Thông tư 07/2001/TT-NHNN hướng dẫn Quy chế quản lý tiền của nước có chung biên giới tại Khu vực biên giới và Khu vực kinh tế cửa khẩu Việt Nam kèm theo Quyết định 140/2000/QĐ-TTg do Ngân hàng nhà nước ban hành

CIRCULAR

GUIDING THE IMPLEMENTATION OF THE REGULATION ON THE MANAGEMENT OF CURRENCIES OF BORDERING COUNTRIES IN THE BORDER REGIONS AND BORDER-GATE ECONOMIC ZONES OF VIETNAM, ISSUED TOGETHER WITH THE PRIME MINISTER�S DECISION No. 140/2000/QD-TTg OF DECEMBER 8, 2000

Pursuant to Article 2 of the Prime Minister’s Decision No. 140/2000/QD-TTg of December 8, 2000 promulgating the Regulation on the management of currencies of bordering countries in the border regions and border-gate economic zones of Vietnam, Vietnam State Bank hereby guides the implementation thereof as follows:

Section I. OBJECTS OF APPLICATION

1. This Circular applies to subjects being individuals using currencies of bordering countries in the border regions and borer-gate economic zones. Individuals prescribed in this Circular include:

1.1. Border residents being the following subjects:

a) Vietnamese citizens with permanent residence registration in the border regions;

b) Other citizens (including Vietnamese citizens living outside the border regions and citizens of countries bordering Vietnam) who have registered their business in the border regions and border-gate economic zones.

1.2. Individuals, including Vietnamese and foreigners other than subjects mentioned at Point 1.1 above.

2. Individuals using foreign currencies (other than currencies of bordering countries) in the border regions and border-gate economic zones shall comply with the provisions of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management and other relevant regulations thereon.

3. The use of currencies of bordering countries in the border regions and border-gate economic zones by organizations shall comply with the provisions of the Government’s Decree No. 63/1998/ND-CP of August 17, 1998 on foreign exchange management and other relevant regulations thereon.

Section II. SCOPE OF REGULATION

The currency of one country (Chinese yuan, Lao kip and Cambodian riel) shall be permitted for use only in the border regions and border-gate economic zones adjacent to that country; concretely as follows:

1. Chinese yuan may be used in the border regions and border-gate economic zones adjacent to China, stored or brought along within the territory of the Vietnamese provinces bordering China.

2. Lao kip may be used in the border regions and border-gate economic zones adjacent to Laos, stored or brought along within the territory of the Vietnamese provinces bordering Laos.

3. Cambodian riel may be used in the border regions and border-gate economic zones adjacent to Cambodia, stored or brought along within the territory of the Vietnamese provinces bordering Cambodia.

4. Chinese yuan and Lao kip may be used in the border regions and border-gate economic zones, stored or brought along in Lai Chau province (which borders China and Laos).

5. Laos kip and Cambodian riel may be used in the border regions and border-gate economic zones, stored or brought along in Kon Tum province (which borders Laos and Cambodia).

Section III. USE PURPOSES

Currencies of bordering countries shall be used for the following purposes:

1. Serving as instruments of payment for goods and/or services sold and/or bought in the border regions and border-gate economic zones among individuals or between individuals and economic organizations licensed by the State Bank to receive currencies of bordering countries;

2. Sale to banks licensed by the State Bank to conduct foreign exchange activities (licensed banks) or to foreign exchange counters located in the border regions, border-gate economic zones or other places in the border provinces as permitted by Vietnam State Bank;

3. Storing or bringing along:

3.1. Individuals shall be permitted to store or bring along currencies of bordering countries within the territory of the provinces bordering one neighboring country (Chinese yuan may be stored and brought along in the provinces bordering China, Lao kip may be stored and brought along in the provinces bordering Laos, and Cambodian riel may be stored and brought along in the provinces bordering Cambodia).

3.2. For citizens of countries bordering Vietnam, who have registered their business in the border regions and border-gate economic zones, if being permitted by competent agencies of Vietnam to go into inland provinces and wishing to bring along currencies of bordering countries for sale to licensed banks, they shall have to send dossiers to the State Bank’s branches in the respective border provinces. Such a dossier includes the written request and the permit for going into inland provinces granted by Vietnam’s competent agencies (in cases where copies are submitted, the original thereof shall be required for comparison).

Within five working days as from the date of receiving the written request, the State Bank’s branches in the respective border provinces shall either grant or refuse to grant the written approval of the bringing of currencies of bordering countries into inland provinces. In case of refusal, these State Bank branches shall have to issue written replies, clearly stating the reasons therefor.

3.3. For foreigners, who enter Vietnam by passports or papers of passport substitute value, if they have already declared the amounts of currencies of bordering countries to the border-gate customs offices, they may bring along such amounts out of border provinces into inland provinces without having to obtain the approval from the State Bank.

3.4. For Vietnamese citizens, who enter the country by passports, if they have already declared the amounts of currencies of bordering countries to the border-gate customs offices, they may bring along such amounts out of border provinces into inland provinces without having to obtain the approval from the State Bank.

3.5. Apart from cases mentioned at Points 3.2, 3.3 and 3.4 above, individuals shall not be allowed to bring along currencies of bordering countries into inland provinces; before entering inland provinces, individuals, who have currencies of bordering countries, shall have to sell them to licensed banks, foreign exchange counters, or deposit them in the form of custody at licensed banks located in the border provinces.

4. Bringing along when on entry or exit via border-gates;

Individuals (including foreign individuals), who, when on entry or exit via border-gates by passports, laissez-passers, or border identity cards granted by competent agencies of Vietnam or bordering countries, bring along an amount of Vietnam dong, currencies of bordering countries or other foreign currencies exceeding the levels prescribed by the Vietnam State Bank Governor, shall have to declare such to the border-gate customs offices. For cases of bringing all cash amounts in excess of the prescribed levels when exiting Vietnam, Vietnam State Bank�s permits shall be required.

The levels of Vietnam dong, currencies of bordering countries and other foreign currencies allowed to be brought into or out of the country upon one�s entry and exit, as well as the procedures and competence to grant permits for cases of exit with an amount exceeding the prescribed levels shall comply with the State Bank Governor�s regulations in each period.

5. Investment in the border regions and/or border-gate economic zones, for foreign citizens. The investment shall comply with the Law on Foreign Investment in Vietnam and the documents guiding the implementation thereof.

Section IV. OPENING AND USING VIETNAM DONG ACCOUNTS

1. Conditions for opening accounts

Foreign individuals being citizens of the countries bordering Vietnam and having been licensed to conduct business in the border regions and/or border-gate economic zones, if having Vietnam dong collected from goods sale and/or service provision, as well as from other sources permitted by Vietnam’s law, shall be entitled to open and maintain their Vietnam dong accounts at licensed banks located in the border provinces.

2. The procedures for opening and closing accounts shall be prescribed by the banks where such Vietnam dong accounts are opened.

3. Using accounts

Foreign individuals being citizens of bordering countries shall be entitled to use their Vietnam dong accounts under the following provisions:

3.1. Revenues:

a) Via-bank account transfer and cash earned from the sale of goods and/or services in Vietnam to organizations and individuals in the border regions and border-gate economic zones;

b) Via-bank account transfer and cash earned from the sale of currencies of bordering countries or other foreign currencies to licensed banks and/or foreign exchange counters;

c) Via-bank account transfer and cash earned from other sources permitted by Vietnam�s law.

3.2. Expenditures

a) Payment for the purchase of goods and/or services from organizations and individuals conducting business in the border regions and border-gate economic zones;

b) Payment for the purchase of currencies of their countries from licensed banks or foreign exchange counters located in the border regions and border-gate economic zones for transferring back to their home countries;

c) Withdrawal of cash for spending in Vietnam;

d) Payment for other purposes permitted by Vietnam’s law.

Section V. FOREIGN EXCHANGE COUNTERS SET UP BY BANKS

1. The General Directors (Directors) of licensed banks shall, depending on the banks’ conditions and capability, decide on the establishment of foreign exchange counters in the border regions and border-gate economic zones for the purchase and sale of Vietnam dong and currencies of bordering countries, and bear responsibility for their own decisions as well as the results of such counters’ operation.

The sale and purchase of other foreign currencies shall comply with the Regulation on the operation of foreign exchange counters issued by the State Bank Governor, and other relevant provisions on foreign exchange management.

2. The licensed banks, when setting up foreign exchange counters in the border regions and border-gate economic zones of one province, shall have to notify the State Bank’s branch in the concerned border province of the location and number of their foreign exchange counters for the latter to control, inspect and supervise them.

Section VI. FOREIGN EXCHANGE COUNTERS SET UP BY INDIVIDUALS

1. Establishment conditions:

a) Being Vietnamese citizens who are also border residents (except for juveniles, persons with civil act capacity being restricted or lost, and persons being examined for penal liability, serving prison terms, or deprived of the right to practice their occupation by the courts);

b) Having location for foreign exchange counters in the border regions, border-gate economic zones or other areas in the border provinces as permitted by the State Bank;

c) Having a minimum cash capital of VND 50 (fifty) million. Individuals shall declare their capital by themselves and bear responsibility before law for the accuracy of their declaration.

2. Procedures of application for licenses

Individuals, who fully satisfy the above-mentioned conditions and wish to set up foreign exchange counters for the sale and purchase of Vietnam dong and currencies of bordering countries, shall have to send dossiers of application for licenses to the State Bank’s branches in the border provinces where the foreign exchange counters shall be located. Such a dossier shall include:

a) The application for the setting up of a foreign exchange counter;

b) The contract on renting the location for foreign exchange counter or lawful papers proving the right to use the counter’s location;

c) Lawful papers proving that the applicant is a resident of the border province where the foreign exchange counter shall be located, which may be one of the following: The original of the permanent residence registration, border identity card, certification of the applicant’s permanent residence registration in the border region or border-gate economic zone by the People’s Committee of the commune, ward or township, or certificate of business registration in the border region or border-gate economic zone. In cases where copies of the above-said papers are submitted, such copies must be notarized or there must be the originals thereof for comparison.

3. Time limit for granting licenses

Within 15 days as from the date of receiving the complete and valid dossiers, the State Bank’s branches in the concerned border provinces shall consider and decide to license or refuse to license the setting up of foreign exchange counters. In case of refusal, they must issue written reply, clearly stating the reasons therefor.

Individuals, who are licensed to set up foreign exchange counters by the State Bank’s branches in the concerned border provinces, shall have to implement the contents inscribed in their licenses and register their business according to current law provisions.

4. Rights and obligations of individuals licensed to set up foreign exchange counters

a) To have the right to decide by themselves on the foreign exchange rates between Vietnam dong and currencies of bordering countries;

b) To have the obligation to register their business, pay taxes, charges, fees and other budgetary collections according to law provisions;

c) To bear the responsibility before law for their own business results and acts;

d) To place foreign exchange counters in the location defined in the licenses; not to sell and buy currencies other than currencies of bordering countries defined in the licenses; to notify the State Bank’s branches in their respective border provinces when changing their business locations or terminating their business operation; to conduct business activities only after being granted business registration certificates;

e) To open books for monitoring the sale and purchase of Vietnam dong and currencies of bordering countries;

f) To periodically report to the State Bank’s branches in their respective border provinces as prescribed at Point 1 of Section VII;

g) To strictly abide by other relevant stipulations on foreign exchange management;

h) To be subject to the inspection and examination by the State Bank’s branches in their respective border provinces and competent State agencies; to provide information and create favorable conditions for the inspection and examination, when so requested.

5. Withdrawing licenses

The Directors of the State Bank’s branches in the border provinces shall consider and decide on the withdrawal of licenses already granted to individuals in the following cases:

a) Such individuals no longer satisfy the conditions prescribed at Point 1, Section VI;

b) Three months after being granted licenses, such individuals still fail to conduct the sale and purchase of Vietnam dong and currencies of bordering countries;

c) There are grounds to believe that the dossiers of application for licenses to set up foreign exchange counters contain untruthful information;

d) Such individuals constantly fail to comply with the regime of reporting to the State Bank’s branches in their respective border provinces as prescribed at Point 1, Section VII of this Circular, have been warned in writing for three times, but continue committing acts of violation;

e) Such individuals violate the provisions in Items b, d and g, Point 4 of Section VI.

6. Handling upon the detection of fake banknotes

When detecting fake banknotes, individuals setting up foreign exchange counters shall have to notify such to the nearest police offices and the State Bank’s branches in the concerned border provinces for investigation and handling.

Section VII. REPORTING REGIME

1. Quarterly, on the 5th of the first month of the following quarter at the latest, individuals licensed to set up foreign exchange counters in the border regions and border-gate economic zones shall have report on the sale and purchase of Vietnam dong and currencies of bordering countries to the State Bank’s branches in their respective border provinces according to set form;

2. Quarterly, on 5th of the first month of the following quarter at the latest, the licensed banks located in the border provinces (or their branches) which conduct the sale and purchase of Vietnam dong and currencies of bordering countries shall have to report thereon to the State Bank’s branches in the concerned border provinces according to set form;

3. Quarterly, on the 10th of the first month of the following quarter at the latest, the State Bank’s branches in the border provinces shall have to sum up and report to the State Bank (the Department for Foreign Exchange Management) the situation on the granting of licenses to set up foreign exchange counters to individuals, the number of the Bank’s foreign exchange counters as well as the sale and purchase of currencies of bordering countries in their respective localities;

4. Quarterly, on 20th of the first month of the following quarter at the latest, the Department for Foreign Exchange Management shall have to sum up and report to the State Bank Governor the situation and data on the use, sale and purchase of Vietnam dong and currencies of bordering countries, conducted under this Circular.

Section VIII. INSPECTION, EXAMINATION AND HANDLING

1. When the foreign exchange counters are put into operation, the State Bank’s branches in the concerned border provinces shall have to inspect, examine and supervise the operation of the counters in their respective localities according to the provisions of this Circular.

2. Organizations and individuals, that violate the provisions of this Circular, shall, depending on the nature and seriousness of their violations, be administratively handled or examined for penal liability according to law provisions.

Section IX. IMPLEMENTATION ORGANIZATION

1. This Circular takes effect 15 days after its signing.

2. In cases where there exist international agreements or treaties on the use of currencies of bordering countries in the border regions and border-gate economic zones, signed between Vietnam and bordering countries, such international agreements and/or treaties shall apply.

3. The amendment and supplementation of this Circular shall be decided by the State Bank Governor.

4. The Director of the Office, the Director of the Department for Foreign Exchange Management, the Chief Inspector, the heads of the concerned units of the State Bank, the directors of the State Bank’s provincial/municipal branches and the general directors (directors) of the licensed banks shall, within the scope of their functions and tasks, have to organize and guide the implementation of this Circular.

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