Decision No. 562/2002/QD-NHNN amends certain points of the circular guiding the Prime Minister's decision on selling foreign currency. The subject is economic organizations which must sell immediately at least 30% of the foreign currency received from current account receipts to banks, and banks must transfer immediately 30% of the foreign currency for economic organizations or 100% for social organizations into the account 'Foreign Currency Held and Awaiting Settlement' when the source of current account receipts has not been clearly determined.
Scope of application
Commercial banks, joint-stock commercial banks, branches of foreign commercial banks; economic organizations and social organizations.
Key points
- Economic organizations → must sell immediately at least 30% of the foreign currency received from current account receipts to banks (Article 1, Point 1a).
- Banks → when foreign currency is credited to the foreign currency deposit account of an organization without clearly determining it as current account receipts, must immediately transfer to the account 'Foreign Currency Held and Awaiting Settlement' 30% of the foreign currency for economic organizations or 100% for social organizations (Article 1, Point 2.2a).
- This Decision takes effect from May 15, 2002 (Article 2).
🌐 Social impact of this document
- Positive impact: Helps banks manage current account foreign currency receipts more effectively, avoiding improper use.
- Negative impact: Increases the burden on economic organizations that must sell a portion of the foreign currency received from current account activities.
❓ Frequently asked questions
Which entities must comply with this regulation?
Economic organizations and commercial banks, joint-stock commercial banks, branches of foreign commercial banks must comply with this regulation.
What percentage of foreign currency received from current account receipts must economic organizations sell?
Economic organizations must sell immediately at least 30% of the foreign currency received from current account receipts to banks (Article 1, Point 1a).
What percentage of foreign currency must banks transfer when the source of current account receipts has not been clearly determined?
Banks must immediately transfer to the account 'Foreign Currency Held and Awaiting Settlement' 30% of the foreign currency for economic organizations or 100% for social organizations (Article 1, Point 2.2a).
When does this Decision take effect?
This Decision takes effect from May 15, 2002 (Article 2).
What notification must banks provide to economic organizations when transferring foreign currency?
When transferring foreign currency, banks must immediately notify the organization (Article 1, Point 2.2a).
Full text
DECISION OF THE HEAD OF THE STATE BANK
Amending certain points of Circular No. 05/2001/TT-NHNN dated May 31, 2001 guiding the implementation of Decision No. 61/2001/QĐ-TTg dated April 25, 2001 of the Prime Minister.
THE HEAD OF THE STATE BANK
Pursuant to Decree No. 15/ dated October 20, 2015 of Pursuant to the Government's Decision No. 72/1994/NQ-CP dated October 28, 1994 on tasks, powers, and organizational structure of ministries;
Pursuant to Article 3 of Decree No. 6/2002/QĐ-TTg dated May 15, 2002 of the Prime Minister amending Clause 1 of Article 1 of Decision No. 61/2001/QĐ-TTg dated April 25, 2001 of the Prime Minister on the obligation to sell and the right to buy foreign currency of resident organizations;
1.Supplement Points 5, 6, and 7 in Section II as follows:
DECISION:
Article 1. Amends certain points of Circular No. 05/2001/TT-NHNN dated May 31, 2001 guiding the implementation of Decision No. 61/2001/QĐ-TTg dated April 25, 2001 of the Prime Minister as follows:
1. Amends Point 1a of Section 1 Chapter II as follows:
"a) The object is economic organizations: Must immediately sell at least 30% of the foreign currency received from current account receipts to the bank."
2. Amends Point 2.2a of Section 1 Chapter II as follows:
"When foreign currency is credited to the foreign currency deposit account of the organization and the bank has not yet determined whether it is current account receipts that must be sold, the bank shall immediately transfer 30% of the foreign currency to the "Held for settlement" account for economic organizations or 100% for social organizations; At the same time, notify the organization immediately;"
Article 2. This Decision takes effect from May 15, 2002.
Article 3. Heads of Departments, Directors of Bureaus, Director of the Office, Inspector General of the State Bank, Governors of the State Bank Branches in provinces and cities, General Directors (Directors) of commercial banks, joint venture banks, joint stock banks, and branches of foreign banks within their respective functions are responsible for organizing, guiding, and implementing this Decision./.
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