Circular No. 41/2015/TT-NHNN amending and supplementing certain Articles of Circular No. 23/2013/TT-NHNN dated November 19, 2013, issued by the Governor of the State Bank of Vietnam on the requirement for state-owned credit institutions to maintain deposit balances with the Vietnam Social Policy Bank.

CIRCULAR

Amending and supplementing certain provisions of Circular No. 23/2013/TT-NHNN dated November 19, 2013

of the Governor of the State Bank of Vietnam on the maintenance of deposit balances by state credit institutions

at the Social Policy Bank

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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. 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. 78/2002/NĐ-CP dated October 4, 2002 of the Government on credit for the poor and other policy beneficiaries;

Article 1.

The Governor of the State Bank of Vietnam issues this Circular to amend and supplement certain provisions of Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the Governor of the State Bank of Vietnam on the maintenance of deposit balances by state credit institutions at the Social Policy Bank.

Article 1. Amending and supplementing certain provisions of Circular No. 23/2013/TT-NHNN dated November 19, 2013 of the Governor of the State Bank of Vietnam on the maintenance of deposit balances by state credit institutions at the Social Policy Bank

1. Clause 1 of Article 2 shall be amended as follows:

"1. State credit institutions maintaining deposits at the Social Policy Bank include state-owned commercial banks and joint-stock commercial banks owned by the State with more than 50% of the charter capital (hereinafter referred to as state credit institutions). State credit institutions are not required to comply with the regulation on maintaining a 2% deposit balance at the Social Policy Bank during the period they are placed under special control."

a) A customs declaration form for imported goods according to the information criteria specified in Model No. 01 - Declaration Form for Imported Goods attached as Appendix I to Circular No. 39/2018/TT-BTC dated April 20, 2018, issued by the Minister of Finance.

“ Article 5. Procedures and formalities for depositing funds at the Social Policy Bank

1. State credit institutions shall maintain deposits at the Social Policy Bank according to term deposit contracts and their appendices signed between state credit institutions and the Social Policy Bank.

2. Before January 15 each year, state credit institutions shall submit a statement of the balance of mobilized capital and interest rates for each term in Vietnamese dong attached as Appendix 01 to this Circular to the State Bank of Vietnam (Department of Monetary Policy). The State Bank of Vietnam (Department of Monetary Policy) shall calculate and notify the average interest rate on mobilized capital in Vietnamese dong of state credit institutions at the end of December of the previous year to state credit institutions and the Social Policy Bank before January 31 each year to serve as the basis for determining the deposit interest rate for the year.

3. Before January 15 each year, state credit institutions shall submit a statement of the deposit balance for the year attached as Appendix 02 to this Circular to the Social Policy Bank, the State Bank of Vietnam (Bank Inspection and Supervision Department), and shall be responsible for the accuracy of the data. By no later than February 10 each year, state credit institutions and the Social Policy Bank shall complete the supplementary appendices to the term deposit contracts, increase or decrease the deposit balance at the Social Policy Bank.

4. By no later than February 15 each year, state credit institutions and the Social Policy Bank shall report the results of maintaining a 2% deposit balance of state credit institutions at the Social Policy Bank to the State Bank of Vietnam (Bank Inspection and Supervision Department, Department of Monetary Policy, Department of Credit to Economic Sectors). Within fifteen working days from the date of establishing the annual financial audit report of state credit institutions, based on the audited annual financial statements, state credit institutions and the Social Policy Bank shall review and adjust the deposit balance at the Social Policy Bank in accordance with Clause 1 of Article 3 of this Circular and report to the State Bank of Vietnam (Bank Inspection and Supervision Department, Department of Monetary Policy, Department of Credit to Economic Sectors).

3. Supplementing Article 5a as follows:

"Article 5a. Responsibilities of units under the State Bank of Vietnam

1. The Department of Monetary Policy shall act as the focal point for handling issues related to the maintenance of deposit balances by state credit institutions at the Social Policy Bank during the implementation of this Circular.

2. The Department of Credit to Economic Sectors shall coordinate to monitor the situation of deposit balances maintained by state credit institutions at the Social Policy Bank to serve management, monitoring, and cooperate with the Social Policy Bank to implement national policy credit programs.

3. The Bank Inspection and Supervision Department shall have the responsibility:

a) To monitor, inspect, and supervise the implementation of the provisions of this Circular and handle violations according to the law.

b) Based on inspection conclusions, to notify the content of violations and the handling of violations stipulated in this Circular (if any) to relevant units under the State Bank of Vietnam for knowledge and coordination in handling according to their functions and tasks."

Article 2. Implementation clause

1. This Circular takes effect from January 1, 2016.

2. The Director of the Office, Heads of the Department of Monetary Policy and Heads of units under the State Bank of Vietnam, Governors of the State Bank branches in provinces and centrally governed cities; Chairmen of the Board of Directors, Chairmen of the Board of Members, General Directors (Directors) of state credit institutions and the Social Policy Bank are responsible for organizing the implementation of this Circular./.