Chương VIII Thông tư 03/2016/TT-NHNN: Điều khoản thi hành

Chapter VIII

IMPLEMENTARY PROVISIONS

Article 49. Effect

1. This Circular shall enter into force from April 15, 2016, exclusive of provisions set forth in paragraph 3 of this Article.

2. From the date of entry into force of this Circular, the following instruments shall become defunct:

a) The Circular No. 09/2004/TT-NHNN dated 21/12/2004 of the State Bank providing guidance on foreign borrowing and foreign debt repayment of enterprises;

b) The Circular No. 25/2014/TT-NHNN dated 15/9/2014 of the State Bank providing guidance on procedures for registration or registration for changes of foreign loans of enterprises which are not guaranteed by the Government.

3. Online reporting regime through websites shall be applied to borrowers who choose the online registration form from the reporting period of 2^nd Quarter 2016. Prior to this reporting period, borrowers mentioned above shall implement written reporting regime defined in Article 40 hereof.

Article 50. Transitional provision

1. As for effecting of foreign loans in the form of deferred payment for import of goods:

a) Mid-term or long-term foreign loans arranged in the form of deferred payment for import of goods of which registration or registration for changes has been confirmed by the State Bank before the date of entry into force of this Circular shall be continuously effected (including fund withdrawal or debt repayment) according to statements on confirmation of registration or registration for changes of foreign loans.

As for any change that may arise after the date of entry into force of this Circular, the borrower shall effect foreign loans under arrangements with the creditor and shall not be required to apply for registration for changes of such foreign loans with the State Bank.

b) As for mid-term or long-term foreign loans arranged in the form of deferred payment for import of goods under contracts signed within 30 (thirty) days prior to the date of entry into force of this Circular, the borrower shall not need to apply for registration for such foreign loans with the State Bank. Fund withdrawal and transfer of money for the purpose of debt repayment along with reporting requirements shall be consistent with provisions laid down in this Circular.

2. As for foreign loans denominated in Vietnam dong:

Foreign loans denominated in Vietnam dong of which registration or registration for changes is confirmed ahead of the date of entry into force of this Circular shall be continuously effected according to the statement on confirmation of registration or registration for changes of such foreign loans issued by a State Bank branch. Any change to these foreign loans that arises after the date of entry into force of this Circular must comply with provisions laid down in this Circular.

3. As for effecting of short-term foreign loans:

a) Short-term foreign loans which have been effected (fund withdrawal or debt repayment) prior to the date of entry into force of this Circular shall be continued through current accounts;

b) Short-term foreign loans which are newly signed from the date of entry into force of this Circular must comply with regulations on opening and use of foreign borrowing and debt repayment accounts laid down in this Circular.

Article 51. Implementation

Head of Office, Director of Foreign Exchange Administration, Head of affiliates of the State Bank, Director of the State Bank branch of centrally-affiliated cities and provinces, President of the Management Board, President of the Members Board, and General Director (Director) of credit institutions or foreign bank branches or enterprises, shall be responsible for enforcing this Circular.