Regarding the process of buying and selling gold bars through bidding, it is implemented according to Decision No. 563/QD-NHNN dated March 18, 2013.
Accordingly, regarding the announcement of gold bar auctions, it is stipulated that: No later than on the working day immediately preceding the date the State Bank organizes the auction, the Transaction Office shall send the auction announcement via fax to credit institutions and enterprises that have established gold bar buying and selling relationships with the State Bank at the registered fax number.
Regarding deposit transfer, it is stipulated as follows: No later than 5:00 p.m. of the day immediately preceding the day the State Bank organizes the gold bar auction, credit institutions and enterprises must transfer the deposit to the State Bank's account according to the auction notice.
Regarding the regulations on checking and announcing the bidding qualifications of credit institutions and enterprises as follows:
Within 1 hour from the time the State Bank starts organizing the auction, the Transaction Office checks the deposits of credit institutions and enterprises in the accounts according to the State Bank's notice and checks the identification documents of the transaction representatives of the credit institutions and enterprises.
The deposit of a credit institution or enterprise is valid for participation in the bidding when the deposit is greater than or equal to the deposit value calculated according to the formula: Deposit value = Deposit ratio x Reference price x Minimum bid volume of gold bars.
Credit institutions and enterprises are not qualified to participate in gold bar bidding with the State Bank in the following cases:
Credit institutions and enterprises whose transaction relations are temporarily suspended or whose transaction relations are canceled;
Representatives of credit institutions and enterprises do not present identification documents as prescribed;
Invalid identification;
Participants are not transaction representatives registered by credit institutions or enterprises;
Credit institutions and enterprises do not comply with the regulations on deposits as prescribed in Clause 2 of this Article.
The Exchange shall notify in writing credit institutions and enterprises that are not qualified to participate in the gold bar auction with the State Bank, stating the reasons.
Regarding price announcement: The Exchange notifies transaction representatives of credit institutions and enterprises of ceiling prices and floor prices for price-based bidding, or purchase prices and selling prices for volume-based bidding.
The procedure also stipulates the submission of bids: No later than 30 minutes from the time the Exchange announces the price as prescribed, the transaction representative of the credit institution or enterprise must fully fill in the bid form and submit the bid form.
The procedures for bidding and bid opening are as follows:
The State Bank (Transaction Office) closes the bid at the end of the bid submission deadline. After the bid closing time, the State Bank (Transaction Office) does not accept bids from credit institutions and enterprises.
No later than 10 minutes from the closing time of bidding, the State Bank (Transaction Office) will open the bid.
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