Decision No. 1076/2001/QD-NHNN On supplementing and amending certain points in Circular No. 05/2001/TT-NHNN dated May 31, 2001 of the State Bank guiding the implementation of Decision No. 61/2001/QD-TTg dated April 25, 2001 of the Prime Minister on the obligation to sell and the right to buy foreign currency for Resident Organizations.

Pursuant to …;

Regarding supplementing and amending certain points in Circular05/2001/TT-NHNNdated May 31, 2001

of the State Bank of Vietnamguiding the implementation of Decision61/2001/QĐ-TTg

dated April 25, 2001of the Prime Minister on the obligation to sell and right to buy foreign currency of Resident Organizations

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GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to Decree No. 15/CP dated March 2, 1993 of the Government on the duties, authorities, and responsibilities for state management of Ministries and ministerial-level agencies;

Pursuant to Clause 3, Article 6 of Decision No. 61/QĐ-TTg dated April 25, 2001 of the Prime Minister on the obligation to sell and right to buy foreign currency of resident organizations;

Considering the proposal of the Director of the Foreign Exchange Management Department, 

DECISION:

Article 1. Amending and supplementing certain points of Circular No. 05/2001/TT-NHNN dated May 31, 2001 of the State Bank of Vietnam guiding the implementation of Decision No. 61/2001/QĐ-TTg dated April 25, 2001 of the Prime Minister on the obligation to sell and right to buy foreign currency of Resident Organizations as follows:

1. Supplementing Point 2.3 a Clause 2 Section 1 Chapter II as follows:

"2.3.a. Within three working days from the date foreign currency from a foreign currency deposit account is transferred into the "Foreign Currency Held and Awaiting Settlement" account, if the Organization has a need to pay foreign currency for transactions due for settlement and the total balance in its foreign currency deposit accounts at banks is insufficient to meet this need, the Organization may use the available foreign currency in the "Foreign Currency Held and Awaiting Settlement" account to settle part or all of the permitted transactions. The Organization must present to the Bank proof of legitimate use and the source of the available foreign currency but which is insufficient to meet the payment needs."

2. Amending Point d Clause 1 Section 2 Chapter II as follows:

"d. Receipts from being commissioned by non-residents to act as agents for collection and receipts from deposits and guarantees provided by non-residents to ensure the performance of contracts. In cases where advance payments from deposits and guarantees have the nature of prepayment for the execution of purchase contracts, the obligation to sell foreign currency to the Bank must be fulfilled after the completion of the contract."

Article 2. THIS DECISION SHALL TAKE EFFECT 15 DAYS FROM THE DATE OF SIGNATURE.

Article 3. Heads of Departments and Bureaus, Director of the Office, Inspector General of the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally administered cities, General Directors (Directors) of banks within their functional and assigned tasks are responsible for organizing and guiding the implementation of this Decision./.