Dragon Law Firm - Công ty luật Dragon - Vietnam Law Firm, Hanoi Law, Saigon Law, Lawyer Nguyen Minh Long

Circular No. 11/2011/TT-NHNN dated April 29, 2011 of the State Bank of Vietnam providing for termination of gold deposit mobilization and gold lending of the credit institutions

12/05/2011

Download full document

Share |

THE STATE BANK OF
VIETNAM
-------

No. 11/2011/TT-NHNN

SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
--------------

Hanoi, April 29, 2011

CIRCULAR

PROVIDING FOR TERMINATION OF GOLD DEPOSIT MOBILIZATION AND GOLD LENDING OF THE CREDIT INSTITUTIONS

THE STATE BANK OF VIETNAM

Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 June 16, 2010;
Pursuant to the Law on Credit Institutions No. 47/2010/QH12 June 16, 2010;
Pursuant to the Decree No.96/2008/ND-CP August 26, 2008 of the Government regulating functions, tasks, powers and organizational structure of the State Bank of Vietnam;
Pursuant to the Resolution No. 11/NQ-CP February 24, 2011 by the Government on key measures to focus on inflation control, macroeconomics stability, social welfare security;
The State Bank of Vietnam provides for termination of gold deposit mobilization and gold lending of the credit institutions, branches of foreign banks (called as the institutions) as follows:

Article 1. Credit institutions are not entitled to loan in gold to clients and other institutions (including the credit contracts signed but not released or released but not be up; not to send gold at other credit institutions; not to perform trust operations, investment and other forms of credit in gold.

Article 2. Credit institutions are not mobilized capital in gold, except for issuing short-term gold certificates to pay for gold at the request of clients when collection of gold and cash balance is not sufficient to pay. The issuance of short-term gold certificates of credit institutions shall end on May 01, 2012.

Article 3. Credit institutions are not converted the previous mobilized capital in gold into Vietnam dong and other monetary forms. For the capital in gold have been converted into money must be settled later than June 30, 2011.

Article 4. Responsibility of organizations

1. For credit institutions: sending report of mobilization and capital loan in gold according to Annex 1, Annex 2, Annex 3 and Annex 4 of this Circular; providing relevant information at the proposal of the State Bank of Vietnam in each period.

2. For the branches of the State Bank in provinces and cities directly under the Central Government:

a) To implement the inspection and examination of the mobilization termination and capital loan in gold by credit institutions in the area and handle violations according to their competence.

b) To send a report on the situation of mobilization and capital loan in gold by credit institutions under Annex 5 of this Circular; to report and recommend to the Governor of the State Bank of handling difficulties and obstacles on mobilization termination and capital loan in gold by credit institutions in the area.

3. For agencies of inspection, banking supervision: to implement the supervision, inspection and examination of the mobilization termination and capital loan in gold by credit institutions as prescribed in this Circular; handling violations according to their competence; to report and recommend to the Governor of the State Bank of handling difficulties and problems of the mobilization termination and capital loan in gold by credit institutions.

Article 5. Implementation organization

1. This Circular takes effect on May 01, 2011.

2. The Circular No.22/2010/TT-NHNN dated October 29, 2010 of the Governor of the State Bank providing for the mobilization of deposits and loans in gold by credit institutions shall be invalid.

3. Chief Office, Director of Department of Monetary Policy and Heads of units under the State Bank of Vietnam; Directors of Branches of the State Bank in provinces, cities directly under the Central Government; Chairmen of management boards, General Directors (Directors) of credit institutions and relative individuals, organizations is responsibility for the implementation of this Circular.

FOR THE GOVERNOR
DEPUTY GOVERNOR

Nguyen Dong Tien

Vietnam lawyers, Hanoi lawyers, Saigon lawyers, Lawfirm, Dragon lawfirm, Vietnam lawfirm, Vietnam la bank , finance, state bank, commercial bank,