VietnameseOfficial Dispatch No. 9699/NHNN-QLNH dated October 30, 2008 of the State Bank of Vietnam providing guidance on operation of foreign currency exchange agent
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Official Dispatch No. 9699/NHNN-QLNH dated October 30, 2008 of the State Bank of Vietnam providing guidance on operation of foreign currency exchange agent
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 9699/NHNN-QLNH | Signer: | Tran Minh Tuan |
| Type: | Official Dispatch | Expiry date: | Updating |
| Issuing date: | 30/10/2008 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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THE STATE BANK OF VIETNAM --------- | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness -------------- |
No. 9699/NHNN-QLNH Re: providing guidance on operation of foreign currency exchange agent | Hanoi, October 30, 2008 |
To: | - General Managers of State Bank branches in provinces, cities - General Directors of Credit Institutions authorized to supply foreign exchange services |
With a view to unanimously implementing the contents stipulated in the Regulation on foreign currency exchange agents issued in conjunction with the Decision No. 21/2008/QD-NHNN dated 11 July 2008 of the Governor of the State Bank, the Governor requires State Bank branches in provinces, cities and Credit Institutions authorized to supply foreign exchange services (CI) to carry out some of following contents:
1. Regarding organization of implementation:
- State Bank branches in provinces, cities require CIs to seriously carry out the liquidation of contract of foreign currency exchange for unqualified foreign currency exchange agents and to change the Licence to act as a foreign currency exchange agent for qualified agents in accordance with the deadline as stipulated in Article 13, Chapter III of the Regulation.
- Upon considering granting the Certificate of being qualified for acting as foreign currency exchange agent to economic organizations, branches must seriously comply with requirements of location, material facilities as provided for in the Regulation on foreign currency exchange agents.
2. Criteria concerning the Location of foreign currency exchange agents at trading centers, supermarkets where there are many foreigners visiting and shopping (paragraph 5, Article 3, Chapter I):
For this condition, State Bank branches in provinces, cities shall base on actual situation to consider upon some of following criterion:
- For location: it must be a crowded trading center in the center of city where there are many foreigners visiting and shopping;
- For the agent density: State Bank branches in the locality shall base on actual situation and management ability as well as the compliance of organizations which wish to be foreign currency exchange agent to consider granting the Certificate of registration for foreign currency exchange agent.
3. Provisions on independent transaction officer or counter (paragraph 3, Article 5 of Chapter II):
Upon considering granting the Certificate of registration for foreign currency exchange agent to hotels, State Bank branches in provinces, cities may consider permitting to locate a foreign currency exchange counter at the Reception. However, following requirements must be still satisfied: having an officer in charge of money exchange activity, availability of fax machine, safe, telephone, table and chairs, exchange rate bulletin, separate accounting books in accordance with applicable provisions of CIs.
4. Regarding the regime of dealing with violation in operation of foreign currency exchange agent:
For foreign currency exchange agents, credit institutions which commit violation acts for provisions on foreign currency exchange activity shall be subject to violation punishments as stipulated in Article 14 of the Regulation.
In case CIs have agents committing violation acts exceeding the stipulated limit, in addition to the application of cases of violation treatment as stipulated in the Regulation, State Bank shall apply following additional punishment cases:
+ For agents which commit violation acts exceeding the limit stipulated in the Regulation: to revoke the granted Certificate of registration for foreign currency exchange agent and not to reissue the Certificate to these organizations.
+ For credit institutions which have agents committing violation acts exceeding the limit stipulated in the Regulation: to consider shrinking the scope of activity of foreign exchange service supply or temporarily revoking the Certificate of being qualified for supply of foreign exchange service.
Besides, for foreign currency exchange counters in accordance with the Regulation on operation of foreign currency exchange counters issued in conjunction with the Decision No. 1216/2003/QD-NHNN dated 9 October 2003, which commit violation act for several times, the change (or new issuance) of the Certificate of registration for foreign currency exchange agents to these subjects shall not be performed.
5. Time limit for changing into the Certificate:
State Bank branches in provinces, cities shall be responsible for requesting CIs and qualified foreign currency exchange agents to carry out the changing of the Licence in accordance with the time stipulated in Article 13 of the Regulation. After 3 months, all cases of failure to change the License into the Certificate shall cease their effectiveness. Where any organization having a demand for acting as an agent, branches shall consider and issue a new certificate in accordance with current provisions.
6. Regarding daily reporting
To repeal the daily reporting regime in accordance with provisions in point 3 of the Official Dispatch No. 5063/NHNN-QLNH dated 6 June 2008 of the Governor of the State Bank.
7. Regarding the exploitation of reporting data
Currently, State Bank is drafting additional provisions on reporting regime in accordance with the reporting System 477, which stipulate that CIs make report to the State Bank branches in provinces, cities on the situation of foreign currency exchange of the system.
While waiting for documents to be issued, in order to have the data for statistic and reporting purpose, State Bank branches in provinces, cities request agents and CIs to make report as follows:
- Foreign currency exchange agents shall make report on the situation of foreign currency exchange in accordance with provisions in Article 15 of the Regulation on foreign currency exchange agent;
- CIs authorized to supply foreign exchange services shall make written report on the situation of foreign currency exchange of the entire system on quarterly basis to the State Bank branches in the locality.
State bank branches in the locality shall be responsible for summarizing the data on the situation of foreign currency exchange in the locality to make report to the Department of Foreign Exchange Control (State Bank) under the Reporting System 477 and 1747.
State Bank provides guidance on several above mentioned contents for the implementation of State Bank branches in provinces, cities and credit institutions authorized to engage in foreign exchange activity. SBV's Governor requests Managers of SBV branches in provinces, cities; heads of related units to organize the serious implementation of above guided contents.
FOR THE GOVERNOR OF THE STATE BANK OF VIETNAM DEPUTY GOVERNOR Tran Minh Tuan |
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