Quyết định 878/2002/QD-NHNN

DECISION

AMENDING AND SUPPLEMENTING A NUMBER OF POINTS OF THE STATE BANK’S CIRCULAR NO. 02/2000/TT-NHNN OF FEBRUARY 24, 2000 GUIDING THE IMPLEMENTATION OF THE PRIME MINISTER’S DECISION NO. 170/1999/QD-TTg OF AUGUST 19, 1999

THE STATE BANK GOVERNOR

Pursuant to the Law on the State Bank and the Law on Credit Institutions of December 12, 1997;
Pursuant to the Government’s Decree No. 15/CP of March 2, 1993 on the tasks, powers and State management responsibilities of the ministries and ministerial-level agencies;
Pursuant to the Prime Minister’s Decision No. 170/1999/QD-TTg of August 19, 1999 on encouraging overseas Vietnamese to transfer money back to the country;
Pursuant to the Prime Minister’s Decision No. 78/2002/QD-TTg of June 17, 2002 amending and supplementing Decision No. 170/1999/QD-TTg of August 19, 1999 on encouraging overseas Vietnamese to transfer money back to the country;
At the proposal of the Director of the Foreign Exchange Management Department,

DECIDES:

Article 1.- To amend and supplement a number of points in Circular No. 02/2000/TT-NHNN of February 24, 2000 of the State Bank guiding the implementation of the Prime Minister’s Decision No. 170/1999/QD-TTg of August 19, 1999 on encouraging overseas Vietnamese to transfer money back to the country as follows:

1. To add Points 5, 6 and 7 to Section II as follows:

"5. For credit institutions acting as agents for economic organizations licensed to provide the foreign currency reception and delivery services:

a) Credit institutions (including credit institutions licensed to conduct foreign exchange activities and credit institutions not licensed to conduct foreign exchange activities) shall be allowed to act as foreign currency-delivering agents for economic organizations which are licensed by the State Bank to provide foreign currency reception and delivery services on the basis of the agency contracts signed between the economic organizations and the credit institutions;

b) If the credit institutions and the economic organizations agree that the credit institutions shall advance their money for delivery to the beneficiaries, the economic organizations shall have to open deposit accounts at the credit institutions acting as their agents. The maximum advances shall be equal to the amounts deposited at the credit institutions.

c) Credit institutions acting as agents on the basis of the agency contracts signed with economic organizations shall not have to apply for permission from the State Bank, but only notify and send copies of the agency contracts to the State Bank’s provincial/municipal branches in their respective localities within 10 working days as from the date of signing the agency contracts.

6. For credit institutions acting as agents for credit institutions licensed to provide foreign currency reception and delivery services:

a) Credit institutions shall be allowed to act as foreign currency-delivering agents for credit institutions which are licensed to provide foreign currency reception and delivery services on the basis of the agency contracts signed between the credit institutions acting as agents and the credit institutions licensed to provide foreign currency reception and delivery services;

b) Credit institutions acting as agents on the basis of the agency contracts signed with credit institutions licensed to provide foreign currency reception and delivery services shall not have to apply for permission from the State Bank, but only notify and send copies of the agency contracts to the State Bank’s provincial/municipal branches in their respective localities within 10 working days as from the date of signing the agency contracts.

7. Economic organizations and credit institutions acting as delivery agents must not sign other agency contracts to authorize other credit institutions or economic organizations to effect the delivery.

Economic organizations licensed by the State Bank to provide foreign currency reception and delivery services must not sign other agency contracts to authorize other economic organizations to effect the delivery."

2. To amend and supplement Section VI as follows:

a) To amend Point 1c as follows: "The State Bank’s provincial/municipal branches shall report to the State Bank (the Foreign Exchange Management Department) on the provision of foreign currency-delivery agency services by economic organizations and credit institutions acting as agents in their respective localities (according to set form in Appendix V)".

b) To amend Point 1d as follows: "Economic organizations and credit institutions licensed to provide foreign currency reception and delivery services shall report to the State Bank (the Foreign Exchange Management Department) on the figures and situation on the reception and delivery of foreign currency-delivery amounts (including the delivery through the agency network) received from money transferors (according to set form in Appendix VI)".

c) To amend and supplement Point 2 as follows: "Quarterly, on the 5th of the first month of the subsequent quarter at the latest, economic organizations and credit institutions acting as delivery agents shall have to report to the State Bank’s provincial/municipal branches in their respective localities on the figures and situation on foreign currency delivery-service provision in the localities (according to set form in Appendix VII)".

Article 2.- To replace the form of reports of the State Bank’s provincial/municipal branches on the situation of acting as foreign currency delivery agents for licensed credit institutions by economic organizations in the localities (Appendix V), issued together with Circular No. 02/2000/TT-NHNN of February 24, 2000 with the form prescribed in Appendix V* to this Decision.

To replace the form of reports of economic organizations on the situation of acting as foreign currency delivery agents for licensed credit institutions (Appendix VII) , issued together with Circular No. 02/2000/TT-NHNN of February 24, 2000 with the form prescribed in Appendix VII* to this Decision.

Article 3.- This Decision takes effect 15 days after its signing.

Article 4.- The director of the Office, the Chief Inspector, the heads of the units under the State Bank, the directors of the State Bank’s provincial/municipal branches, the general directors (directors) of credit institutions, and the general directors (directors) of economic organizations providing foreign currency reception and delivery services shall have to implement this Decision.