Decision No. 324/1999/QĐ-NHNN6 Issuing the Regulation on the Collection and Exchange of Payment Drafts Exceeding Their Circulation Period

Pursuant to …;

Issuing the Regulation on the Collection and Exchange of Payment Bills Exceeding Their Circulation Period

______________________

GOVERNOR OF THE STATE BANK OF VIETNAM

Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated December 12, 1997;

Pursuant to Decree No. 15-CP dated March 2, 1993 of the Government stipulating the tasks, powers, and responsibilities for state management of Ministries and agencies at the level of ministries;

Pursuant to Decree No. 91-CP dated November 25, 1993 of the Government on the organization of non-cash payments;

At the proposal of the Director of the Issuance and Treasury Department.

DECISION:

Article 1. Attached to this Decision is the "Regulation on the Collection and Exchange of Payment Bills Exceeding Their Circulation Period."

Article 2. This Decision shall take effect fifteen days from the date of signature. Circular No. 58/CV-NH6 dated January 26, 1996 of the Governor of the State Bank of Vietnam regarding the handling of payment bills exceeding their circulation period shall cease to be effective.

Article 3. AThe Office, Directors of the Issuance and Treasury Department, Directors of the Accounting and Finance Department, Directors of the General Audit Department, Heads of units under the State Bank of Vietnam; Governors of the State Bank Branches, Governors of the State Bank Provinces and Cities directly under the Central Government; General Managers (Directors) of credit organizations, General Managers of the Vietnam Precious Metals Corporation, General Managers of the National Treasury are responsible for implementing this Decision./.

 

REGULATION ON THE COLLECTION AND EXCHANGE OF PAYMENT BILLS EXCEEDING THEIR CIRCULATION PERIOD

(Attached to Decision No.: 324/1999/QĐ-NHNN6

dated September 15, 1999 of the Governor of the State Bank of Vietnam)

 

PART I

GENERAL PROVISIONS

Article 1The State Bank Branches, Provincial and Municipal Branches of the State Bank have the responsibility to organize the collection and exchange of payment bills (NPTT) issued by the State Bank of Vietnam but exceeding their circulation period.

Organizations, entities, and individuals (referred to as customers) holding various types of NPTT issued by the State Bank of Vietnam that exceed their circulation period within three years (except for cases stipulated in Article 7 of this Regulation) may exchange them according to this Regulation.

Article 2.The time exceeding the circulation period is calculated from the date when the NPTT expires (as indicated on the front of the bill) to the date when the customer submits the expired NPTT (or application) to the State Bank Branches, Provincial and Municipal Branches of the State Bank.

In cases where the expiration date of the NPTT falls on public holidays, weekends, the State Bank Branches, Provincial and Municipal Branches of the State Bank, credit organizations, and the National Treasury are permitted to accept normally on the next working day without charging overdue fees to the customer.

Article 3As for the number of NPTT remaining in the treasury at the end of the payment deadline and the number of NPTT received according to Article 2 of this Regulation (figures must be reported and reflected in the accounting books of the unit), credit organizations and the National Treasury are permitted to submit free of charge within 15 days after the expiration date to the State Bank Branches, Provincial and Municipal Branches of the State Bank where the unit has an account.

 

Chapter II

PROCEDURES FOR THE COLLECTION AND EXCHANGE OF PAYMENT BILLS EXCEEDING THEIR CIRCULATION PERIOD

Article 4.When receiving expired NPTT from customers for exchange, the State Bank Branches, Provincial and Municipal Branches of the State Bank must inspect and determine whether it is an NPTT issued by the State Bank of Vietnam. If it cannot be determined as an NPTT issued by the State Bank of Vietnam, the physical item must be transferred to the Issuance and Treasury Department (State Bank of Vietnam) for appraisal and conclusion according to the current legal procedures for dealing with suspected counterfeit currency.

Article 5.For NPTT exceeding the circulation period within six months:

The State Bank Branches, Provincial and Municipal Branches of the State Bank are responsible for accepting, inspecting, and if confirmed as NPTT issued by the State Bank of Vietnam, exchanging them for customers without requiring any formalities or applications.

Article 6For NPTT exceeding the circulation period from over six months to three years:

1. Customers must submit an application for exchanging NPTT exceeding the circulation period (model form according to Appendix No. 1) to the State Bank Branches or Provincial and Municipal Branches of the State Bank within their jurisdiction.

2. The State Bank Branches, Provincial and Municipal Branches of the State Bank receive the application from the customer (without yet receiving the NPTT from the customer), compile a monthly report according to the model specified in Appendix No. 2, and send it to the Issuance and Treasury Department, State Bank of Vietnam by the fifth day of the following month.

3. Within 15 days from the date of receipt of the report from the State Bank Branches, Provincial and Municipal Branches of the State Bank, the Issuance and Treasury Department will aggregate, inspect (type of NPTT, expiration date, series number issued), balance the source to:

a/ Directly handle NPTT exceeding the circulation period from over six months to one year;

b/ Report to the Governor of the State Bank for handling NPTT exceeding the circulation period from over one year to three years.

4. The Issuance and Treasury Department will notify the results in writing to the State Bank Branches, Provincial and Municipal Branches of the State Bank as a basis for implementing the collection and exchange. Within five working days from the date of receipt of the notification, the State Bank Branches, Provincial and Municipal Branches of the State Bank must implement the collection and exchange or inform the customer of the reason for not collecting and exchanging.

, Clause 1, Clause 2 Article 7a of this Regulation.For NPTT exceeding the circulation period from over three years due to force majeure: The State Bank Branches, Provincial and Municipal Branches of the State Bank receive the application from the customer and forward it to the Issuance and Treasury Department (with comments). The Issuance and Treasury Department will inspect and handle each case according to Article 6 (Clause 3, Point b and Clause 4) of this Regulation.

 

Chapter III

FEES FOR THE COLLECTION AND EXCHANGE OF PAYMENT BILLS EXCEEDING THEIR CIRCULATION PERIOD

Article 8.The fee for the collection and exchange of NPTT exceeding the circulation period is calculated as a percentage of the total value of the NPTT accepted for payment, specifically as follows:

NPTT exceeding the deadline from one day to 15 days (excluding the NPTT received according to Article 2 of this Regulation), a fee of 0.5% is charged.

NPTT exceeding the deadline from 16 days to one month, a fee of 1% is charged.

NPTT exceeding the deadline from more than one month to two months, a fee of 1.5% is charged.

NPTT exceeding the deadline from more than two months to three months, a fee of 2% is charged.

NPTT exceeding the deadline from more than three months to six months, a fee of 3% is charged.

NPTT exceeding the deadline from more than six months to one year, a fee of 4% is charged.

NPTT exceeding the deadline from more than one year, a fee of 5% is charged.

Article 9The revenue from the collection of overdue payment transfer bills (NPTT) from customers shall be recorded in the business operations account at the State Bank of Vietnam Trading Department, Branches of the State Bank of Vietnam in provinces and cities.

Article 10.The counting, bundling, and recording of overdue payment transfer bills after collection shall be carried out according to the current regulations of the State Bank of Vietnam.

 

Chapter IV

IMPLEMENTING PROVISIONS

Article 11The Director of the Issuance and Treasury Department shall be responsible for guiding and supervising the implementation of this Regulation within the State Bank of Vietnam system, credit organizations, and the National Treasury.

Article 12.Any amendments or supplements to the provisions of this Regulation shall be decided by the Governor of the State Bank of Vietnam./.

 

attached hereto.

SOCIALIST REPUBLIC OF VIETNAM

Independence - Freedom - Happiness

Application for exchange of overdue payment transfer bill

Unit: Equivalent USD : .............................................................................................

Name and date of birth: ...

Address:...

Identity card number: ...

Type of payment transfer bill: ...

Expiry date for payment: ...

Serial number: ...

Series number: ...

Value of the payment transfer bill to be exchanged: ...

In words: ...

..............................................................................................................

Reason for the payment transfer bill being overdue: ...

..............................................................................................................

..............................................................................................................

..............................................................................................................

..............................................................................................................

Request that ... consider and approve the exchange of the above payment transfer bill.

Confirmation by the authority ... day ... month ... year ...

or local government authority

(Signature, full name, stamp) ... (Signature, full name)

RemarksThe confirmation by the authority or local government authority on the customer's application form is only required for cases where the payment transfer bill has been overdue for more than three years due to force majeure reasons.

 

attached hereto to the People's Committee of the province.

Name of unit ...

(Applicable to State Bank of Vietnam Trading Department, Branches of the State Bank of Vietnam in provinces and cities)

Report on overdue payment transfer bills

Over 6 months awaiting processing

(Data from .../.../... to .../.../...)

Unit: dong

..., day ... month ... year ...

Prepared by Director ...

(Full name) ...

/Column (1) Record according to two overdue periods (over 6 months to 1 year, over 1 year) of overdue payment transfer bills awaiting processing generated during the period.

/Column (2) Record each type of overdue payment transfer bill in detail by denomination and circulation period.

Note:

1/Column (3) Record the expiry date for circulation of each type of overdue payment transfer bill. (Day/Month/Year)

2/Column (4) Record the serial number of each type of overdue payment transfer bill.

3/Column (5) = Column (2) x Column (4)

4/Column (6) Record the series number of each overdue payment transfer bill corresponding to Column (4). If the quantity of overdue payment transfer bills is too large, Column (6) may be separated into a separate list of series numbers of each overdue payment transfer bill corresponding to each type of overdue payment transfer bill in Column (2)./

5Column (5) = Column (2) x Column (4)

6Column (6): Record the serial number of each overdue NPTT corresponding to Column (4). If the quantity of overdue NPTTs is too large, Column (6) may be separated into a separate list of serial numbers for each overdue NPTT corresponding to each type of NPTT in Column (2).