Thông tư 12/2012/TT-NHNN

CIRCULAR

AMENDING AND SUPPLEMENTING SOME ARTICLES OF THE CIRCULAR NO. 11/2011/TT-NHNN DATED APRIL 29, 2011 OF GOVERNOR OF STATE BANK OF VIETNAM ON TERMINATION OF MOBILIZATION AND LOAN IN GOLD OF CREDIT ORGANIZATION.

Pursuant to the Law on State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Decree No. 96/2008/ND-CP dated August 26, 2008 of the Government stipulating the functions, duties, powers and organizational structure of the State Bank of Vietnam;

Implementing Resolution No. 01/ND-CP dated January 03, 2012 of the Government on the key solutions to direct and operate the implementation of the plan for social and economic development and the state budget estimate in 2012; Resolution No.01/NQ-CP dated February 24, 2011 of the Government on the key solutions in order to focus on inflation control, macro economy stability and social security assurance.

Considering the proposal of Director of Department of Monetary Policy;

The Governor of the State Bank of Vietnam has promulgated the Circular on amending and supplementing some articles of Circular No. 11/2011/TT-NHNN dated April 29, 2011 of the State Bank of Vietnam stipulating the termination of mobilization and loan in gold of credit organizations.

Article 1. Supplementing and amending some articles of the Circular No.11/2011/TT-NHNN as follows:

1. Supplementing and amending article 2 as follows:

“Article 2

” Credit institutions are not entitled to mobilize capital in gold, except for issuing short-term certificates in gold to pay gold on customers’ requirement when the amount of debt collection in gold and cash in vault is not sufficient for payment. The issuance of short-term gold certificates of credit organization will be terminated on November 25, 2012.

2. Amending and supplementing Article 3 (which was amended and supplemented by Circular No. 32/2011/TT-NHNN dated October 06, 2011 of the Governor of the State Bank of Vietnam) as follows:

“Article 3.

Credit institutions are not entitled to convert capital mobilized in gold by any form into Vietnam dong or other forms in cash; not entitled to use gold mobilized for pledge, mortgage, and collateral to ensure the obligations of loan payment at other credit organizations."

3. Amending and supplementing Article 4 (which was amended and supplemented by Circular No. 32/2011/TT-NHNN dated October 06, 2011 of the Governor of the State Bank of Vietnam) as follows:

“Article 4. Responsibility of organizations:

1. Credit institutions

a) Building the roadmap and plan to terminate the mobilization in gold on November 25, 2012 for submission to the State Bank of Vietnam (the Department of foreign exchange management, The Banking Inspection and Supervision Agency) to monitor the implementation.

b) The credit institutions that have converted gold into cash as stipulated in the Circular No. 32/2011/TT-NHNN dated October 06, 2011 of the Governor of the State Bank of Vietnam must make final settlement all of the gold converted into cash and close gold accounts in foreign countries according to notice of the State Bank of Vietnam.

c) Periodically on weekly Monday, the credit institutions will send report to the State Bank of Vietnam (the Department of foreign exchange management, The Banking Inspection and Supervision Agency, State bank –branches in provinces and cities where the credit institutions located their Head Office) on the situation of mobilization and capital loan in gold in accordance with Annex 1, 2, 3 and 4 promulgated with this Circular.

d) Providing relevant information at the request of the State Bank of Vietnam in each period.

2. Department of Foreign Exchange Management: Monitoring, summing up and suggesting measures of handling capital capitalization and use in gold of the credit institutions in order to submit to the Governor of State Bank of Vietnam for decision.

3. The Banking Inspection and Supervision Agency: Implementing the supervision, inspection and examination of the termination of mobilization and capital loan in gold of the credit institutions as prescribed in this Circular; handling violations under its competence; reporting and requesting the Governor of the State Bank of Vietnam to deal with difficulties and problems on the termination of mobilization and capital loan in gold of the credit institutions.

4. The branches of State Bank in Central-affiliated provinces and cities are responsible for implementing the inspection and examination of the termination of mobilization and capital loan in gold of the credit institutions in the area, handling the case of violation under their competence; reporting and requesting the Governor of the State Bank of Vietnam to deal with difficulties and problems on the termination of mobilization and capital loan in gold of the credit institutions in the area.

Article 2. Implementation provision

1. This Circular will take effect on April 30, 2012

2. The Circular No. 32/2011/TT-NHNN dated October 06, 2011 amending and supplementing some articles of Circular No. 11/2011/TT-NHNN dated April 29, 2011 of the State Bank of Vietnam stipulating the termination of mobilization and capital loan in gold of the credit institutions has expired.

3. Chief of the Office, Chief inspector and supervisor of bank, Heads of units under the State Bank of Vietnam, Director of branches of State Bank in Central-affiliated provinces and cities, Chairman of the Management Board, Chairman of Member Board, General Director (Director) of credit institutions, organizations and individuals concerned are liable to execute this Circular.