Công văn 8373/NHNN-QLNH

OFFICIAL DISPATCH

OF THE STATE BANK OF VIETNAM ON IMPLEMENTING REGULATIONS ON FOREIGN EXCHANGE CONTROL AND GOLD BUSINESS CONTROL

On October 20, 2011, the Government issued the Decree No. 95/2011/NDCP amending, supplementing some articles of the Decree No. 202/2004/ND-CP of the Government on the punishment of administrative violations in the monetary area and banking activity. To implement this Decree, the Governor of the State Bank requires:

1. Credit institutions and branches of foreign banks allowed having foreign exchange control:

a/ To public regulations in the Decree No. 95/2011/ND-CP

b/ To strictly comply with management regulations of foreign exchange control and gold business control, especially foreign currency control.

c/ To actively discover and report to the State Bank all violation acts on management regulations of foreign exchange control and gold business control.

2. Banking Inspection and Supervision Agency:

a/ To organize and remain hotlines to receive information from organizations and individuals for treatments of violation acts in foreign exchange control and gold business control in compliance with legal regulations.

b/ To check, investigate and supervise the implementation of foreign exchange control and gold business control.

3. Branches of State Bank in provinces and cities:

a/ To organize and remain hotlines to receive information from organizations and individuals for treatments of violation acts in foreign exchange control and gold business control in compliance with legal regulations in authorized regions.

b/ To coordinate with functional agencies in checking, investigating and supervising the implementation of regulations on foreign exchange control and gold business control under authorization.

The State Bank of Vietnam informs credit institutions, branches of foreign banks allowed to have foreign exchange control and other relevant units for acknowledgement and implementation./.