Decree No. 161/2006/ND-CP on cash payments

DECREE

Decision No. 161/2006/NĐ-CP on cash transactions

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THE GOVERNMENT

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to the Law on the State Bank of Vietnam dated December 12, 1997, and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank No. 10/2003/QH11 dated June 17, 2003;

Pursuant to the Law on Credit Organizations dated December 12, 1997, and the Law Amending and Supplementing Certain Provisions of the Law on Credit Organizations No. 20/2004/QH11 dated June 15, 2004;

Considering the proposal of the Governor of the State Bank of Vietnam.

DECREE:

Article 1. Scope of Regulation

This Decree stipulates the limit for cash transactions, cash transaction fees, and large cash withdrawals in Vietnamese Dong in transactions and settlements within Vietnam.

Article 2. Applicability

1. Civil servants and officials currently working in the customs sector.

1. Service providers for payment services, State Treasury.

2. Agencies and organizations using state budget and organizations using state capital.

3. Other organizations and individuals in cash transactions with service providers for payment services.

Article 3. Limit for Cash Transactions

1. Agencies and organizations using state budget and organizations using state capital must use non-cash payment means when paying to beneficiaries, except for those amounts permitted to be paid in cash through the State Treasury.

2. For payments to beneficiaries who do not have accounts at service providers for payment services or the State Treasury, agencies and organizations using state budget and organizations using state capital may pay in cash to the beneficiaries.

3. For payments below the limit for cash transactions, agencies and organizations using state budget and organizations using state capital may pay in cash to the beneficiaries.

Article 4. Cash Transaction Fees of Service Providers for Payment Services

Service providers for payment services have the right to charge cash transaction fees at their own units. The level of cash transaction fees shall be determined and publicly displayed by the service provider for payment services in accordance with the regulations of the State Bank.

Article 5. Large Cash Withdrawals

Service providers for payment services and the State Treasury may agree with organizations and individuals regarding large cash withdrawals and prior notification of the need for large cash withdrawals.

Article 6. Responsibilities of the Ministry of Finance for Cash Transactions at the State Treasury

The Ministry of Finance shall specify the limit for cash transactions applicable to agencies and organizations using state budget, amounts permitted to be paid in cash through the State Treasury, and the reserve fund levels at State Treasury units.

Article 7. Responsibilities of the State Bank of Vietnam

1. The State Bank of Vietnam shall determine the limit for cash transactions for organizations using state capital suitable for each period.

2. Coordinate with the Ministry of Finance in guiding the implementation of reserve fund levels in the State Treasury system.

Article 8. Responsibilities of Ministries and Sectors

1. Promote and disseminate the provisions of this Decree to agencies and organizations using state budget and organizations using state capital under their management.

2. Organize inspections and audits of agencies and organizations using state budget and organizations using state capital under their management regarding compliance with cash transaction regulations.

3. Handle violations of this Decree according to their authority in accordance with the law and report the handling to the State Bank of Vietnam.

Article 9. Responsibilities of People's Committees at all levels

1. Promote and disseminate the provisions of this Decree to agencies and organizations using state budget and organizations using state capital under their administrative management so that these entities strictly comply with cash transaction regulations.

2. Inspect and audit the implementation of this Decree by agencies and organizations using state budget and organizations using state capital operating within their administrative areas.

3. Handle violations of this Decree according to their authority in accordance with the law and report the handling to the State Bank of Vietnam.

Article 10. Handling of violations

1. Individuals and organizations violating the provisions of this Decree shall be subject to administrative penalties according to current regulations on administrative penalties in the field of currency and banking activities.

2. Civil servants and public officials violating the provisions of this Decree, in addition to being handled according to Clause 1 of this Article, depending on the nature and severity of the violation, they may also be handled according to current regulations on civil servants and public officials.

3. Civil servants, public officials, and individuals committing violations stipulated in this Decree which constitute criminal offenses shall be criminally prosecuted according to the Criminal Code.

Article 11. Effective Date

This Decree shall take effect fifteen days after its publication in the Official Gazette.

Article 12. Responsibilities for guidance

The Governor of the State Bank and the Minister of Finance shall be responsible for guiding the implementation of this Decree.

Article 13. Responsibility for Implementation

The ministers, heads of ministerial-level agencies, heads of government agencies, chairpersons of provincial people's committees under the central government, and the entities specified in Article 2 shall be responsible for implementing this Decree./.