Circular No. 38/2012/TT-NHNN stipulates the status of gold of credit institutions permitted to engage in the purchase and sale of gold bars. This Circular applies to credit institutions and takes effect from January 10, 2013.
적용 범위
Credit institutions permitted by the State Bank of Vietnam to engage in the purchase and sale of gold bars.
핵심 사항
- Credit institutions permitted to engage in the purchase and sale of gold bars shall only conduct spot gold transactions.
- The status of gold of credit institutions is determined at the end of the working day and does not include balances from activities prior to the effective date of this Circular.
- The end-of-day status of gold of credit institutions shall not exceed 2% of their capital, except with the approval of the Governor of the State Bank of Vietnam.
- Credit institutions must report their gold status in the afternoon of the same working day to the Department of Foreign Exchange Management and the Department of Monetary Forecasting and Statistics of the State Bank of Vietnam.
- Credit institutions may not maintain a negative gold status.
🌐 이 문서의 사회적 영향
- Positive impact: Helps credit institutions manage asset value risks and ensure safe business operations.
- Negative impact: May increase costs for credit institutions in complying with reporting requirements and managing gold status.
❓ 자주 묻는 질문
Credit institutions permitted to engage in the purchase and sale of gold bars?
Credit institutions permitted by the State Bank of Vietnam to hold a License for the purchase and sale of gold bars.
When is the status of gold of credit institutions determined?
The status of gold is determined at the end of the working day.
What is the limit on the status of gold?
The end-of-day status of gold of credit institutions shall not exceed 2% of their capital, except with the approval of the Governor of the State Bank of Vietnam.
When must credit institutions report their status of gold?
Credit institutions must report their gold status in the afternoon of the same working day to the Department of Foreign Exchange Management and the Department of Monetary Forecasting and Statistics of the State Bank of Vietnam.
Can credit institutions maintain a negative status of gold?
Credit institutions may not maintain a negative status of gold.
전문
VIETNAM
CIRCULAR
Article 24regulating the status of gold of credit institutions
_____________
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
No. 06/2013/UBTVQH13 dated March 18, 2013;
Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Pursuant to Decree No. 24/2012/NĐ-CP dated April 3, 2012 of the Government on gold trading activities management;
At the proposal of the Director of the Department of Foreign Exchange Management;
The Governor of the State Bank promulgates this Circular stipulating the status of gold of credit institutions,
Article 1. Scope of Regulation and Applicability
1. This Circular stipulates the status of gold of credit institutions permitted to engage in buying and selling gold bars.
2. The buying and selling of gold bars regulated herein only includes spot gold transactions.
Article 2. Interpretation of Terms
In this Circular, the following terms are understood as follows:
1. Credit institutions permitted to engage in buying and selling gold bars are credit institutions granted a license for buying and selling gold bars by the State Bank of Vietnam (hereinafter referred to as the State Bank).
2. The status of gold of a credit institution is the balance of gold bars arising from its activities of buying and selling gold bars, converted into Vietnamese dong according to the gold conversion rate.
3. A spot gold transaction is a transaction where both parties undertake to buy and sell a certain amount of gold bars at the agreed price at the time of the transaction and complete payment, delivery, and receipt of gold within two working days thereafter.
4. The gold conversion rate is the purchase price of gold bars corresponding to each type of gold bar published by the credit institution at the end of the reporting day.
Article 3. Principles for calculating the status of gold
1. The status of gold of a credit institution is determined at the end of the working day.
2. The status of gold of a credit institution is calculated based on the turnover of spot gold transactions, including off-balance sheet commitments to buy and sell spot gold.
3. The status of gold of a credit institution does not include the balance of gold bars arising from activities of buying and selling gold to settle balances of pre-existing activities before this Circular takes effect, including:
a) Mobilization and lending in accordance with Circular No. 11/2011/TT-NHNN dated April 29, 2011 of the State Bank on terminating mobilization and lending in gold by credit institutions and Circular No. 12/2012/TT-NHNN dated April 27, 2012 amending and supplementing some articles of Circular No. 11/2011/TT-NHNN;
b) Converting gold into Vietnamese dong pursuant to Circular No. 32/2011/TT-NHNN dated October 6, 2011 of the State Bank amending and supplementing some articles of Circular No. 11/2011/TT-NHNN;
c) Accepting gold pledges, holding gold on behalf of others, and using gold for other purposes.
Article 4. Limitations on the status of gold
1. The end-of-day status of gold of a credit institution shall not exceed 2% of the credit institution's own capital. The own capital for determining the limit on the status of gold of a credit institution is the own capital of the month immediately preceding the reporting period of the credit institution, determined in accordance with the State Bank's regulations on safety ratios in the operation of credit institutions.
2. A credit institution shall not maintain a negative status of gold.
3. In cases of necessity, a credit institution may maintain a status of gold outside the limits prescribed in Clause 1 and Clause 2 of this Article upon approval by the Governor of the State Bank of Vietnam.
Article 5. Reporting System
By no later than 14:00 on a working day, a credit institution shall submit a report on the status of gold of the previous working day to the State Bank of Vietnam (Department of Foreign Exchange Management and Department of Monetary Forecasting and Statistics) attached as an appendix to this Circular.
Article 6. Implementation Provisions
1. This Circular takes effect from January 10, 2013.
2. The Financial Accounting Department shall be responsible for guiding credit institutions permitted to engage in buying and selling gold bars to calculate the status of gold based on accounting regulations.
3. The Information Technology Department, within its scope of functions and tasks, shall be responsible for guiding credit institutions to report the status of gold electronically when reporting through electronic means.
4. Banking inspection and supervision agencies shall cooperate with provincial and municipal branches of the State Bank to inspect, audit, and supervise the implementation of the provisions of this Circular and handle violations in accordance with the law.
5. The Director of the Office, Heads of the Department of Foreign Exchange Management, and Heads of units under the State Bank of Vietnam; Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Managers (Directors) of credit institutions shall be responsible for implementing this Circular.
DEPUTY DIRECTOR
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