Circular No. 33/2014/TT-NHNN stipulates certain cases where cash payments can be made by organizations using state capital.

CIRCULAR

Regulations on certain cases for cash payment

of state-owned capital organizations

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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 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;

Pursuant to Decree No. 222/2013/NĐ-CP dated December 31, 2013 of the Government on cash payments;

At the proposal of the Payment Department Director;

The Governor of the State Bank of Vietnam issues this Circular to regulate certain cases for cash payment of state-owned capital organizations.

Article 1. Scope of Regulation

This Circular regulates certain cases for cash payment of state-owned capital organizations.

Article 2. Applicability

State-owned capital organizations; credit institutions, foreign bank branches; organizations, agencies, and individuals related to cash payments of state-owned capital organizations, except for organizations using budget funds as stipulated in Clause 1, Article 4 of Decree No. 222/2013/NĐ-CP dated December 31, 2013 of the Government on cash payments.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. State-owned capital organization is an organization that uses credit guaranteed by the State, State investment development credit, and other State investments.

2. An organization that uses credit guaranteed by the State is an organization that has been guaranteed by the Government for issuing bonds or for borrowing domestically and internationally.

3. A State-owned capital organization that uses State investment development credit is an organization that borrows from the Vietnam Development Bank's investment credit and export credit.

4. A State-owned capital organization that uses other State investments is an organization that uses direct investment from the State budget, funds concentrated by the State when establishing enterprises and during business operations, retained earnings, Enterprise Restructuring Support Fund, Local Investment and Development Fund, transferred State capital, value of land use rights, national resource use rights granted by the State and recorded as increased State capital for enterprises, and other assets granted by the State to enterprises.

Article 4. Cash Payment

State-owned capital organizations may make cash payments in the following cases:

1. Payment for purchasing agricultural, forestry, aquatic products, services, and other products from individuals directly producing, fishing, or extracting and selling without a bank settlement account.

2. Payment of travel expenses, wages, and other income for employees without a bank settlement account.

3. Payments related to national defense and security tasks involving state secrets.

4. The payer or payee conducts transactions at communes, wards, towns located in mountainous areas, remote regions, border areas, islands, rural areas where there is no service provider for payment transactions.

5. Payments with a value under VND 20 million, except for daily payments under VND 20 million for the same purpose and payee, but the total amount exceeds VND 20 million.

Article 5. Responsibilities of credit institutions and foreign bank branches

1. Credit institutions, foreign bank branches shall process cash withdrawal transactions for state-owned capital organizations based on the organization's declaration of the purpose of withdrawing cash in accordance with Article 4 of this Circular.

2. During implementation, if any difficulties arise, they should be promptly reported to the State Bank of Vietnam (Payment Department) for resolution.

Article 6. Responsibilities of organizations using state capital

1. Implement the provisions set forth in Article 4 of this Circular.

2. Guide customers on account declaration procedures when making payments for cases specified in Clause 1 and Clause 2 of Article 4 of this Circular.

3. During the implementation process, if any difficulties arise, they shall promptly report to the State Bank of Vietnam (Payment Department) for resolution.

Article 7. Responsibilities of units under the State Bank of Vietnam

1. The Payment Department shall monitor the implementation situation, resolve difficulties, and advise the Governor of the State Bank of Vietnam on issues related to the implementation of this Circular.

2. Banking inspection and supervision agencies shall be responsible for inspecting and supervising the implementation of this Circular and handling violations within their authority.

3. Branches of the State Bank of Vietnam in provinces and centrally administered cities shall carry out inspections, supervision, and handling of violations regarding the implementation of this Circular within their jurisdiction.

Article 8. Effective Date

1. This Circular takes effect from January 15, 2015.

2. Repeal Clause 2 and Clause 3 of Circular No. 01/2007/TT-NHNN dated March 7, 2007 guiding the implementation of Article 4 and Article 7 of Decree No. 161/2006/NĐ-CP dated December 28, 2006 of the Government concerning cash payment transactions.

Article 9. Responsibility for implementation

The Director of the Office, Heads of Departments under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and centrally administered cities, Chairmen of Management Boards, Chairmen of Board of Members, General Directors (Directors) of credit institutions, foreign bank branches, and organizations using state capital are responsible for organizing the enforcement of this Circular./.