On December 5, 2013, the State Bank issued Circular No. 27/2013/TT-NHNN, amending and supplementing a number of articles of Ciruclar No. 02/2012/TT-NHNN dated February 27, 2012, on guiding foreign exchange transactions among the State Bank of Vietnam and credit institutions and foreign banks’s branches.
The Circular clearly states that foreign exchange transactiosn with credit institutions and foreign banks’ branches will be canceled in the following cases: Credit institutions and foreign bank’s branches are withdrawn with permit; credit institutions and foreign banks’ branches fail to satisfy condtions for setting up the foreign exchange transaction relations as prescribed by law or when they commit serious violations in the fiel of monetary and banking operation according to conclusions or notifications of the State Bank. Simulataneously, the credit institutions and foreign banks’ branches shall not be permitted to set up again the foreign exchange transaction relation with the State Bank within 01 (one) year from the day their foreign exchange transaction relation was cancelled.
Also in the Circular, the credit institutions and foreign banks’ branches shall be exempted form responsibility of compliance with duration for making exchange transaction report to the State Bank of Vietnam. Credit institutions, foreign banks’ branches having the foreign exchange transaction relation with the State Bank and having subscriber to use means of transaction via the Reuters Dealing system, must make report to the State Bank when occurring the following force majeure incidents: Faults in connecting transmission line from host machine system containing report data for the credit institutions and foreign banks’ branches to the State Bank of which cause is originated from the transmission line service providers; the Reuters Dealing system has technical incidents of which cause is originated from the Reuters Dealing service providers; and cases of power loss which are originated from objective causes or power providers…
This Circular takes effect on December 05, 2013.
To dowloadn this Circular, please click this link: 54909_27-2013-TT-NHNN
Sources: www.luatvietnam.vn
