Thông tư 20/2011/TT-NHNN quy định việc mua, bán ngoại tệ tiền mặt của cá nhân với tổ chức tín dụng được phép do Ngân hàng Nhà nước Việt Nam ban hành

CIRCULAR

PROVIDING FOR THE PURCHASE, SALE OF FOREIGN CURRENCIES IN CASH BETWEEN INDIVIDUALS AND AUTHORIZED CREDIT INSTITUTIONS

- Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated 16 June 2010;

- Pursuant to the Law on Credit Institutions No. 47/2010/QH12 dated 16 June 2010;

- Pursuant to Ordinance on Foreign Exchange No. 28/2005/PL-UBTVQH dated 13 December 2005;

- Pursuant to the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details on the implementation of the Ordinance on Foreign Exchange;

- Pursuant to the Decree No. 96/2008/ND-CP dated 26/8/2008 of the Government providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;

With a view to implementing the Resolution No. 11/NQ-CP dated 24 February 2011 of the Government on main solutions, concentrating on inflation restriction, macro- economic stabilization, social security assurance,

The State Bank of Vietnam hereby provides guidance on the purchase, sale of foreign currencies in cash between individuals and authorized credit institutions as follows:

Article 1. Governing scope

1. This Circular provides guidance on the implementation of regulations on purchase, sale of foreign currencies in cash between individuals and credit institutions, foreign bank branches authorized to engage in foreign exchange activity (hereinafter referred to as authorized credit institutions).

2. Activity of exchanging foreign currencies by individuals at foreign currency exchange agents of credit institutions shall be performed under recent provisions related to the regulation on foreign currency exchange agents.

3. The use of bank cards, other noncash payment means or purchase of foreign currency in the form of transfer at authorized credit institutions to make payment overseas by individuals for legal purposes shall be performed under current provisions of applicable laws.

Article 2. Subjects of application

1. Individuals who are Vietnamese citizen shall be authorized to buy foreign currency in cash at authorized credit institutions to satisfy spending demand of their own as well as of children sharing passport with their parent, including: food expense, pocket money, travel expense in foreign country related to one of following purposes:

a. Study, medical treatment in abroad;

b. Going on business, travelling, visiting overseas.

2. For other legal purposes as stipulated in Paragraph 2, Article 8 of the Decree No.160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on Foreign Exchange, an individual may buy foreign currency in cash at an authorized credit institution depending on its ability to balance source of foreign currency in cash.

3. Individuals being foreigners who have legal income source in Vietnamese Dong shall be entitled to buy foreign currency in cash at authorized credit institutions in line with current provisions on foreign exchange control.

4. Individuals selling foreign currency in cash to authorized credit institutions and foreign currency exchange agents of such authorized credit institutions in accordance with current provisions on foreign exchange control.

Article 3. Place of buying, selling foreign currency

1. The purchase, sale of foreign currencies in cash shall be performed at places which are authorized to sell foreign currencies in cash belonging to operating network of authorized credit institutions in line with provisions of applicable laws.

2. The selling of foreign currencies in cash by individuals shall be performed at places which are authorized to purchase foreign currencies in cash belonging to operating network of authorized credit institutions in line with provisions of applicable laws and their foreign currency exchange agents.

Article 4. Types of foreign currency permitted to buy

Individuals being Vietnamese citizen shall be entitled to buy foreign currencies in cash at authorized credit institutions to satisfy their foreign currency demands as stipulated in Paragraph 1, Article 2 of this Circular according to following principles:

1. Entitled to buy foreign currency which is the local currency of the country where Vietnamese citizen come.

2. Where they do not have local currency of the country where Vietnamese citizen come, authorized credit institutions shall sell other freely convertible foreign currencies.

Article 5. Limit of purchasing foreign currency

1. Individuals being Vietnamese citizen shall be entitled to buy foreign currencies in cash at authorized credit institutions to satisfy their demands for foreign currencies as stipulated in Paragraph 1, Article 2 of this Circular with the limit of 100 USD/1 person/1 day or other foreign currencies with the same value within the time of ten (10) days when they stay in foreign countries. The above foreign currency limit is also applicable to children sharing passport with their parent.

2. Authorized credit institutions shall be obliged to sell foreign currencies in cash to individuals who are Vietnamese citizen in accordance with provisions in Paragraph 1 of this Article on the basis of presentation of application forms and documents.

3. Based on the ability to self balance their foreign currency source in cash, authorized credit institutions may sell an amount of foreign currencies in excess of the limit as stipulated in Paragraph 1 of this Article to satisfy foreign currency demands as stipulated in Paragraph 1, Article 2 of this Circular.

Article 6. Notice of the purchase, sale of foreign currencies in cash

1. Within a period of 15 working days since the date of signing this Circular, authorized credit institutions which perform activities of purchasing, selling foreign currencies in cash with individuals shall be responsible:

a. To give written notice (directly or by post) to State Bank of Vietnam (Foreign Exchange Control Department) of their purchase, sale of foreign currencies in cash with individuals under the Form in Appendix 1 issued in conjunction with this Circular.

b. To inform the list of places of purchasing, selling foreign currencies in cash of the entire system on authorized credit institutions’ website.

c. To inform the list of places of purchasing, selling foreign currencies in cash to State Bank of Vietnam (Foreign Exchange Control Department) and State Bank branches in provinces, cities under the central Government’s management in the local area under the form at Appendix 2 issued in conjunction with this Circular.

2. Authorized credit institutions which have not yet performed activity of purchasing, selling foreign currencies in cash with individuals after the effective date of this Circular, shall, upon availability of their demand, be responsible for giving notice of contents as stipulated in Paragraph 1 in this Article within 15 days prior to performing such activity.

3. Within 15 days since occurrence of any change in purchase, sale of foreign currencies in cash (amendment, reduction of places, termination of purchase, sale activity), authorized credit institutions shall be responsible for giving a written notice of and updating the list of  places of purchasing, selling foreign currencies in cash (directly or by post) to the State Bank of Vietnam (Foreign Exchange Control Department) and State Bank branches in provinces, cities under central Government’s management in local area under the form in Appendix 2 issued in conjunction with this Circular.

Article 7. Responsibilities of authorized credit institutions

1. To carry out the purchase, sale of foreign currencies in cash with individuals to satisfy the purposes as stipulated in this Circular after giving notice to the State Bank.

2. To publicly post, on their website, the buying, selling rates of foreign currencies with individuals in places of purchasing, selling foreign currencies in cash and be obliged to purchase, sell foreign currencies in cash in accordance with provisions of applicable laws on exchange rate.

3. To issue internal process on the purchase, sale of foreign currencies in cash with individuals, specifying procedures, application files, related documents to prove the demand for using, spending foreign currencies in cash in foreign country of individuals to ensure the implementation of transaction in right purpose and in line with provisions in this Circular and other provisions on foreign exchange control.

4. To comply with the regime on documents, books related to activity of purchasing, selling foreign currencies in cash with individuals in accordance with provisions of applicable laws.

5. To build guiding regulations inside authorized credit institutions to manage, supervise, ensure security in delivery, receipt, preservation and transport of foreign currencies in cash under applicable provisions of State Bank.

6. To facilitate and encourage individuals to use non-cash payment means in order to satisfy legal spending demand in foreign countries.

Article 8. Responsibilities of State Bank branches in provinces, cities under center Government’s management

1. To direct and guide authorized credit institutions in local area to seriously comply with provisions in this Circular.

2. To examine places of purchasing, selling foreign currencies of authorized credit institutions in the local area. To inspect, examine and deal with violation acts related to activity of purchase, sale of foreign currencies in accordance with provisions in this Circular.

3. To set up and disclose telephone number for receiving and dealing with information related to activity of purchase, sale of foreign currencies in cash between individuals and authorized credit institutions under provisions in this Circular on mass media.

Article 9. Responsibilities of individuals

1. To fully present required documents, papers under applicable provisions of authorized credit institutions and take responsibilities to the law for the authenticity of documents, papers already presented.

2. To use foreign currencies in cash purchased at authorized credit institution for the right purposes and in line with provisions of applicable laws.

Article 10. Reporting regime

Monthly, on the 10th of next month at the latest, authorized credit institutions shall make report according to following provisions:

1. Making report to State Bank branch in province, city under central Government’s management in their local area on status of purchase, sale of foreign currencies in cash arising in the month at that local area under the form in Appendix 3 issued in conjunction with this Circular.

2. To summarize and report State Bank of Vietnam (Foreign Exchange Control Department) on status of purchase, sale of foreign currencies in cash of the entire system arising in the month under the form in Appendix 3 issued in conjunction with this Circular.

Article 11. Implementation provisions

1. This Circular shall be effective since 15 October 2011.

2. Director of Administrative Department, Director of Foreign Exchange Control Department, heads of related units of State Bank of Vietnam, Managers of State Bank branches in provinces, cities under the central Government’s management, Chairman of Board of Directors, Chairman of Members Board, General Directors (Directors) of authorized credit institutions, foreign bank branches, related organizations and individuals shall be responsible for the implementation of this Circular.

APPENDIX 1

NOTICE OF PURCHASE, SALE OF FOREIGN CURRENCIES IN CASH WITH INDIVIDUALS

To: State Bank of Vietnam
(Foreign Exchange Control Department)

Name of authorized credit institution:

Address:

Telephone number:                              Fax No.               Operation Licence

Certificate of being qualified for foreign exchange service supply

(Name of authorized credit institution) hereby registers the purchase, sale of foreign currencies in cash with individuals as stipulated in the Circular No. ………./TT-NHNN dated …../……/2011 (list of places of purchase, sale enclosed)

We hereby undertake to correctly comply with current regulations on foreign exchange control and other related provisions of applicable laws.

APPENDIX 2

LIST OF PLACES OF PURCHASING, SELLING FOREIGN CURRENCIES IN CASH WITH INDIVIDUALS

1. Province, city A

2. Province, city B

3. Province, city….

……, date…….

Note:

(1) Authorized credit institution shall inform all places of purchase, sale of foreign currencies in cash belonging to the CI all over the country.

(2) Authorized Credit Institution shall inform places of purchase, sale of foreign currencies in cash belonging to the CI in each area of operation.

APPENDIX 3

Month……….. year……….

REPORT ON STATUS OF PURCHASE, SALE OF FOREIGN CURRENCIES IN CASH WITH INDIVIDUALS

1. Data of foreign currencies in cash purchased, sold with individuals

2. Difficulties, queries, petitions:

Note:

(1) Authorized credit institution shall make report on data of the entire system

(2) Authorized Credit Institution shall make report on data of each area of operation

(3) The exchange rate applied for making report: Exchange rate between USD and other foreign currencies stipulated by General Director (Director) of CI at the last working day required to make report.

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