JOINT CIRCULAR No. 9-TTLB/NH/BĐ ON DOMESTIC MONEY TRANSFER SERVICES THROUGH POSTAL SERVICES

CIRCULAR

ON DOMESTIC MONEY TRANSFER SERVICES THROUGH POSTAL SERVICE

Postal savings are funds of depositors that need to be transferred quickly to recipients. The Postal Service and Banking sectors have the responsibility to provide full and timely service without causing delays for depositors and recipients due to any reasons. Therefore, the State Bank of Vietnam and the General Post总局和邮政总局就通过邮政进行国内汇款业务的相关内容达成一致规定如下：

1. All domestic money transfer services paid in cash shall be carried out by the Postal Service sector. Organizations or individuals can deduct from their bank accounts using payment checks or payment orders accompanied by a list of beneficiaries, which the banks will process to transfer through the Postal Service.

The amount of postal savings on each bill must comply with the regulations of the General Post Office Administration.

2. Each Postal Service facility conducting money transfer services shall open a "Settlement Account with Postal Service for Money Transfer Services" at the local bank.

3. When opening an account at the bank, Postal Service facilities must follow the current procedures stipulated by the State Bank of Vietnam.

4. The "Settlement Account with Postal Service for Money Transfer Services" shall only be used for recording deposits and withdrawals to settle postal bills, and shall not be used for other purposes.

5. The "Settlement Account with Postal Service for Money Transfer Services" of each Postal Service facility may have either a debit or credit balance depending on whether the amount received exceeds the amount to be paid or vice versa. In the national accounting ledger of the banking sector, this account must always have a credit balance. If there is a debit balance, the General Post Office Administration must organize an audit and reconciliation with local Postal Service facilities and banks to address it immediately.

6. For the "Settlement Account with Postal Service for Money Transfer Services" opened at the bank, if there is a credit balance, the Postal Service will earn interest; if there is a debit balance, the Postal Service will pay interest to the bank. A unified interest rate (for both credit and debit balances) will be applied according to the current interest rate for state-owned enterprise deposits.

Monthly, the local banks shall prepare interest calculation statements (using the accrual method) separately for amounts to be collected and amounts to be paid (if any), and calculate interest to be collected or paid to the Postal Service. These interest calculation statements, after being confirmed by the local Postal Service, shall be sent to the provincial, municipal, or special zone bank along with the credit or debit notice. The provincial bank will consolidate these statements and send them to the Central State Bank along with the credit or debit notice. On the consolidated statement, there must also be confirmation signatures from the provincial, municipal, or special zone Postal Service. The Central State Bank will base its actions on the interest calculation statements from the provincial, municipal, or special zone banks, along with the credit or debit notice, to transfer funds into the account of the General Post Office Administration.

7. Postal Service facilities may use the cash received from money transfer services to pay out postal bills. At the end of the day or at the end of the specified period (every 3 to 5 days), based on the agreement between the bank and the Postal Service where the account is opened, the Postal Service must reconcile and settle the difference in cash with the bank. If the receipts exceed payments, the excess cash should be deposited into the bank. If payments exceed receipts, the Postal Service may withdraw cash from the bank immediately when needed to cover payments.

8. Postal Service facilities shall base their cash plan for the next quarter on the previous quarter's cash income and expenditure records related to money transfer services, and inform the bank where the account is opened. If the cash plan is inaccurate, the Postal Service may prepare a supplementary cash plan, and the local bank has the responsibility to address the Postal Service's requirements.

9. Local bank units must ensure sufficient cash availability for the Postal Service to pay out postal bills according to the agreed cash plan. Providing cash for paying out postal bills shall be prioritized like paying salaries to state employees. If the local bank fails to provide sufficient cash for paying out money transfers, it shall bear the penalty for delayed payment to the Postal Service according to the current regulations applicable to cash withdrawal requests on checks within the cash plan.

10. Monthly, both the Postal Service and the bank at all levels must regularly reconcile and confirm the account balances to ensure accuracy. The party responsible for discrepancies must adjust and report to their direct superior within 3 months.

By the end of the year, after settling all transactions in December, both parties must reconcile and confirm their figures accurately and transfer the balances to the central level as follows:

- County, district, and city-level Postal Services must transfer balances to the province, city, or special zone before January 10 of the following year.

- Provincial, city, or special zone Postal Services must consolidate data and reconcile, and after confirming accuracy, transfer balances to the Central State Bank before January 31 of the following year.

- The Central State Bank and the General Post Office Administration must reconcile and confirm their figures with each other before March 31 of the following year.

11. The Central State Bank and the General Post Office Administration shall instruct and guide subordinate facilities to implement this Circular strictly.

12. Relevant departments of the Central State Bank and the General Post Office Administration shall cooperate to organize guidance, inspection, and correction of deviations at the local level, and compile implementation reports to their superiors.

13. This Circular takes effect from the date of issuance and replaces Circular No. 78-TTLB/NH/BĐ dated June 14, 1979 issued jointly by the State Bank of Vietnam and the General Post Office Administration.

Any issues arising during implementation that require amendments shall be discussed and resolved by mutual agreement between the State Bank of Vietnam and the General Post Office Administration.