Circular 13/tt-Nhnn 2011: Regulating The Buy, Sell, Exchange Of Economic, State Corporation

Original Language Title: Thông tư 13/2011/TT-NHNN: Quy định việc mua, bán ngoại tệ của Tập đoàn kinh tế, Tổng công ty nhà nước

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$20 per month, or Get a Day Pass for only USD$4.99.
The CIRCULAR stipulated the purchase of foreign currency, sale of corporations, the State Corporation _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 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. 160/2006/ND-CP on December 28, 2006 detailing the Government's enforcement of the Ordinance on foreign exchange;
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. 11/NQ-CP on February 24, 2012 of the Government about the solutions focus to curb inflation, stabilize the macro economy, ensuring social welfare, the State Bank of Vietnam (hereafter abbreviated as State Bank) guidelines, make the purchase, the sale of foreign currencies of the economic group State corporations, as follows: chapter I GENERAL PROVISIONS article 1. Scope the provisions of this circular economic Corporation, the State Corporation sale service in Exchange for credit institutions are permitted and are the right to buy back the foreign currency in foreign currency number range was sold from credit institutions are allowed to serve the needs of Exchange.
Article 2. The object to apply The buy, sell, Exchange as prescribed in this circular are applicable to the corporations, the State Corporation including business members are the State-owned enterprises and non-credit institutions (hereafter referred to as the Organization).
Article 3. Explanation of terms In this circular, the terms below are interpreted as follows: 1. Credit institutions are allowed to be credit institutions, branches of foreign banks operating in Vietnam allowed foreign exchange operations in accordance with the law.
2. The obligation to sell foreign currencies is the Organization to sell to credit institutions are allowed to exchange numbers obtained from legitimate sources of income and the balance on deposit accounts in credit institutions.
3. The right to buy foreign currencies is the organization acquired in foreign currencies in the currency number range was sold to credit institutions are allowed to respond to the needs of current payment and other legal transactions on the basis of present evidence, documents from the relevant and valid.
4. the legal income of the Organization's income from current transactions and other legal transactions (not revenue from capital transactions) under the provisions of Decree No. 160/2006/ND-CP on December 28, 2006 detailing the Government's enforcement of the Ordinance on foreign exchange.
5. Balance on foreign currency deposit accounts of organizations including non-term deposits balance and the balance of term deposits held at credit institutions are permitted.
6. Foreign currency is the currency freely convertible.
7. The need to use the legal currency is the foreign currency payment, demand deposit, deposit for the obligations in foreign currency legally under current provisions of the law.
Article 4. The sources of Exchange organizations must sell for credit institutions are permitted 1. Non-term deposit balances and term deposit balances on account of foreign currency deposits held in credit institutions are allowed at the time of January 7, 2011.
2. Foreign currency in the form of promissory notes, certificates of deposit, bills, bonds or other valuable papers (papers cost) according to the current rules of the law which the buying organization of the credit institution or other organization. End of term paper papers, organized transfer of foreign currencies (principal and interest) on foreign currency deposit accounts in credit institutions.
3. Foreign currencies being held loan trust or investment trust, the Organization was not the trust contract. Expiry of mandate, the Organization transferred foreign currencies obtained (original, interest rates and other legitimate income) of foreign currency deposit accounts in credit institutions.
4. The deposit of foreign currency on January 7, 2011 in the escrow account, deposit or guarantee to pay for future debt obligations, organizations not selling for credit institutions. Expiry of deposit, deposit or guarantee; If no further extension of time deposit, a deposit or guarantee or not used or not used up to pay for the debt obligations, the Organization moved the number of Exchange on foreign currency deposit accounts in credit institutions.
5. other legal income.
Article 5. The principle of buy, sell foreign currency 1. Every month, the organization responsible for self balancing income and foreign exchange needs of the Organization, the number of foreign currency left the Organization sold to credit institutions.
2. The organization may not use a currency needs to send many credit institutions are allowed to vary as the basis, the balance of foreign currency in the months of organizing.
3. When the need to use foreign currency in legitimate, larger than the existing balance on foreign currency deposit accounts of the Organization and income in may, within the total amount of foreign currency sold to credit institutions are permitted, held rights to buy back the currency number missing to serve the needs of legitimate use.
4. Organize the sale of foreign currencies for credit institutions are allowed would then make the acquisition of foreign currency from major credit institutions. Credit institutions are allowed to have the responsibility to monitor, control ensure the principle of organization is the acquisition of foreign currencies a maximum of foreign currency with which the Organization was sold to credit institutions are permitted according to the provisions of this circular.
5. The time limit for the organization is the right to buy back the currency number sold to credit institutions are allowed is 10 years from the selling organization may exchange credit institutions are permitted.
6. in case when bought out of foreign currencies that the Organization was sold to credit institutions are permitted according to the provisions of this circular, the organization still needs to buy foreign currency, buying, selling the Organization's foreign currency and credit institutions are allowed to make on the basis of the agreement of the parties , in compliance with the relevant regulations on Foreign Exchange Management.
7. Credit institutions are allowed to have foreign currency balance self responsibility to make the purchase, the sale of Exchange with organizations under the provisions of this circular. Credit institutions are allowed to ensure the implementation of the provisions of the State Bank of maintaining foreign exchange status at the time of execution of the buy, sell, Exchange with organizations.
8. implementation rates buying, selling foreign currency of credit institutions are allowed to and organizing is done according to the current rules of the State Bank.
Article 6. The transfer of foreign currency on the foreign exchange deposit accounts of the Organization are to transfer foreign currency from account deposits in credit institutions are allowed to credit institutions are permitted as income in the month and existing foreign currency balances held in credit institutions are allowed to not enough for use in the legal currency of the month officials have registered to use in credit institutions.
In this case, credit institutions are allowed to receive foreign currency transfers to the need to confirm in writing the use of foreign currency needs of the Organization and of a lack of foreign currency that the Organization should use to credit institutions performing foreign currency transfer goes there base collation and transfer enough foreign currency.
Chapter II FOREIGN EXCHANGE SALES OBLIGATION of the INSTITUTIONS section 1 the OBLIGATION to SELL the ORGANIZATION'S EXCHANGE in January 2011 article 7. The number of foreign currency to sell 1. Non-term deposit balances and term deposit balances on account of foreign currency deposits held in credit institutions are allowed at the time of January 7, 2011.
2. The sources of exchange of the Organization as defined in paragraph 2, 3, 4, 5 article 4 this circular in April 2011.
Article 8. Sale process of Exchange 1. For the balance of the deposit: a) From January 07 2011 to July 7, 2012, the aggregate reporting organizations wishing to use the Organization's legal currency in January 2011 to balance foreign currency retained from deposit account term and non-term deposits accounts that the Organization deposited at credit institutions are allowed at the time of January 07 2011, enough to serve the needs of use. The remainder, the Organization sold to credit institutions are permitted where the Organization has a foreign currency deposit accounts.
b) credit institutions are allowed to have the responsibility to determine the correct balance of foreign currency on the foreign currency deposit account term and non-term of the institutions in credit institutions are permitted on January 1, 2011.
c) credit institutions are allowed to ask the Organization to report (attached documents) needs the use of legitimate foreign currency according to the provisions of article 7 paragraph 1 of this circular to implement withholding on foreign currency deposit accounts of organization of exchange necessary to serve the legitimate needs of the organization. Of the remaining foreign currency, credit institutions are allowed to buy.
d) for the purchase of foreign currency from foreign currency deposits balance from the term, at the time of purchase, credit institutions are allowed to pay interest on the number of Exchange organizations have sent according to the interest rate with interest rates already committed under the term of sending and calculated on the actual number of days the Organization has sent currencies in credit institutions. This interest credit institutions are allowed to pay for the Organization in foreign currency, foreign currency income of the Organization in January 2011 and be counted when balancing the needs of the Organization's in the month.
DD) with respect to the number of foreign currency purchased from non-term deposit balances, credit institutions are allowed to pay in foreign currency interest rates for the organization under non-term interest rate calculated on the actual number of days the Organization send foreign currencies in credit institutions. This interest is calculated as income of the Organization in January 2011 and be counted when balancing the needs of the Organization's in the month.
2. for other legitimate income arising in July 2011, the credit institutions are permitted to perform as specified in paragraph 2, 3, 4, 5, 6 article 10 of this circular.
Section 2 OBLIGATIONS to SELL FOREIGN CURRENCIES ARISING AFTER January 2011 article 9. The number of foreign currency to sell foreign currency resources of the Organization as defined in paragraph 2, 3, 4, 5 article 4 this circular incurred after July 2011.
Article 10. Sale process of Exchange

1. within 10 working days of the first month, the Organization must plan on demand using the legal currency in March sent the credit institutions are allowed to accompany the record, documents proving the legitimacy of the use of foreign currency needs of the organization.
2. Credit institutions are permitted based on the document records show the Organization, determine the exact number of Exchange organizations should retain from legitimate sources of income arising in May to serve the needs of exchange of legitimate organizations.
3. Upon receipt of the income of the Organization, the credit institutions are allowed to write There on foreign currency deposit accounts of the Organization and balance of foreign currency sources obtained with the use of foreign currencies in July. A new source of revenue cases arise and the balance on deposit account we have of the organization beyond the number of Exchange organizations have to use, in the previously defined plan, credit institutions are allowed to inform the Organization to make the purchase of foreign currencies crossed within 3 working days from the date of credit institutions are allowed to inform the organization.
4. In the case too 03 on working according to the provisions in clause 3 of this organisation do not make the sale of foreign currencies for credit institutions beyond the allowed, credit institutions are allowed to make the purchase right of this Exchange, and credited to the account of Vietnam Dong deposits held in credit institutions. The case of the Organization has not yet opened deposit accounts in credit institutions in Vietnam Dong is allowed, the credit institutions are allowed to open Vietnam copper deposit account for the Organization to make the purchase right of Exchange and asked the Organization to complete the procedure of account opening Vietnam Dong deposits under the provisions of the credit institutions.
5. in case the time period ends 3 days according to the provisions in clause 3 of this infection may first working day deadline next month, the Organization was to retain the number of Exchange exceeded on foreign currency deposit accounts of the Organization on the basis of the present document, the legal documents for the use of foreign currencies within 5 working days of the beginning first of the month.
6. After you have identified the need to use foreign currencies in July, the event generated more demand for foreign currencies in that month, the Organization must inform and send to credit institutions are allowed to record, documents proving the legality of changing demand for foreign currencies in month to credit institutions are allowed to know and do the buyer, the sale of foreign exchange to the organization according to the provisions of this circular.
Chapter III RIGHT to BUY FOREIGN CURRENCIES of the ORGANIZATION article 11. The right to retain the foreign currency on the deposit accounts held is entitled to hold foreign currency deposits on account of the organisation of foreign currency from the source currency of Exchange in January to implement legal requirements on the basis of proven demand for the Organization's legal currency in January.
Article 12. The right to buy back the foreign currency 1. The case of the need to use foreign currencies in March of the larger organization of foreign exchange earnings and the balance foreign currency deposit accounts we have, within the scope of foreign currencies were sold to credit institutions are permitted, held rights to the purchase of foreign currencies is missing from credit institutions are permitted on the basis of presented documents vouchers valid for credit institutions are allowed to serve the needs of legitimate use.
2. in case of need to buy foreign currency amount (according to the provisions of the credit institutions are allowed to) to serve the needs of Exchange, the organization is responsible for notifying the credit institutions are allowed to know at least 5 working days before the date of the purchase of foreign currency to use.
Chapter IV LIABILITY of the CREDIT INSTITUTION are ALLOWED and ORGANIZED article 13. The liability of the credit institution are allowed 1. Check the record, collate, organize materials to present to determine the exact number of Exchange need to retain for the Organization to implement the Organization's legal use for the balance of the deposit term and non-term at the time of January 7, 2011 to make the purchase of the remaining foreign currency of the Organization as defined in the circular This time.
2. Instructions, urging the Organization to make the purchase, the sale of foreign currencies according to the provisions of this circular.
3. track control, ensuring the principle of quantity, the time limit of Exchange buying, selling under the provisions of this circular.
4. the use of foreign currency deposit accounts held in credit institutions are allowed to make the purchase, the sale of foreign currencies to the organization according to the provisions of this circular.
5. Perform the test, control documents, especially records, documents suggest the purchase of Exchange serve the legitimate needs of the Organization to make the buying, selling of foreign currency with the organization consistent with the provisions of this circular and the provisions of relevant laws.
6. Detect violations of the organisation opposed to the provisions of this circular, the timeliness of reporting the State Bank to take measures to handle.
7. Retention of documents related to the purchase and sale of foreign currency, as prescribed in this circular for inspection, auditing.
8. Perform the required State Bank reports according to the provisions of this circular.
Article 14. The responsibility of the Organization 1. Taken seriously buying, selling foreign currency according to the provisions of this circular.
2. correct the Declaration demands the use of foreign currencies in July to request credit institutions are allowed to keep foreign currency number obtained in order to balance the needs of foreign exchange income in the month of the organization. Chairman of the Board, General Director (Director) held to be responsible for the accuracy, truthfulness, of documents, documents prove the need to use foreign currencies in March, self balancing ability collectible, in Exchange, to make regulations buy, sell foreign currency with credit institutions are permitted according to the provisions of this circular.
3. Present the full documents, regulatory documents and the requirements of the credit institutions are allowed when done buying, selling foreign currency. The case of vouchers, documents made the transactions factor information security, organizations must have a commitment to be certified by the Chairman of the Board, General Director (Manager) of the organization about the truthfulness, accuracy of demand for foreign currency to credit institutions have made the purchase , to sell foreign currency.
4. Retention of documents related to the purchase and sale of foreign currency, as prescribed in this circular to serve test, audit.
5. economic Corporation, the State Corporation responsible for reviewing statistics, list of member businesses subject to this circular and send to the credit organization be allowed where there are transactions foreign currency deposit account to make the purchase, the sale of foreign currencies. Where there is a change in the list of business members subject to circular, corporations, State corporations have a responsibility to immediately notify with credit institutions are allowed to know, updated list and make the purchase, the sale of foreign currencies according to the provisions of this circular.
6. economic Corporation, the State Corporation responsible for the instructions, ask the business members seriously implementing the purchase, the sale of foreign currencies according to the provisions of this circular.
Chapter V REQUIRE the REPORTING and INSPECTION, HANDLING of breach of article 15. Reporting requirements 1. At the latest by 15 February 2011, credit institutions are allowed to report on foreign currency sales buy, sell with the Organization in 2011 according to form No. 1 attached to this circular sent State Bank (Foreign Exchange Management Service).
2. Monthly, at the latest on the 10th of the next month, credit institutions are allowed to perform reporting sales buy, sell foreign currencies in months for the organization according to form No. 2 attached to this circular sent State Bank (Foreign Exchange Management Service).
3. where necessary, credit institutions are allowed to make the report the purchase, sell foreign currency with the Organization at the request of the State Bank.
4. in case of other problems arise related to the purchase, the sale of foreign currencies as specified in this circular, the Organization and credit institutions are allowed to have the responsibility of reporting the State Bank to be considered solved.
Article 16. Inspection When necessary, State Bank proceed to check the implementation of the purchase, the sale of foreign currency by credit institutions are allowed to organize under the provisions of this circular. Credit institutions are permitted and the organization responsible for providing the records, documents and vouchers necessary to checking be done promptly and efficiently.
Article 17. Handle violation case of violation of the provisions of this circular, depending on the level of violation, institutions, credit institutions are allowed to be dealt with under the provisions of the law.
Chapter VI ORGANIZATION of the IMPLEMENTATION of Article 18. Terms of implementation of this circular effect since August 7, 2011 and replaces circular No. 26/2009/TT-NHNN dated Jan. 30, 2009 Bank regulating of the purchase-sale of foreign currency of some corporations, the State Corporation.
Article 19. Implementation 1. Chief, Chief Inspector, bank supervision, heads of units of the State Bank, Director of the State Bank branch, central cities, Chairman of the Board, General Director (Director) credit institutions are permitted; Chairman of the Board, General Director (Director) organization responsible for implementation of this circular.
2. The ministries, the Organization's administration according to function, their duties coordinating the direction make this circular./.