Decision No. 401/1999/QĐ-NHNN Regarding the amendment of certain Articles in Circular No. 07/TT-NH1 dated December 27, 1996 and Decision No. 101/1999/QĐ-NHNN13 dated March 25, 1999 of the Governor of the State Bank of Vietnam

DECISION

Amending certain Articles in Circular No. 07/TT-NH1 dated December 27, 1996

and Decision No. 101/1999/QĐ-NHNN13 dated March 25, 1999 of the Governor of the State Bank

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GOVERNOR OF THE STATE BANK

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 regarding tasks, powers and responsibilities for state management by Ministries and ministerial-level agencies;

Pursuant to Decision No. 188/1999/QĐ-TTg dated September 17, 1999 of the Prime Minister on implementing a 40-hour workweek system;

At the proposal of the Director of the Legal Department.

DECISION

Article 1. Amending certain provisions regarding time limits and methods for calculating time limits in some legal normative documents issued by the State Bank as follows:

1. Point 4, Part I of Circular No. 07/TT-NH1 dated December 27, 1996 guiding the implementation of the Cheque Issuance and Usage Regulation promulgated together with Decree No. 30/CP dated May 9, 1996 is amended as follows:

"The payment validity period for a cheque is 15 days from the date it is issued until it is submitted to the collecting unit. This period includes weekends and holidays.. If the last day of this period falls on a weekend or holiday, the deadline will be extended to the next working day following that weekend or holiday."

2. Clause 1, Article 13 of the Organizational Structure and Operation Regulation for the Interbank Foreign Exchange Market promulgated together with Decision No. 101/1999/QĐ-NHNN13 dated March 25, 1999 of the Governor of the State Bank is amended as follows:

"For spot foreign exchange transactions (SPOT), the payment deadline is two working days after the transaction date (excluding weekends and holidays)."

Article 2. This Decision takes effect fifteen days from its issuance date.

Article 3. The Director of the State Bank’s Office, Directors of Departments under the Legal Department, Heads of Departments and Bureaus directly under the State Bank, Governors of State Bank Branches in provinces and centrally-administered cities, Chairmen of Management Boards, General Managers (Directors) of Credit Organizations are responsible for implementing this Decision.