Circular No. 33/2013/TT-NHNN guiding procedures for approving foreign currency cash export and import activities of authorized banks

CIRCULAR

Guidelines for procedures to approve foreign currency cash export and import activities of authorized banks 进口外币现金由获准银行办理

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 Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit Organizations No. 47/2010/QH12 dated June 16, 2010;

Pursuant to Decree on Foreign Exchange No. 28/2005/PL-UBTVQH dated December 13, 2005, and Decree No. 06/2013/UBTVQH13 dated March 18, 2013 amending and supplementing certain articles of the Decree on Foreign Exchange;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

At the proposal of the Director of the Department of Foreign Exchange Management;

The Governor of the State Bank of Vietnam issues this Circular guiding the procedures to approve foreign currency cash export and import activities of authorized banks,

Article 1. Scope of Regulation and Applicability

This Circular stipulates the procedures to approve foreign currency cash export and import activities of commercial banks and branches of foreign banks authorized to conduct foreign exchange operations (hereinafter referred to as authorized banks).

Article 2. Form and authority to approve foreign currency cash export and import activities

1. Authorized banks' foreign currency cash export and import activities shall be conducted through Noi Bai International Airport and Tan Son Nhat International Airport.

2. When authorized banks have the need to export or import foreign currency cash, they must follow the procedures to obtain approval for each transaction with the State Bank of Vietnam as prescribed in this Circular.

3. The State Bank of Vietnam branch in Hanoi shall issue the Decision approving foreign currency cash export and import transactions for each authorized bank that has the need to export or import foreign currency cash through Noi Bai International Airport.

4. The State Bank of Vietnam branch in Ho Chi Minh City shall issue the Decision approving foreign currency cash export and import transactions for each authorized bank that has the need to export or import foreign currency cash through Tan Son Nhat International Airport.

1. When authorized banks have the need to conduct each foreign currency cash export and import transaction, they must prepare one set of application documents for approval of each transaction and send it via postal service or submit directly to the State Bank of Vietnam branch in Hanoi or the State Bank of Vietnam branch in Ho Chi Minh City. The documents include:

a) A request for approval of foreign currency cash export and import signed by the legal representative or authorized person or delegated authorized person of the authorized bank (according to the model at Appendix No. 01);

b) Export and/or import contracts for foreign currency cash signed with foreign banks or financial organizations (only submitted once and supplemented when there is a change in partner);

c) Internal regulations of the authorized bank regarding foreign currency cash export and import activities, including provisions on delegation of authority for conducting foreign currency cash export and import activities within the system and management, supervision, and security measures for receiving, storing, and transporting foreign currency cash, which must comply with the regulations of the State Bank of Vietnam (only submitted once and supplemented when there is a change);

d) Power of attorney in cases where the person signing the application for approval is the authorized representative of the authorized bank.

The documents must be prepared in Vietnamese. Vietnamese copies and translations from foreign languages into Vietnamese must be confirmed by the legal representative or authorized person or delegated authorized person of the authorized bank.

2. Within two working days from the date of receipt of complete and valid documents as prescribed in this Circular, the State Bank of Vietnam branch in Hanoi or the State Bank of Vietnam branch in Ho Chi Minh City will examine and approve the foreign currency cash export and import activities of the authorized bank (according to the model at Appendix No. 02). In case of disapproval, the State Bank of Vietnam branch in Hanoi or the State Bank of Vietnam branch in Ho Chi Minh City will provide a written response stating the reasons.

3. Within three working days from the date of foreign currency cash export and import, the authorized bank must submit to the State Bank of Vietnam branch in Hanoi and/or the State Bank of Vietnam branch in Ho Chi Minh City a copy (with confirmation signature of the legal representative of the authorized bank or authorized person or internal delegate of the authorized bank) of relevant documents related to foreign currency cash export and import, including payment receipts and customs declarations.

Article 4. Responsibilities of authorized banks

Authorized banks conducting foreign currency cash export and import activities shall be responsible for:

1. Strictly complying with the provisions of this Circular, current regulations on foreign exchange management, anti-money laundering measures, and other relevant laws and regulations.

2. Managing, supervising, and ensuring safety in the receipt, storage, and transportation of foreign currency cash. Using imported foreign currency cash for purposes in accordance with current foreign exchange management regulations.

3. Reporting periodically monthly in accordance with Clause 1 of Article 6 of this Circular.

Article 5. Responsibilities of the State Bank of Vietnam Branch in Hanoi City and the State Bank of Vietnam Branch in Ho Chi Minh City

1. Issuing Decisions to approve foreign currency cash export and import activities on a case-by-case basis for authorized banks in accordance with this Circular.

2. Inspecting, auditing, supervising, and handling violations in foreign currency cash export and import activities of authorized banks.

3. Reporting periodically monthly in accordance with Clause 2 of Article 6 of this Circular.

Article 6. Reporting System

1. Monthly, authorized banks conducting foreign currency cash export and/or import activities shall report foreign currency cash export and/or import data in accordance with the reporting and statistical system established by the State Bank of Vietnam for its units and credit organizations, including foreign bank branches.

2. By the 20th day of the month following the reporting month, the State Bank of Vietnam Branch in Hanoi City and the State Bank of Vietnam Branch in Ho Chi Minh City shall compile the situation of foreign currency cash export and import activities of authorized banks and report to the State Bank of Vietnam - Department of Foreign Exchange Management (in accordance with Form No. 03).

Article 7. Implementation Provisions

1. This Circular takes effect from February 10, 2014, and replaces Decision No. 19/2001/QĐ-NHNN dated January 12, 2001, regarding the delegation of authority to the Director of the State Bank of Vietnam Branch in Ho Chi Minh City to perform certain tasks related to foreign exchange management in southern provinces and cities.

2. The Head of the Office, Heads of the Department of Foreign Exchange Management, the Chief Inspector of Banking Supervision, Heads of relevant units under the State Bank of Vietnam, Directors of the State Bank of Vietnam Branch in Hanoi City, Directors of the State Bank of Vietnam Branch in Ho Chi Minh City, Chairmen of the Board of Directors, Chairmen of the Board of Members, General Managers (Directors) of commercial banks and foreign bank branches authorized to conduct foreign exchange operations are responsible for organizing the implementation of this Circular./.