Decision No. 1571/2005/QD-NHNN On Amending and Supplementing Certain Articles of the Interbank Electronic Payment Regulation issued together with Decision No. 309/2002/QD-NHNN dated April 9, 2002 of the Governor of the State Bank of Vietnam.

DECISION OF THE GOVERNOR OF THE STATE BANK OF VIETNAM

Regarding the amendment and supplementation of certain articles of the Interbank Electronic Payment Regulation issued together with Decision No. 309/2002/QĐ-NHNN dated April 9, 2002

issued together with Decision No. 309/2002/QĐ-NHNN dated April 9, 2002

of the Governor of the State Bank of Vietnam

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam 1997; the Law Amending and Supplementing Certain Provisions of the Law on the State Bank of Vietnam 2003;

Pursuant to the Law on Credit Organizations 1997; the Law Amending and Supplementing Certain Provisions of the Law on Credit Organizations 2004;

Pursuant to Decree No. 52/2003/ND-CP dated May 19, 2003, issued by the Government, detailing the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 64/2001/NĐ-CP dated September 20, 2001 of the Government on payment activities through service providers;

Pursuant to Decision No. 44/2002/QĐ-TTg dated March 21, 2002 of the Prime Minister on the use of electronic documents as accounting vouchers for capital settlement by service providers;

PURSUANT TO THE PROPOSAL OF THE DIRECTOR OF THE INFORMATION TECHNOLOGY CIRCULAR OF THE STATE BANK OF VIETNAM,

DECISION:

Article 1. Amending and supplementing certain articles of the Interbank Electronic Payment Regulation issued together with Decision No. 309/2002/QĐ-NHNN dated April 9, 2002 of the Governor of the State Bank as follows:

1. Clause 17 of Article 2 shall be amended and supplemented as follows:

"17. Debit Order is the Debit Order issued by the issuer to debit the account of the issuer at the servicing unit a specified amount and credit the account of the beneficiary at the servicing unit of the beneficiary for that amount.

2. Point i of Clause 1 of Article 6 shall be amended and supplemented as follows:

"i) Payment of securities as defined in Clause 1 of Article 27 of this Regulation when due;"

3. Point c of Clause 1 of Article 20 shall be amended and supplemented as follows:

The phrase "Tasks of the approver (account holder or authorized person)" shall be amended to read: "For the approver (account holder or authorized person; specifically, for members of the State Bank, the approver is the head of the unit or an authorized person)."

4. Clause 3 of Article 20 shall be amended and supplemented as follows:

"3. After the approver has checked and recorded the security code, print out two copies: one copy to be kept in the journal of vouchers, one copy to be used to report a debit or credit to the customer. Specifically, for Debit Orders sent from member banks to the State Bank's Trading Department and forwarded to the State Bank's Electronic Funds Transfer system (EFT), two additional copies shall be printed for accounting purposes in the EFT system."

5. Article 23 shall be amended and supplemented as follows:

a) The phrase "Based on the Register compiled from electronic data to serve as a basis for control, accounting, auditing, and storage." shall be amended to read: "Based on the Register compiled from electronic data (according to forms: TTLNH-10, TTLNH-11, TTLNH-12, TTLNH-13, TTLNH-14, TTLNH-15 attached to this Regulation) to serve as a basis for control, accounting, auditing, and storage."

b) Clause 3 and Clause 4 shall be added as follows:

"3. Accounting processing at the State Bank's Trading Department

Upon receipt of the Credit Order (Credit Order) from the headquarters of commercial banks to transfer funds to their branches, the State Bank's Trading Department shall check according to regulations, and if the conditions for payment are met, it shall process:

+ In the case where the Credit Order is transferred to the beneficiary unit located within the jurisdiction of the provincial or central city branch of the State Bank that has joined the Interbank Electronic Payment System (TTLNH), based on the Credit Order, the following accounting entries shall be made:

Debit Account of Deposit of the transferring unit;

Credit Interbank Outward Account (Sub-account of the State Bank receiving the Credit Order).

+ In the case where the Credit Order is transferred to the beneficiary unit located within the jurisdiction of the provincial or central city branch of the State Bank that has not joined the TTLNH system, based on the Credit Order, the following accounting entries shall be made:

Debit Suitable Account (Customer Deposit Account);

Credit Outward Remittance Account.

4. Processing in cases where the State Bank's Trading Department receives Debit Orders from commercial banks to forward to the EFT system (these orders have been automatically checked for sufficient balance and debited from the customer's deposit account) but cannot send the Debit Order Out due to exceeding the time limit for sending Debit Orders set by the EFT system, technical issues, or other objective reasons

After the EFT system stops sending Debit Orders for the day, the State Bank's Trading Department must immediately notify the headquarters of the commercial bank about the Debit Orders that could not be sent and the reasons. The processing of these Debit Orders that could not be sent shall be carried out as follows:

a) Return the Debit Order to the customer if requested by the customer and the State Bank's Trading Department has sufficient time to process. Returning the Debit Order must be done by issuing a new Debit Order in accordance with Article 38 of this Regulation.

b) If the customer does not request the return of the Debit Order, the State Bank's Trading Department shall record it in the "Register of remittance documents not sent due to technical issues and other objective reasons" and make the following accounting entries:

Debit Account of Deposit of the transferring unit;

Credit Other Payable Accounts.

During the next working period, once the issue has been resolved, the State Bank's Trading Department must immediately transfer the funds and record the removal from the "Register of remittance documents not sent due to technical issues and other objective reasons" while simultaneously settling the temporary entry on the "Other Payable Accounts" and making the following accounting entries:

Debit Other Payable Accounts;

Credit Outward Remittance Account."

6. Point d of Clause 2 of Article 25 shall be amended and supplemented as follows:

"d) In the event that the Debit Order is accepted, the State Bank's Trading Department shall use the Credit Order issued and sent by the headquarters of the commercial bank as the basis for control, print it out, debit the account of the headquarters of the commercial bank at the State Bank's Trading Department, and issue a Credit Order to the relevant branches of the State Bank via the EFT system."

7. Clause 4 of Article 25 shall be amended and supplemented as follows:

"4. Reconciliation processing

The control and reconciliation of Debit Orders at the State Bank's Trading Department, units under the State Bank, and related commercial banks shall be carried out according to the principle: Debit Orders initiated in the TTLNH or EFT system shall be controlled and reconciled according to the corresponding system."

8. Clause 1 of Article 27 shall be amended and supplemented as follows:

"1. Securities used as collateral (hereinafter referred to as collateral securities) to establish net debt limits in net settlement include:"

a) Treasury bills of the State Treasury;

b) Treasury bills of the State Bank;

c) Government bonds of the State Treasury;

d) Central government construction bonds;

e) National construction securities;

f) Other negotiable instruments as prescribed by the State Bank."

Article 2. This Decision takes effect fifteen days from the date of publication in the Official Gazette.

Article 3. The Director of the Office, the Director of the Banking Information Technology Department, the Heads of units under the State Bank, the Governors of the State Bank Branches in provinces and centrally governed cities, the Chairmen of the Management Boards, and the General Directors (Directors) of service providers for payment transactions are responsible for implementing this Decision./.