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| New regulations on buying and selling gold bars in the domestic market from November 27, 2023. |
The Governor of the State Bank of Vietnam issued Circular 12/2023/TT-NHNN dated October 12, 2023 amending legal documents regulating the implementation of tasks of managing state foreign exchange reserves.
Accordingly, Circular 12/2023/TT-NHNN has amended, supplemented and replaced a number of phrases, points and articles of Circular 06/2013/TT-NHNN guiding the buying and selling of gold bars in the domestic market of the State Bank of Vietnam as follows:
(1) Amending Article 14 of Circular 06/2013/TT-NHNN regulating the notification of results of gold bar purchase and sale transactions with each credit institution and enterprise:
The State Foreign Exchange Reserve Management Department shall notify in writing the Foreign Exchange Management Department, the Finance - Accounting Department, the Exchange and the Issuance and Treasury Department of the results of gold bar purchase and sale transactions with each credit institution and enterprise after signing the transaction confirmation.
(Current regulations require the Exchange to notify in writing the Foreign Exchange Management Department, the Finance - Accounting Department, the Issuance and Treasury Department of the results of gold bar buying and selling transactions with each credit institution and enterprise after signing the transaction confirmation.)
(2) Amend and supplement Point b Clause 1 and Point b Clause 2 Article 15 of Circular 06/2013/TT-NHNN on payment deadline and delivery and receipt of gold bars:
- Amend and supplement point b, clause 1, Article 15 of Circular 06/2013/TT-NHNN as follows:
At the end of the day of signing the transaction confirmation and at the end of the next working day following the day of signing the transaction confirmation, the State Foreign Exchange Reserve Management Department shall make a list of credit institutions and enterprises that have fully paid for the purchase of gold bars during the day and notify in writing the Department of Finance - Accounting, the Department of Issuance and Treasury to carry out the procedures for delivering gold bars to credit institutions and enterprises according to the provisions at Point c, Clause 1, Article 15 of Circular 06/2013/TT-NHNN.
(Current regulations stipulate that at the end of the day of signing the transaction confirmation and at the end of the next working day following the day of signing the transaction confirmation, the Transaction Office shall make a list of credit institutions and enterprises that have fully paid for the purchase of gold bars during the day and notify in writing the Department of Finance - Accounting, the Department of Issuance and Treasury to carry out the procedures for delivering gold bars to credit institutions and enterprises according to the provisions at Point c, Clause 1, Article 15 of Circular 06/2013/TT-NHNN.)
- Amend and supplement point b, clause 2, Article 15 of Circular 06/2013/TT-NHNN as follows:
Immediately after completing the delivery and receipt of gold bars, the Issuance and Treasury Department shall notify in writing the State Foreign Exchange Reserve Management Department and the Exchange to make payment to credit institutions and enterprises.
(Current regulations stipulate that immediately after completing the delivery and receipt of gold bars, the Issuance and Treasury Department shall notify in writing the Transaction Office to make payment to credit institutions and enterprises.)
(3) Amending and supplementing Article 20 of Circular 06/2013/TT-NHNN on the responsibilities of the State Foreign Exchange Reserve Management Department:
- Act as the focal point to coordinate with the Foreign Exchange Management Department to submit to the Governor of the State Bank for consideration and decision to temporarily suspend transactions and cancel gold bar buying and selling relationships with credit institutions and enterprises according to the provisions of Article 5 of Circular 06/2013/TT-NHNN;
Notify credit institutions and enterprises of the State Bank's decision to temporarily suspend transactions and cancel gold bar purchase and sale transactions.
- Focal point, coordinate with the Exchange to carry out payment transactions for buying and selling gold bars.
- Notify credit institutions and businesses in writing about non-refundable deposits.
- Notify and update the Banking Inspection and Supervision Agency and the Foreign Exchange Management Department on the list of credit institutions and enterprises establishing gold bar purchase and sale transaction relationships with the State Bank.
- Coordinate with the Foreign Exchange Management Department and the Monetary Policy Department to develop a plan for buying and selling gold bars of the State Bank.
- Coordinate with the Foreign Exchange Management Department to determine the buying and selling prices of gold bars (for direct buying and selling and bidding by volume), floor prices and ceiling prices (for bidding by price) according to the approved buying and selling plan.
- Notify the Transaction Office in writing about the credit institution or enterprise violating the obligations as prescribed in Article 13 of Circular 06/2013/TT-NHNN to serve as a basis for handling the deposit as prescribed in Article 16 of Circular 06/2013/TT-NHNN.
- Other responsibilities as prescribed in Circular 06/2013/TT-NHNN.
(Current regulations on the responsibilities of the Exchange are as follows:
- Act as the focal point to coordinate with the Foreign Exchange Management Department to submit to the Governor of the State Bank for consideration and decision to temporarily suspend transactions and cancel gold bar purchase and sale transactions with credit institutions and enterprises according to the provisions of Clause 1, Point a, Clause 2 and Clause 3, Article 5 of Circular 06/2013/TT-NHNN;
Notify credit institutions and enterprises of the State Bank's decision to temporarily suspend transactions and cancel gold bar purchase and sale transactions.
- Carry out payment transactions for buying and selling gold bars.
- Notify credit institutions and businesses in writing about non-refundable deposits.
- Notify and update the Banking Inspection and Supervision Agency and the Foreign Exchange Management Department on the list of credit institutions and enterprises establishing gold bar purchase and sale transaction relationships with the State Bank.
- Coordinate with the Foreign Exchange Management Department and the Monetary Policy Department to develop a plan for buying and selling gold bars of the State Bank.
- Coordinate with the Foreign Exchange Management Department to determine the buying and selling prices of gold bars (for direct buying and selling and bidding by volume), floor prices and ceiling prices (for bidding by price) according to the approved buying and selling plan.
- Other responsibilities as prescribed in Circular 06/2013/TT-NHNN.)
(4) Amend and supplement Clause 2, Article 23 of Circular 06/2013/TT-NHNN on the responsibilities of the Issuance and Treasury Department as follows:
Notify in writing the Exchange and the State Foreign Exchange Reserve Management Department of credit institutions and enterprises violating the obligation to deliver gold bars as a basis for handling deposits according to the provisions of Article 16 of Circular 06/2013/TT-NHNN and as a basis for considering temporary suspension of transactions according to the provisions of Clause 1, Article 5 of Circular 06/2013/TT-NHNN.
(Current regulations require written notice to the Exchange about credit institutions and enterprises violating the obligation to deliver gold bars as a basis for handling deposits according to regulations in Article 16 of Circular 06/2013/TT-NHNN and as a basis for considering temporary transactions according to regulations in Clause 1, Article 5 of Circular 06/2013/TT-NHNN.)
(5) Amend and supplement Article 25 of Circular 06/2013/TT-NHNN on the responsibilities of the Banking Inspection and Supervision Agency as follows:
- Notify in writing the State Foreign Exchange Reserve Management Department of the information specified in Point d, Clause 1, Clause 2 and Clause 3, Article 5 of Circular 06/2013/TT-NHNN.
- Based on the proposal of the Special Control Board at the credit institution specified in Point b, Clause 2, Article 5 of Circular 06/2013/TT-NHNN, act as the focal point to submit to the Governor for permission and termination of permission for credit institutions placed under special control to buy and sell gold bars with the State Bank; .
Notify credit institutions of the State Bank's decision on permitting or terminating the permitting of gold bar and copper purchase and sale transactions to the Special Control Board at the credit institution, the State Foreign Exchange Reserve Management Department and the Exchange.
- Conduct inspection and supervision of gold bar trading activities of credit institutions and enterprises with the State Bank according to the provisions of law.
(Current regulations stipulate the responsibilities of the Banking Inspection and Supervision Agency as follows:
- Notify the Exchange in writing of the information specified in Point d, Clause 1, Point a, Clause 2 and Clause 3, Article 5 of Circular 06/2013/TT-NHNN.
- Based on the proposal of the Special Control Board at the credit institution specified in Point b, Clause 2, Article 5 of Circular 06/2013/TT-NHNN, act as the focal point to submit to the Governor for permission and termination of permission for credit institutions placed under special control to buy and sell gold bars with the State Bank;
Notify credit institutions of the State Bank's decision to permit or terminate the permit for the purchase and sale of gold bars and copper to the Special Control Board at the credit institution and the Exchange.
- Conduct inspection and supervision of gold bar trading activities of credit institutions and enterprises with the State Bank according to the provisions of law.)
(6) Add Article 25a to Circular 06/2013/TT-NHNN on the responsibilities of the Transaction Office as follows:
- Carry out payment transactions for buying and selling gold bars based on announcements from the State Foreign Exchange Reserve Management Department.
- Perform other tasks according to the provisions of Circular 06/2013/TT-NHNN.
In addition, Article 2 of Circular 12/2023/TT-NHNN replaces some phrases in Circular 06/2013/TT-NHNN as follows:
- Replace the phrase "Transaction Office" with the phrase "State Foreign Exchange Reserve Management Department" in Article 3, Clause 4, Article 4, Clauses 1 and 3, Article 11, Clauses 1 and 2, Article 12, Clause 6, Article 19, Clauses 2 and 3, Article 21, Article 22, Appendix 1, 2, 3 issued with Circular 06/2013/TT-NHNN.
- Replace the phrase "Director of the Transaction Office" with the phrase "Director of the State Foreign Exchange Reserve Management Department" in Appendix 3 issued with Circular 06/2013/TT-NHNN.
Above are some new regulations on buying and selling gold bars in the domestic market, summarized from Article 2 of Circular 12/2023/TT-NHNN.
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