the Department, the city has a written reply stating the reason.

c) component profile:-loan application intermediate, long term (according to annex No 1. ĐGH attachment to this circular);

-A copy attested from a legal record of the main business (except credit institutions, branches of foreign banks) as the founding decision, business registration certificates, investment certificates, license to operate, or other relevant documents by the competent authorities;

-A copy of the written endorsement of the authority approved investment projects or business projects (except credit institutions, branches of foreign banks and businesses that have invested overseas have had the certificate of investment or investment licenses for specific investment projects);

-Copy and a Vietnamese translation of foreign loan contract signed (certified by the authorized representative of the business about the accuracy of the translation);

-Copy and Vietnamese translation (the original case in a foreign language) text of guarantee guarantor for foreign loans (certified by the authorized representative of the business about the accuracy of the translation);

-In addition to the profile on: + corporations, State corporations borrow long-term foreign, must have written consent of the Ministry of finance and Ministry of industry management on the implementation of medium and long-term loans;

+ Enterprises registered for Central loans, long term be extended from short term loans must have: A star and the Vietnamese translation of contract renewal of short term loans the foreign loans, foreign long-term (certified by the authorized representative of the business about the accuracy of the translation) and the text of the commercial bank (where the business account opening make loans) endorsed the implementation of loans (the exit, repayment) to the time of the short term foreign loans was extended into the Middle, long term.

2. registration confirmation procedures change, long-term loans by foreign lenders, paid as a method of self: a) the case has changed any content related to your business loan is stated in the text of the State Bank loan registration confirmation, foreign debt , within 30 working days from the date of signing the agreement and change before the content change effect the business must set 1 set of registration documents of foreign loans and changes sent by post or submitted directly to:-the State Bank of Vietnam (the Foreign Exchange Management Service) for loans have loan turnover from over 10 million us dollars (or foreign other valuable currency equivalent).

-State Bank branch in the city where corporate headquarters for the loans have loan turnover to 10 million us dollars (or other currency equivalent value).

b) within 15 working days from receipt of valid records: full-State Bank confirm registration changes to medium-and long-term loans of the business turnover of the loan on the $ 10 million (or foreign currency equivalent value at the time of the signing of the loan contract). The case refused to confirm, the State Bank have written reply stating the reason.

-State Bank branch in the city, where the enterprise has its headquarters to confirm registration changes to medium-and long-term loans of the business turnover of the loan up to $ 10 million (or foreign currency equivalent value at the time of the signing of the loan contract). The case refused to confirm State Bank branch, the Department, the city has a written reply stating the reason.

c) component profile:-the registration form of foreign loans change (under Appendix number 02. ĐGH attached to this circular);

-Vietnamese translation and copy (certified by the authorized representative of business) agreement signed changes;

-Approval of guarantor for foreign loans of enterprises about changes (in the case of the enterprise guarantee).

Article 2. Supplementary regulations for the licensing procedures to open and use foreign currency account abroad for economic organization, businesses invested abroad (B-SPAIN-001783-TT) to enforce the simplified approach outlined in paragraph 8 of part A of section II of resolution 60/NQ-CP DATED as follows: 1. To modify the procedure name : "Open licensing and use foreign currency accounts for residents is the economic organization has branches and representative offices abroad or wishing to open a foreign currency account abroad to receive foreign loans, to make commitments, contracts with foreign parties."

2. Rules of procedure procedure: a) economic organization branch, overseas representative office or have the need to open foreign currency accounts abroad to receive foreign loans, to make commitments, contracts with foreign parties formed the 1st record sent by post or submitted directly to the State Bank (Foreign Exchange Management);

b) within 15 working days of receipt of a valid application, state-licensed bank or refuse opening license and use foreign currency account abroad. In case of refusal to license, the State Bank have written answers and stating the reason.

c) component profile:-for economic organizations to open branches and representative offices abroad, records include: + application level allows to open and use foreign currency account (according to the model in annex No. 3. ĐGH attached to this circular);

+ Certified copy of business registration certificate or certificate of investment;

+ Text of competent agencies in Vietnam about the permit or confirmation of registration of the establishment of representative offices, branches abroad (accompanied by Vietnamese translations are certified);

+ Annual cost estimates for the operation of the branch, overseas representative office and the text of the Director-General (Executive Director) or the person authorized to approve funding the operations of a branch, Representative Office;

+ Active organization regulation of representative offices, branches abroad (if any);

+ Other related papers.

-For Vietnam's economic organizations, businesses invested abroad wishing to open a foreign currency account abroad to implement the medium-and long-term capital loan and lender required to open foreign currency accounts in foreign capital and management to monitor the repayment profile, including: + open license application and use foreign currency account abroad (according to the model in annex No. 3. ĐGH attached to this circular);

+ A copy attested decided to set up business, business registration certificates, the investment license;

+ Translation into Vietnamese certified by the authorized representative of the business loan contract signed with the foreign countries;

+ Text prove foreign lender required to open a foreign currency account abroad, explain the purpose of currency, on account, account maintenance period.

-For account opening economic organization to implement the commitments, agreements with foreign parties, records include: + open license application and use foreign currency account abroad (model in annex No. 3. ĐGH attached to this circular);


+ Certified copy of business registration certificate or certificate of investment;

+ A copy included Vietnamese translation attested documents signed with foreign countries on the implementation of the commitments, agreements with foreign parties;

+ Foreign party documents required to open a foreign currency account abroad (accompanied by Vietnamese translations are certified) in case this provision is not in the pledge agreement;

+ Other related papers.

-For opening foreign currency account abroad by businesses of an especially important investment under the Government's program; Business investment in the form of BOT, BTO, BT needs to open accounts abroad to perform the commit, records include: + open license application and use foreign currency account abroad (model in annex No. 4. ĐGH attached to this circular);

+ Text explanation of the need for open accounts overseas and the documentary proof (a foreign and Vietnamese translations certified by the authorized representative of the business in the case of documents in foreign languages);

+ A copy attested certificates of investment;

+ Expected content currency, foreign currency every month on open accounts abroad.

Article 3. Amendments and supplements to some account of circular No. 03/2008/TT-NHNN dated Jan. 11, 2008 of the State Bank on the foreign exchange services offered by credit institutions to enforce the simplified approach outlined in clause 12 section II section A of resolution 60/NQ-CP DATED as follows : 1. Modify, Supplement b, c paragraph 6: "b) Has the equipment and material conditions meet the performance requirements of Forex services in countries such as: the system of machines, equipment for foreign exchange activity, the devices storing information, data, software to support the implementation of foreign exchange-related business such as payment control risks; work rooms are fully furnished the means of work such as: computers, furniture, phones, fax machines, recording system for the entire foreign exchange transactions.

b) officers and professional officers have a minimum level of university graduates majoring in economics, banking, finance; or have a degree in addition to the above mentioned sectors but must have at least 3 years of working directly in the financial sector, the Bank; likely English level B or above to be able to communicate, read, research information related to foreign exchange transactions; are credit institutions or other training institutions from 3, back up business knowledge and risk management with active trading Forex service providers. "

2. Modify, Supplement b, point c, paragraph 7: "b) Has the equipment and material conditions to meet the supply requirements of the foreign exchange services on the international market, such as: the system of machines, equipment for foreign exchange operations on international markets, the information storage device the data, software to support the implementation of foreign exchange-related services such as billing, control risks; work rooms are fully furnished the means of work such as: computers, furniture, phones, fax machines, recording system for the entire foreign exchange transactions.

c) Enough qualified staff and professional services on the international market Forex. In particular:-for the business: provides international payment services; make the buying, selling Forex on foreign markets, made gold import-export activities as stipulated by the State Bank: executive officers and professional officers have a minimum level of university graduates majoring in economics, banking, finance; or have a degree in addition to the above mentioned sectors but must have at least 3 years of working directly in the financial sector, the Bank; likely English level B or above to be able to communicate, read, research information related to foreign exchange transactions; are credit institutions or other training institutions from 3 months or more of business knowledge and risk management for trading activities, providing foreign exchange services.

-For the business: implementing loan, loans, indirect investment abroad; implementation of the career service foreign currency market (investments, term deposits received under 1 year ...); perform the transactions arising abroad: executive officers and professional officers have a minimum qualification of a graduate specialization in economics, banking, finance, have at least 3 years experience working in the field of business, providing foreign exchange services; or have a degree in addition to the above mentioned sectors but must have at least 5 years experience working in the field of business, providing foreign exchange services; likely English level C; get training from 6 months or more of business knowledge and risk management for trading activities, providing foreign exchange services. "

3. Amend paragraph 14: "14. Credit institutions wishing to offer foreign exchange services on the domestic market, the international market established 1 resume sent by post or submitted directly to the State Bank (banking supervision, inspection) to be granted the certificate of eligibility, registration certificate provides Forex services. The text, papers in the record must be originals or copies certified from the originals or copies due to the authority of the credit institution to confirm and commit responsible for writing it. The case in a foreign language must have a Vietnamese translation the translator signature endorsement under the provisions of the law. "

Article 4. Supplementary regulations for the licensing procedure for economic organizations paid agents of foreign currency for credit institutions are allowed to (B-SPAIN-001804-TT) to enforce the simplified approach outlined in paragraph 13 of part A of section II of resolution 60/NQ-CP DATED as follows: 1. To modify the procedure name : "Verification for economic organizations paid agents of foreign exchange for credit institutions are permitted".

2. Rules of procedure procedure: a) economic organization have agents needs to pay in foreign currencies and credit institutions authorized to do foreign currency pay agents up 1 record sent by post or submitted directly to the State Bank branch local city.

b) in 15 working days from the date of receipt of a valid application, the State Bank branch in the city, the review confirms the registration. In case of refusal to confirm a text must be explained clearly the reasons.

c) component profile included:-the application agent to pay foreign currency (according to the model in annex No. 5. ĐGH attached to this circular);

-Principles of contract agent with credit institutions are permitted;

-Certified copy of the decision to establish the economic organization, business registration certificate, license, license to operate.

d) To confirm the payment of foreign exchange for credit institutions are allowed to, organizations must meet the following conditions:-Be established and operate according to the law of Vietnam;

-Have adequate facilities to meet the requirements to perform services paid in foreign currencies;

-Credit institutions are allowed to authorised dealers to pay foreign currency.

Article 5. Supplementary regulations for the licensing procedures to bring the pay of the country bordering Vietnam and by cash out (B-SPAIN-001849-TT) to enforce the simplified approach outlined in paragraph 14 of part A of section II of resolution 60/NQ-CP DATED as follows: 1. The individual in need of money shares borders and Vietnam exceeded specified must declare to customs the door or exceed the customs declaration was brought to the gate when the set entry 1 record sent by post or submitted directly to the State Bank branch in the province, city or branches of commercial banks are State Bank of India branch of the province, the city authorized to be granted a license to carry the money of the country bordering Vietnam and in cash abroad.

2. within 10 working days from the date of the full set of documents, State Bank branch in the province, city or branches of commercial banks are State Bank of India branch of the province, the city authorized to license or refuse to grant the license. The case refused to grant permits, State Bank branch in the province, city or branches of commercial banks are State Bank of India branch of the province, the city authorized in writing explaining the reasons.

3. the profile components include: a) an application for a license to bring the money of the country bordering Vietnam and abroad (according to the model in annex No. 6. ĐGH attached to this circular);

b) copy of passport or immigration certificates to the border;

c) the papers related to the overseas spending needs (for individual citizens is Vietnam) or have proof of the legal income in Vietnam (for the individual is a citizen of the country sharing a border).

4. conditions for licensing: a) individual competent authorities allow exit with passport or immigration certificates to the border;

b) has a needs to spend abroad (for Vietnam citizens individual) or legal income in Vietnam (for individual citizens is sharing a border).

Article 6. Amendments and supplements to some articles of the Statute for payment in the purchase, sale, exchange of goods and services in the area of the border gate economic zones and between Vietnam and China issued together with decision No. 689/2004/QĐ-NHNN dated Jan. 7, 2004 by Governor of the State Bank to enforce the simplified approach stated at clause 15 section II Part A of resolution 60/NQ-CP DATED as follows: 1. the additional amendments clause 2 article 10: "2. Records, licensing procedures fall CNY cash: a) the enterprises referred to in Paragraph 1 of this article that needs currency Yuan cash up 7 record sent by post or submitted directly to the State Bank branch in the city, the place of business is located to be licensed currency Yuan in cash. The records include:-an application for licensing of currency Yuan in cash (according to the model in annex 1 to this text);


-The text of the authorized agency to allow duty free sales business or business service for foreigners.

b) within a period of 10 working days from the date of receipt of full set of documents, State Bank branch in the province, the city will review and licensing of currency Yuan in cash for the business form Appendix 2. In case of denial of permission, the State Bank branch in the city, writing to explain reasons. ".

2. Appendix No. 7. ĐGH, 8. ĐGH attached to this circular replaces annex 01, 02 attach payment regulation in the purchase, sale, exchange of goods and services in the area of the border gate economic zones and between Vietnam and China issued together with decision No. 689/2004/QĐ-NHNN dated Jan. 7, 2004 by Governor of the State Bank.

Article 7. Additional amendments clause 1 article 7 Chapter II agent exchange regulation attached to decision No 21/2008/QĐ-NHNN dated Jan. 11, 2008 by Governor of the State Bank to enforce the simplified approach referred to in paragraph 18 of part A of section II of resolution 60/NQ-CP DATED as follows : "1. The following organizations when signed as agent Exchange with credit institutions are allowed to set up 11 of Ministry records and sent by post or submitted directly at the Bank branch in the city, on the area where there needs to be a currency exchange agent certificate registered agent Exchange".

Article 8. Modify the additional points a, b, paragraph 3 of article 3 regulation for payment in the purchase, sale, exchange of goods, services, investment and aid between Vietnam and Laos attached to decision No 845/2004/QĐ-NHNN dated Jan. 8, 2004 by Governor of the State Bank to enforce the simplified approach stated at paragraph 19 section II Part A of resolution 60/NQ-CP DATED as follows : "a) the licensing and the use of accounts opened in the Bank in Laos is only applicable to the Organization, the Vietnam business open account in Laos to implement the commitment, the agreement with Laos in case of opening accounts in the country can not guarantee the full implementation of the obligations of the commitment , the agreement was signed.

The Organization, the Vietnam business wishing to open the account, the account LAK Laos to implement the project or business establishment service 1 record sent by post or submitted directly to the State Bank branch in the city, on the place of the Organization corporate headquarters, to be reviewed, open license, open license account account LAK in banking in Laos. The records include:-an application for a license to open and use the account at the Bank of Laos (Appendix 1).

-Certified copy of the decision to establish the Organization, enterprise or business registration certificate containing registration code import and export business or investment licenses or documents of the competent authorities of Vietnam charged with aid projects, other projects.

-Commitment or agreement signed with the Lao PDR, which stated the need to open and use your account in a bank in Laos to implement the commitment, the agreement was signed.

Within 7 working days of receipt of a valid application, the State Bank branch in the city, considering, for the Organization, Enterprise (annex 2). The case refused to grant permits, State Bank branch in the province, the city must have text to explain clearly the reasons.

b) organizations, Vietnam business use only account, accounts opened at banks in LAK Laos to serve for purposes related to export activities with Laos, make revenues spent on activities related to aid, investment or other permitted activities in Laos ".

Article 9. Additional amendments clause 1 article 8 payment regulation in the purchase, sale, exchange of goods and commercial services at the Vietnam-Cambodia border area attached to decision No 17/2004/QĐ-NHNN dated Jan. 5, 2004 by Governor of the State Bank to execute simplified approach stated at paragraph 20 section II Part A of resolution 60/NQ-CP DATED as follows : "1. use of foreign currencies freely convertible to cash in the transaction, the exchange of goods and services trade in the border areas between Vietnam and Cambodian traders traders only applies in the case of traders on either side cannot pay through the Bank and only applied to traders to Vietnam received a payment in foreign currency the cash through the sale of goods and supply of services to the Cambodian traders, does not apply to Vietnam traders used foreign currency cash payments for goods and services from the Outset.

When in need of foreign exchange cash, traders established Vietnam 1 resume sent by post or submitted directly to the State Bank branch in the province, the local city where traders based to be licensed currency exchange in cash from exports to Cambodia. Application for license include:-application currency exchange in cash from exports to Cambodia (according to the model in annex 1);

-Certified copy of business registration certificate for registration of import and export enterprise code (for business please license the first time);

-Copy the text accepted by the competent authorities with regard to the case of cargo suspended the export and export cargo condition;

-A copy of the signed commercial contracts with the Cambodian traders have agreed method of payment in foreign currency cash conversion freedom (confirmed by heads of enterprises).

After getting enough records of Vietnam traders would be currency exchange cash, Director of the State Bank branch in the city, to consider and resolve. Director of State Bank branch in the province, the city is the right license for currency amounts below $ 500,000 (five hundred thousand us dollars) or foreign currency equivalent value for each contract. For contracts valued at $ 500,000 or more, the State Bank of India branch of the province, the city of the opinion in writing and send to the Foreign Exchange Management-State Bank review.

Within 7 working days of receipt of a valid application, the Director of State Bank branch in the province, city or the Director of the foreign exchange management-level State Bank under the authority or not licensed for business currency exchange in cash (in the form of license in Appendix 2). The case refused to license, must have text explaining the reason.

Vietnam must pay traders of foreign exchange cash gain on foreign currency deposit accounts in the Bank are allowed within 3 working days since the date of foreign currency in cash is carried on water according to the validation of the Customs gate.

When currency lodging cash into account, in addition to cash Exchange license granted Vietnam, traders must submit to the Bank the following documents:-a customs declaration (certified by the Customs gate on the number of foreign currency brought from overseas);

-A copy of the Declaration of goods for export (filed after production). "

Article 10. Regulations for the procedure of money allowed borders to the Inland province (B-SPAIN-042669-TT) to enforce the simplified approach outlined in paragraph 21 section II section A of resolution 60/NQ-CP DATED as follows: 1. The citizens of the country sharing a border with Vietnam has registered the business in border areas and border gate economic zone If the competent authorities of Vietnam lets go into the inland provinces, in need of money shares borders with the intent to bring the person or to sell to banks are allowed to establish 1 record sent by post or submitted directly to the State Bank branch on the border of the province.

2. Within five working days from the date of the application under the regulations, the State Bank branch on the Frontier province to grant or not to grant approval for the Paper money of the country bordering on the provinces of the hinterland. The case of not granting approvals, State Bank branch on Frontier province must have a clear written notice of reasons.

3. the profile components include: a) approved recommendation Paper money of the country bordering on the Inland province (according to the model in annex No. 9. ĐGH attached to this circular);

b) license in the province or within the territory of the competent agency of Vietnam granted (case filed copy then must bring the original to collate);

c) copy of business registration Certificate authentication.

Article 11. Regulations for the procedure of the registration confirmation the account of Exchange and progress outward capital transfers (B-SPAIN-001907-TT) to enforce the simplified approach outlined in paragraph 22 of section II section A of resolution 60/NQ-CP DATED as follows: 1. Credit institutions, enterprises are allowed to invest abroad up 11 of Ministry registration record foreign currency account and capital transfer schedule investing abroad sent by post or submitted directly to the State Bank.

2. In the time of 5 working days from the date of receipt of a valid application, the State Bank has the responsibility to confirm the opening of the account and register the progress of transfer of capital abroad to Vietnam as the basis of investors moved money offshore investment projects implemented through the account opened in the Bank.

3. Component profile, including: a) the account registration form and tempo shifting capital abroad (according to the model in annex 10. ĐGH attached to this circular);

b) business registration certificate (copies are certified);

c) offshore investment license by the competent authorities of Vietnam granted (certified copy);

d) investment approval by the country receiving the investment level (with accented Vietnamese translation and signature verification by the Director General or Director);

DD) specified text progress capital contribution (inscribed in the Charter or contract business ventures, business partnership contract was the competent authority of the country receiving the investment approval (if available) or a planned capital contribution to progress of business is allowed to invest abroad).

4. Receiving records and confirmed the opening of the account and register the progress of capital transfer abroad:


a) State Bank (Foreign Exchange Management Service) to receive the registration record foreign currency account and transfer of capital abroad for credit institutions. State Bank to confirm the opening of the account and register the progress of capital transfer abroad of credit institutions.

b) State Bank branch in the city, where businesses headquartered receiving records and confirmed the opening of the account and register the progress of capital transfer abroad for business.

Article 12. Supplementary regulations for the licensing procedure for economic organizations as a service to receive and pay foreign currencies (B-SPAIN-001818-TT) to enforce the simplified approach stated at paragraph 13 A Section XVI of resolution 25/NQ-CP DATED as follows: 1. perform the procedures procedure: a) economic organization please license the service to receive and pay foreign currencies up 12 sets of records sent over post or submit directly to State Bank branch in the city.

b) within 15 working days of receipt of a valid application, the State Bank branch in the city, the licensing review or deny licensing, license denial cases must have text to explain clearly the reasons.

c) profile components include:-form license receipt and expenditure, charged foreign currency (according to the model in annex 11. ĐGH attached to this circular);

-The contract and the genus, charged Exchange with foreign partners;

-Option of service received and spent, charged foreign currencies;

-Certified copy of business registration certificate, license, or investment certificates of investment (if the business is foreign investment), certificate of activity of branch (the case of economic organization and operations execution, charged foreign currency at branch);

-Certificate of legal personality of foreign partners.

2. The requirements, conditions for economic organizations apply for licensing as a service and pay foreign currency: a) are established and functioning according to the law of Vietnam;

b) have adequate facilities to meet the requirements to perform services and get more details, pay foreign currencies;

c) Have agreements with foreign partners about the service received and spent, charged foreign currencies;

d) have about the service received and spent, charged foreign currencies.

3. The validity of the license is 5 years from the date of signing.

Article 13. Deregulation with respect to the administrative procedure confirm registration capital contribution, purchase of shares in the commercial bank in Vietnam by foreign investors (B-SPAIN-001939-TT) to enforce the simplified approach outlined in paragraph 15 A of part XVI of resolution 25/NQ-CP.

Article 14. Terms of implementation of this circular are effective since January 14, 2011.

Article 15. Organizing Office, heads of relevant units in the State Bank, Director of the State Bank of India branch of the central cities, and Chairman of the Board (Board member), ceo (Director) of the credit institutions and organizations other related individuals are responsible for the implementation of this circular.