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THE STATE BANK OF
VIETNAM
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SOCIALIST REPUBLIC
OF VIETNAM
Independence-Freedom-Happiness
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No. 05/2004/TT-NHNN
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Hanoi, September
15, 2004
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CIRCULAR
GUIDING
THE IMPLEMENTATION OF SEVERAL CONTENTS OF THE DECREE NO. 159/2003/ND-CP DATED
10 DECEMBER 2003 OF THE GOVERNMENT ON THE SUPPLY AND USE OF CHEQUES
Pursuant to Paragraph 1, Article 50 of the
Decree No. 159/2003/ND-CP dated 10 December 2003 of the Government on the
supply and use of cheques (hereinafter referred to as Decree), the State Bank
of Vietnam provides guidelines on the implementation of several contents of the
Decree as follows:
Chapter I
GENERAL
PROVISIONS
1. Scope of
application and governed subjects
This Circular provides guidance on several
contents concerning the activity of supply and use of cheques, including the
supply, drawal, transfer, guarantee, payment, recourse for cheques provided by
payment service suppliers, which are operating in the territory of Vietnam and
procedures for the supply, control, circulation, treatment of documents and
accounting in relation to the payment of cheques through the payment service
suppliers operating in the territory of Vietnam.
1.1. Scope of application
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1.2. Governed subjects
1.2.1. Institutions that supply cheques and
take part in the process of cheque payment, cheque collection on behalf of
others, include the State Bank; commercial banks, development banks, investment
banks, policy banks, cooperative bank and other types of banks; central
people’s credit funds; non-bank credit institutions that are permitted by the
State Bank to perform the supply, payment and collection of cheques on behalf
of others; institutions, not being credit institution, which are permitted by
the State Bank to perform the supply, payment and collection of cheques on
behalf of others.
1.2.2. Organizations, which and individuals,
who use cheques and are involved in the use of cheques, include drawers,
payees, transferors, transferees, guarantors, guarantees, beneficiaries,
representatives under laws or by authorization and other persons who are
involved in the use of cheques.
2. Drawal, payment of
cheques, where the amount is stated in foreign currency
2.1. In case where a Drawer is entitled to
use account “payment in foreign currency” in accordance with provisions on
foreign exchange control of the State Bank, he is entitled to draw cheques in
foreign currency from his payment account to make payment to a payee who is
permitted to collect foreign currency.
2.2. In order to be paid in foreign currency,
the beneficiary of the amount stated in the cheque is responsible for proving
himself a subject, who is permitted to collect foreign currency in the
territory of Vietnam in accordance with provisions on foreign exchange control
of the State Bank. The payment of that cheque is made as follows:
2.2.1. The beneficiary is, if he can prove
himself a subject permitted to collect foreign currency, entitled to receive
the foreign currency amount as stated in the cheque;
2.2.2. If the beneficiary cannot prove
himself a subject permitted to collect foreign currency, the amount stated in
the cheque should be converted into Vietnam Dong at the buying rate applicable
to the foreign currency transfer, which is announced by the payer at the
payment time of that cheque, for payment to the beneficiary.
2.3. In case where the cheque drawn in
foreign currency is transferred to a payment service supplier, the payment
currency and payment rate should be agreed upon by the transferor and the
transferee. If the payment is to be made in foreign currency, the foreign
currency payee must be a subject permitted to collect foreign currency in accordance
with provisions on foreign exchange control of the State Bank.
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Obligations of the drawer are:
3.1. To ensure the availability of the amount
to be used at the payer to make payment for the entire amount stated in the cheque
to the beneficiary at the time when the cheque is presented for payment within
the presentation time limit. The amount to be used may be the balance on the
payment account, which the drawer has the right to use; or the balance on the
payment account and the overdraft limit that the drawer has the right to use in
accordance with the agreement made with the payer.
3.2. To fully fill in contents of the cheque
under provision in Point 15, Chapter III of this Circular. In case where the
cheque is not drawn in accordance with provisions due to the fault of the
drawer, which results in the refusal of payment to the beneficiary, the
beneficiary has the right to request the drawer to draw another cheque for
replacement. The drawer is obliged to satisfy this requirement of the
beneficiary within the date of requirement or on the working day following that
date of requirement.
3.3. In case where the payment of the cheque
is refused because that cheque is not secured by the payment capacity or due to
the fault of the drawer, the drawer should unconditionally return the cheques
amount, which is recoursed, in accordance with provision in Article 41 of the
Decree. The return of this amount must be carried out by the payment mode,
which is requested by the recourse person and in line with provisions of
applicable laws.
4. Acceptance of
cheque in the payment
The acceptance of cheque in the payment is
agreed upon by the drawer or the transferor (cheque returning party) and the
payee or the transferee (cheque receiving party).
In the payment process, the cheque receiving
party has the right to request the cheque returning party to present people’s
identity card (or passport, identity card of soldier, national defense workers
and staff or other papers with photo and seal), to provide address or other
related information if necessary. The receiving party has the right to refuse
the cheque receipt if its requirements are not satisfied by the cheque
returning party.
Chapter II
SUPPLY
OF CHEQUES
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In order to ensure the payment of cheques to
be made through the automatic cheque clearing payment center of the State Bank
or permitted by the State Bank, paper for printing cheque, size of cheque,
elements and position of elements on the blank cheque should be designed
according to conditions as provided for in Appendix 1 of this Circular and
other specific technical standards of the center (if any).
6. Prior to the
printing of blank cheque under the new sample, the cheque supplier must carry
out the registration of the blank cheque with the Monetary and Policy
Department of the State Bank. Registration file of the blank cheque includes:
- An official registration letter of the
blank cheque enclosed with the design of size, colour, detailed elements of the
blank cheque;
- A copy of the operation licence, which is
certified by the State Public Notary (for the first registration), of the cheque
supplier.
7. The Monetary -
Policy Department of the State Bank is responsible for considering and
responding the cheque supplier of the blank cheque sample within 10 working
days from the date of receipt of the registration file of the blank cheque sample
of the cheque supplier.
8. The cheque
supplier carries out the printing of blank cheques upon receiving the written
response from the State Bank, Prior to the supply of blank cheques to cheque
users, the cheque supplier should send a sample of printed blank cheque to the
Monetary - Policy Department and Accounting - Finance Department of the State
Bank for keeping.
9. Cheque suppliers
are entitled to select a printing house to enter into a printing contract of
blank cheques on the basis of self-responsibility for technical and anti-fake
elements of the blank cheques, which are supplied by them.
10. Cheque suppliers
are responsible for giving notice of their blank cheque to related parties
(including payment service suppliers involved in the service of cheque
collection on behalf of others, cheque clearing payment center and payment
service users).
11. Cheque suppliers
are responsible for the stipulation and agreement with cheque users about the
conditions and clauses on the use of cheques supplied by them. Subjects
entitled to be provided with blank cheques must be those, who satisfy following
conditions:
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11.2. Not forbidden for using cheques or
being deprived of the right to draw cheques;
11.3. Other conditions shall be provided for
by the cheque supplier.
12. The cheque
supplier shall take self-responsibility for:
12.1. Deciding on the quantity of blank
cheques to be supplied to each subject of customers and at each time of
supply on the basis of ensuring the conformity with requirements and the
reliability in the payment of each specific subject.
12.2. Setting up process, procedures of
prudence and assigning responsibility of related parties for the preservation,
maintenance, transfer of blank cheques and cheques during the internal payment
process of the cheque supplier;
12.3. Providing for, guiding and
disseminating responsibility for the maintenance of blank cheques and
requirements relating to the use of cheques for persons who are provided with
cheques;
13. Procedures for
cheque supply are performed as follows:
13.1. When there is a demand for the use of
cheque, account holder or representative of the account holder shall make a
written request for the supply of cheques then submit to the payment services
supplier (cheque supplier) where his account is being maintained;
13.2. The cheque supplier is, upon receipt of
the written request for the supply of cheques, responsible for examining the
conditions of persons, who request for the supply of cheque, and their identity
cards (or passporst, identity cards of soldier, national defense workers and
staff or other papers with photo and seal);
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The cheque supplier has the right to print,
press or state additional statements on the blank cheque if it is deemed
necessary and convenient for cheque users.
13.4. Cheque suppliers must open a book for
following up name, address, code of account of persons who are provided with
their cheques, quantity and symbol (serial number, number of cheque) of cheques
supplied to persons who are provided with cheques and request the supplied persons
to sign for acknowledgement in the monitoring book.
13.5. Persons, who are supplied cheques, must
tally the quantity of cheques, verify the accuracy of elements on the blank
cheques supplied. If there is any mistake, they must immediately inform the
cheque supplier and change for another cheque.
After having received the blank cheque from
the cheque supplier, the account holder must take full responsibility for any
shortcomings or abuse of cheque, that may happen and for any damage, that may
arise therefrom .
14. Persons who are
provided with blank cheques must be obliged to hand in all blank cheques that
are not yet used and cheques with wrongly drawn ones to the cheque supplier
when they no longer use cheques or terminate agreement with the cheque supplier
on the use of cheques.
chapter III.
ELEMENTS
AND THE DRAWAL OF A CHEQUE
15. Contents stated
on a cheque must be prepared in accordance with following requirements:
15.1. The cheque must be drawn on a blank
cheque supplied by a payer; if a cheque is drawn on a blank cheque which is not
supplied by the payer, the payer has the right to refuse the payment of that
cheque.
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15.3. The designation of the payee must be
stated in accordance with one of 3 modes, which are stipulated in Paragraph 1,
Article 17 of the Decree.
15.4. The money amount must be clearly stated
in the stipulated place in words and in number. Numerals and words must be
written continuously, the first letter must be capitalized; it is not permitted
to write intermittently, to write away from the beginning of a line, to insert
a new word between two words, which are written next to each other , the unused
space shall be crossed.
For the amount stated in number, it is
required to place a stop mark (.) after the figure of thousands, millions,
billions, thousand billions, million billions, billion billions; and to place a
comma (,) in case where there is some figure to be added after the unit digit.
In case of inconsistency between the amount
stated in words and that stated in number, the amount to be paid is the smaller
one.
15.5. Name of payer must be the name of a
unit that manages the account with the amount the drawer is entitled to use by
the drawal of cheque. The name of the payer may be the name of a branch of a
payment services supplier, which has provided the drawer with blank cheques and
permits him to use payment account with an amount to make cheque drawal in
accordance with agreement with that branch. In case where the payment services
supplier performs the centralized management for payment accounts which are
opened at its branches by the drawers through the on-line payment system, the
name of the payer is the name of the payment services supplier.
15.6. Place of payment is the place where the
cheque is paid and stipulated by the payer. The payment place may be the
address of the payer or of a payment services supplier which act as an agent
for cheque payment in lieu of the payer. In case where the cheque is paid at
any branch of the payer, the payment place must be stated in the words “every
branch”. If the payment place is not mentioned in the cheque, the cheque is
construed being presented for payment at the address of the payer. If the
address of the payer is not clear, the cheque must be presented to make payment
at the head office of the payer.
15.7. The date of drawal must be the date
stated on the cheque by the drawer.
15.8. The signature of the drawer must be
handwritten by a fountain pen or a ball-point pen in accordance with the sample
signature registered with the payer enclosed with the full name of the drawer.
16. In order to
designate the amount on the cheque to be paid to the account of the
beneficiary, the drawer or transferor must write or stamp the words “Paid to
the account” in the front side of the cheque right below the word “cheque”.
These words take effect for any beneficiary of the cheque.
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18. In case of wrong
statement, wrongly stated blank cheques are cancelled by crossing on it.
Wrongly stated cheques or damaged cheques must be preserved and returned to the
cheque supplier.
19. It is not
permitted to sign the cheque when contents subject to the drawer’s
responsibility have not yet been fully stated.
A person who signs the cheque but does not
fully fill in contents subject to his responsibility and enables unfilled
contents to be continuously inserted after he has signed the cheque; or who
fails to comply with requirements of the statement of money amount in words and
in number and these mistakes are abused as to falsify the money amount; or who
does not comply with other provisions and eables the misuse of the cheque, must
take full responsibility for the losses and be subject to the compensation for
losses caused to related parties by the misuse of the cheque.
20. In case where the
drawer is a representative or an authorized person, the account holder must
complete full procedures of notice, sample signature registration, limit
stipulation, etc with the payer.
Chapter IV
CHEQUE
TRANSFER BY ENDORSEMENT
21. The continuity of
the transfer signatures
21.1. For the cheque transferred by the
endorsement, the continuity of the transfer signatures must be as follows:
21.1.1. In the first transfer of the cheque,
the name of the transferor must be the name of the payee as stated in the front
side of the cheque.
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21.2. In case where the name of a transferor
in any transfer is not the name of the transferee in the preceding transfer
transaction, those transfer signatures are uncontinuous.
21.3. Person who holds a cheque, that has
been transferred, is the beneficiary of the amount stated on the cheque if he
is the last transferee in the continuous transfer signatures as above
stipulated in Point 21.1.
The payer of a cheque that has been
transferred by endorsement, is responsible for examining the continuity of the
transfer signatures to ensure that the amount stated on the cheque is paid to
the right beneficiary.
22. Transfer of
cheques to payment services suppliers
22.1. In order to be paid the amount stated
on the cheque, the beneficiary to the cheque may transfer it by endorsement of
that cheque to a payment services supplier in accordance with agreements
between two parties for that organization to present the cheque under
applicable provisions. The above-mentioned payment services supplier
(transferred organization) is entitled to agree on the acceptance of the cheque
transfer, to make decision on the immediate payment to the endorser, or the
payment after having the payment result of the cheque from the payer on the
basis of taking its self-responsibility for the payment capability of the
cheque and the possibility of recourse for the amount stated on the cheque in
case where the cheque is not paid.
22.2. The organization that accepts the
transfer of a cheque must be responsible for examination to ensure that:
- That cheque is permitted to be transferred
and may be presented within the presentation time (take notice of the time
required for the presentaton of the cheque)
- The transferror is the lawful beneficiary
of that cheque in accordance with provisions in Paragraph 6, Article 4 of the
Decree. In case where the cheque has been transferred by endorsement, it must
be transferred continuously to that person without any limitation by the words
“no further transfer”.
22.3. In case it cannot directly present that
cheque at the payment place under provisions, the organization that accepts the
transfer of the above -mentioned cheque has the right to continue transferring
that cheque to another payment services supplier with which it has a
correspondent relation, in accordance with the agreement between two parties in
the capacity as a representative of the person who has transferred the cheque
to it, so that this latter institution can present the cheque.
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22.5. The organization, that accepts the
cheque transfer, must verify all information relating to the validity of
contents stated on the cheque and the payment capability of the drawer. The
payer has the right to provide urgent information at above-mentioned request
from the transferree by the notification mode, which is agreed between two
parties.
22.6. For a cheque drawn from abroad, which
is transferred to payment services suppliers in the territory of Vietnam, the
first organization, that has accepted the transfer of the cheque in the
territory of Vietnam is responsible for the implementation of provisions from
Point 22.1 to 22.5 of this Chapter.
Chapter V
SECURITY
FOR THE PAYMENT OF CHEQUES
23. Guarantee for the
cheque payment
23.1. In order to carry out the guarantee for
the cheque payment, a cheque must fully satisfy following conditions:
23.1.1. To be fully, clearly filled in with
elements stated in Point 15, Chapter III of this Circular;
23.1.2. The drawer has sufficient balance on
his account to ensure the payment of the cheque, or the drawer does not have
sufficient balance on the account but he is granted an overdraft line by the
payer to such a limit to ensure the payment of the cheque amount;
23.1.3. The drawer requests for the payment
guarantee for that cheque
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23.3. The payer must, in order to secure the
payment of the cheque upon its presentation, place the amount of the cheque,
which is guaranteed in a separate account or freeze that amount on the account
(blocking the balance of the account) of the drawer from the time where the
cheque guarantee is performed untill the expiration of the time for
presentation.
23.4. Procedures for the cheque guarantee are
carried out as follows:
23.4.1. Where the deposit account is used to
secure the cheque payment:
When there is a demand for cheque guarantee,
the drawer must prepare and submit to the payer a “payment order” (The number
of the payment order copies is stipulated by the payer but he has to ensure the
sufficient copies for the accounting, payment and the record) and the cheque
with full elements, signatures and seal (if any) in its front side to the
payer.
The payer must control, verify the “payment
order”, review conditions for the performance of cheque guarantee in accordance
with provision in Point 23.1 of this Chapter, if conditions are fully satisfied,
he shall proceed as follows:
- To state date, month, year and sign his
name, seal the word “guarantee” on the front side of the cheque;
- To deliver the cheque for which the
guarantee procedure is completed to the customer;
Copies of the payment order are processed as
follows:
- One sheet is used as a voucher to debit the
account of the drawer and to credit the drawer's account for guarantee of the
cheque payment.
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23.4.2. Where the deposit account is not used
to secure the cheque payment:
Payment services supplier that provides the
cheque guarantee may freeze the balance of the drawer's payment account, which
is equivalent to the amount guaranteed for the cheque payment. When taking this
measure to guarantee a cheque, the bank must ensure its control over the
payment capability of the drawer, avoiding any potential illiquidity which may
severely affect related parties.
23.5. Once a cheque is guaranteed, the payer
is responsible for ensuring the payment of the amount stated on the cheque
untill the expiry of the presentation time of the cheque.
After the presentation time, the payment
services supplier is no longer responsible for the security of payment
capability of the cheque when it is presented. The drawer has the right to
request the payer to terminate the deposit or freeze of the amount, which is
used to guarantee the payment of that cheque.
Chapter VI
PRESENTATION
AND PAYMENT OF THE CHEQUE
24. A cheque is
considered “presented” if the cheque in form of paper document (for the case of
documentary payment) or in form of electronic data (in case of electronic
payment) is delivered to the presentation place as provided for in Point 25 or
Point 26 of this Chapter.
The payer is responsible for making payment
to the beneficiary or person authorized by the beneficiary within the date of
presentation or on the working day following that date, if the cheque is
presented within 30 days from the date of drawal and the drawer possesses an
amount of money, which is sufficient to pay the amount stated on the cheque,.
25. The beneficiary
or person authorized by the beneficiary (including authorized collector)
present the cheque at following places (place of presentation):
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25.2. If the payment place is not stated on
the cheque, the presentation of the cheque must be made at the address of the
payer;
25.3. If the beneficiary or the person
authorized by the beneficiary does not know the payer’s address, he must
present the cheque at the head office of the payer.
26. If the person who
presents the cheque is a payment services supplier, that organization is
entitled to, in addition to above-mentioned places of presentation, present the
cheque at the cheque clearing payment center provided that organization is a
direct member of the clearing payment center and the payment of that cheque is
made through the clearing payment center under the agreement between the center
and members.
27. The collection of
cheque under the authorization is performed as follows:
27.1. If the beneficiary does not directly
present the cheque, it may hand in the cheque to the payment services supplier
where his account is being maintained; or hand in the cheque to a payment
services supplier which provides the cheque collection service (hereinafter
referred to as an authorized collector) to authorize that organization to
present the cheque at the place of presentation. The time for the delivery of
cheque for presentation shall be agreed upon by the two parties.
27.2. The authorized collector may still
carry out the collection of cheques, the presentation time of which expires but
is not later than 06 month from the date of drawal. For a cheque, the payment
of which is refused, the authorized collector must return it to the beneficiary
and is not responsible for this refusal.
27.3. The authorized collector has the right
to stipulate the fee for cheque collection service applicable to the
beneficiary. In case where the cheque payment refusal does not result from the
authorized collector’s fault, he is not obliged to refund the collection
service fee to the beneficiary.
27.4. In case where the cheque is refused due
to the fault of the authorized collector, he is responsible for damage compensation
to the beneficiary according to the agreement between the two parties. In case
where the two parties cannot come to an agreement, the settlement is made in
accordance with provisions of applicable laws.
27.5. Procedures for the delivery, receipt
and verification of cheques by the authorized collector are as follows:
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In case where there is discrepancy on a
cheque between the amount in number and that in words, the smaller amount must
be declared in the list of cheques, which are handed in for payment.
When making the list of cheques, the
beneficiary must state fully, clearly elements stipulated on the list and is
not permitted to make any correction or erasure.
- The authorized collector must, upon receipt
of the copies of the list of cheques and cheques which are handed in, verify
elements stated on each cheque to ensure that:
+ The person requesting for the payment is a
legal beneficiary of that cheque in accordance with provisions in Paragraph 6
of the Decree;
+ The cheque is fully filled in with
compulsory elements in accordance with provisions in Paragraph 1 and 2, Article
14 of the Decree;
+ The cheque is not in excess of 6 months
from the date of drawal (attention is paid to the time required for
presentation of the cheque).
+ The continuity of the transfer signatures
on the cheque (if any).
+ The cheque number, amount on the cheque and
the amount declared in the list of cheques to be handed in must be the same.
+ For the sum of amounts of cheques in the
list, the sum in words is equivalent to that in number.
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- If there is no error, the authorized
collector must sign for confirmation of his acceptance of the collection at
request of the beneficiary, take note in the book for following up the cheques
sent for collection (using it as a basis for treatment in case where delivered
cheques are lost or late) and send the cheques and the list of cheques to the
place of presentation within the time and by the mode as agreed with the
beneficiary and in conformity with current provisions of the payer.
28. The direct
delivery and receipt of cheques between the authorized collector and the payer
must be stated in the monitoring book of the document delivery and receipt and
acknowledged by signatures. In case where the authorized collector and the
payer cannot make direct delivery and receipt of cheques with each other, they
can apply other measures of delivery and receipt but they must ensure that
cheques are delivered to the payer promptly, fully, accurately and safely.
29. The delivery and
examination of cheque by the payer are made as follows:
29.1. Upon receipt of the copies of the list
of cheques and the cheques from the beneficiary or the authorized collector,
the payer must verify elements stated on each cheque to ensure:
+ The person requesting for the payment is a
legal beneficiary of that cheque in accordance with provisions in Paragraph 6,
Article 4 of the Decree (in case where the beneficiary directly presents the
cheque);
+ The cheque is drawn on a blank cheque
supplied by him and is fully filled in with elements in accordance with
provisions in Article 14 of the Decree;
+ The cheque is not in excess of 6 months
from the date of drawal;
+ No order of payment suspension is issued if
the cheque is presented after 30 days since the date of drawal;
+ The signature and seal (if any) of the
cheque drawer or the drawer’s representative must be corresponding to the
sample, which is registered with the payer;
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+ The continuity of the transfer signatures
(if the cheque is transferred) on the cheque;
+ + The cheque number, the amount on the
cheque and the amount declared in the list of cheques to be handed in must be
the same.
+ For the sum of amounts of cheques in the
list, the sum in words is equivalent to that in number.
+ Other elements under related provisions.
- Upon discovery of any error in the list of
cheques or lack of above-mentioned conditions required for the cheques, the
payer must return the cheques to the deliverer and request him to make a new
list of qualified cheques for replacement; If there is no error, the payer
shall sign for confirmation of his acceptance of the cheques at request of the
authorized collector or the beneficiary.
29.2. In case where the words “payable to the
account” is not stated on the cheque, the payer may make payment in cash at the
request of the beneficiary at the place of presentation stated in Point 25 of
this chapter;
The cash receiver must clearly state his full
name, identity card number (or passport, identity card of soldier, national
defense workers and staff or other papers with photo and seal) in the place
stipulated for the cash receipt in the back side of the cheque.
29.3. Where any violation of provisions on
cheque control results in the bribery, misuse, loss of assets, the violator is
responsible for compensation.
30. For the cheque
that is verified in accordance with provisions in Point 29 of this Chapter, the
payer shall examine the payment capability of the cheque and carry out the
accurate and safe treatment; use the account to make accounting of payment
transactions and keep secret of the balance of payment account of customer in
compliance with provisions of applicable laws and carry out the treatment under
sequence and procedure as stipulated from Point 31 to Point 33 of this Chapter.
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31.1.Cheques are used as documents to debit
the payment account of the drawer, or to charge to the account “payment
security deposit” (in case where the cheque is guaranteed by the payer through
the freeze of the cheque amount).
31.2. Copies of the list of cheques are used
as vouchers to credit such appropriate accounts as: payment account of the
beneficiary (where the beneficiary maintains his account at the payer); “cash”
(where the beneficiary withdraws the cash); “clearing payment”, “deposit at the
SBV” (in case of clearing payment or payment made through the SBV); account of
the authorized collector (where the payment is made under the agreement on
correspondent relationship), etc… Appropriate payment documents are then
prepared to send for clearing payment (if the authorized collector takes part
in the clearing payment) or transfer documents are prepared to send to the
authorized collector to credit the account of the beneficiary.
31.3. Procedures for the payment, circulation
of documents for the case where both the drawer and the beneficiary open their
account at the same bank’s branch, or at two branches of the same payment
services supplier and that institution has an online payment system for which
the General Director (Director) of that unit or institution takes
responsibility for issuing provisions and guidance in line with provisions of
this Circulation.
32. If the amount the
drawer is entitled to use at the payer is not sufficient to pay for the entire
amount stated on the cheque, the payer carries out the following treatment:
32.1. To give notice to the drawer of the
fact that the cheque can not be paid. This notice should clearly state the
cheque number, date of drawal, amount stated on the cheque, the amount which
can not be paid, the beneficiary of the cheque within the presentation date or
the working day following the presentation date of that cheque. This notice may
be given via telephone, telegraph or another appropriate communication means.
The payer preserves the right to charge the drawer a fee for this service.
At the same time the same notice is to be
made to the cheque presenter (including the beneficiary or the authorized
collector) within the presentation date or the working day following the
presentation date by the urgent communication mode in accordance with the
agreement between the two parties.
32.2. The beneficiary has the right to
request or through the authorized collector to request the payer to carry out
one of 3 following modes:
32.2.1. To prepare a confirmation on the
payment refusal for the entire amount stated on the cheque and return him that
cheque;
32.2.2. To make partial payment of the amount
stated in the cheque equivalent to the amount, at the maximum, the drawer is
entitled to use at the payer and prepare a confirmation on the payment refusal
for the remaining amount on the cheque that is not yet paid (in this case the
beneficiary should draw a collection order under the form of Appendix No. 03).
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32.3. The payer is responsible for carrying
out requests made by the presenter of the cheque upon his receipt of the
collection order in case where the cheque is not in excess of 6 months from the
date of drawal.
32.4. Upon receipt of the collection order
that requests for the partial payment of the cheque amount from the
beneficiary, the payer proceeds as follows:
32.4.1. To verify the legality, validity of
the collection order;
32.4.2. Based on the collection order and the
current payment capability of the drawer at the time of the request, the payer
makes following entries:
Debit the payment account of the cheque
drawer;
Credit the appropriate account (Payment
account of the beneficiary, Cash; Clearing payment; Deposit account at the SBV,
account of the authorized collector, etc…)
And makes a clearing payment document (if the
authorized collector takes part in the clearing payment) or a transfer document
for the authorized collector to credit the account of the beneficiary.
The payer must open a book to monitor
cheques, which are partially paid.
32.4.3. Upon making partial payment, the
payer should proceed as follows:
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- To prepare a notice of the payment refusal
of the cheque, which clearly states the cheque number, drawing date of the
cheque, name, address of the beneficiary of the cheque, the cheque amount, the
amount to be refused and send it to the drawer to request him to perform
repayment obligation for the amount, the payment of which is refused, together
with the warnings of the possible consequences if he does not perform his
repayment obligation for that refused amount.
Information concerning to the cheque drawer
who lacks payment capability should be treated in accordance with provisions in
Point 37, Chapter VII of this Circular.
32.4.4. In case where the payer fails to
receive the Collection Order after 5 working days from the sending date of the
notice of the payment incapability, it should perform procedures to make the
refusal for the entire cheque amount, to make a written confirmation of the payment
refusal together with the cheques to return them to the beneficiary or the
authorized collector; at the same time to make a notice of the payment refusal
of the cheque and send it in accordance with provision in Point 32.4.3 of this
Chapter.
32.5. Upon making a partial payment of the
amount stated on the cheque, the payer shall request the beneficiary (where the
payment is made to the payment account of the beneficiary, which is maintained
at the payer or for the case of cash payment) or the authorized collector
(where the payment is made through the authorized collector) to make a receipt
(under the form in Appendix No. 04) for record.
33. In case where
several cheques are delivered at the same time to claim money from the drawer
and the drawer is not able to make payment for all these cheques, the payment
priority are determined by the drawing dates and in accordance with the ordinal
number of the cheques drawn, that means cheques drawn first should be paid
first, in case of the cheques with the same drawing date, the cheque with the
smaller ordinal number should be paid first.
34. Treatment
procedures at the authorized collector:
34.1. For cheques which are paid wholly;
34.1.1. In respect of cheques, which are used
to make payment to the account, the authorized collector should use the cheque
payment documents for his accounting, when he receives them from the payer:
Debit: Appropriate account (Clearing payment,
Deposit at the SBV, Deposit of the payer, etc…)
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And send the Credit Advice to the
beneficiary.
34.1.2. In respect of cheques without the
words “payable to the account”, the authorized collector may make payment of
the amount stated on the cheque in cash at the request of the beneficiary. Cash
receiver must clearly state his name, identity card number (or passport,
identity card of soldier, national defense workers and staff or other papers
with photo and seal) in the place stipulated for the cash withdrawal in the
back side of a cheque.
The authorized collector should use documents
sent by the payer to make following accounting:
Debit: Appropriate account (Clearing payment,
Deposit at the SBV, Deposit of the payer, etc…)
Credit: Cash account
34.2. In case where the cheque is partially
paid according to the notice of the payer:
- The authorized collector should, based on
the amount already paid, use documents on the partial payment of that cheque,
which is sent to him by the payer to make following accounting:
Debit: Appropriate account (Clearing payment,
Deposit at the SBV, Deposit of the payer, etc…)
Credit: Appropriate account (Payment account
of the beneficiary; cash) (where the collector is authorized to receive cash
for the beneficiary).
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and to make a credit advice of the already
paid amount to send to the beneficiary (where the payment is made to the
account of the beneficiary).
The beneficiary or the authorized collector
(in the capacity as a person authorized by the beneficiary) should make a
receipt (under the form in Appendix No. 04) to deliver to the payer.
When the authorized collector receives the
receipt from the beneficiary, he shall, based on the Receipt, prepare a
transfer slip and make following accounting:
Debit: Account “Other amounts pending
payment” - to open detailed account for each beneficiary.
Credit: Appropriate account (payment account
of the beneficiary, cash).
And send a copy of the Receipt to the payer.
If the authorized collector does not yet
received the Receipt after 5 working days from the date where he sends the
credit advice of the partial payment of the cheque amount, the authorized
collector shall return the amount of the cheque that is partially paid and make
following accounting entries:
Debit: Account “Other amounts pending
payment” - to open detailed account for each beneficiary.
Credit: Appropriate account (Clearing
payment, Payment account at SBV, Deposit of the payer, etc…)
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36. The organization
of payment should be carried out as follows:
36.1. General Director (Director) of the
payment services supplier is responsible for providing and guiding the payment
of cheques between branches, subsidiary units of that organization in line with
current provisions of the laws and for giving notice and propagating to their
customers for implementation;
36.2. The payment service supplier has the
right to agree with other payment services supplier in the same locality or in
other province, city of the organization on the payment of cheques to their customers,
provide for the operational process, competences and responsibilities of
related parties on the basis of taking self-responsibility for prudence during
the cheque payment process and give notice, propagate to their customers for
implementation.
36.3. The payment of cheques through the
clearing payment center is performed as follows:
36.3.1. In respect of clearing payment
centers of the SBV, the clearing payment process provided for by the State Bank
is applicable to the payment of cheques through the clearing payment center;
36.3.2. In respect of clearing payment
center, which is a payment services supplier granted the operation licence by
the State Bank, the payment of cheques through the center between member
payment services suppliers should be performed in accordance with agreements
between that center and members.
Chapter VII.
VIOLATION
AND DEALING WITH VIOLATION
37. Violation due to
drawing of cheques without sufficient payment capability
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37.1.1. In case where the cheque is presented
within the payment period, but the amount that the drawer is entitled to use
for drawing the cheque at the payer is not sufficient to make payment of the
entire amount stated on the cheque, the payer must, after preparing the written
confirmation of the payment refusal according to applicable provisions, be
responsible for sending a notice to the drawer and requesting him to perform
his payment obligation for the amount stated on the cheque;
37.1.2. After directly making payment to the
beneficiary, the drawer must give notice to the payer of the completion of his
repayment obligation and enclose the already paid cheque. This case is
considered as unintentional drawal of cheques without payment capability.
37.1.3. Within 5 working days from the date
where the payment of a cheque is refused, if the payer does not receive the
notice as provided for in Point 37.1.2 mentioned above from the drawer, the
drawer is considered intentionally drawing the cheque without payment
capability.
In this case, the payer is responsible for
immediately and permanently suspending the drawing right of the violator, for
requesting the violator to return all of the blank cheques he is supplied and
giving notice to the credit information center of the State Bank of the
violator and forms of treatment in accordance with the contents mentioned in
Appendix No. 6 of this Circular.
In case where this person does not comply
with the decision of the payer, the payer has the right to take necessary
measures such as: blocking the drawer’s account, giving notice to his superior
agency (if any), and giving notice to the public security agency for
cooperative settlement.
37.1.4. The payer is responsible for
preserving information of the cheque drawer who lacks the payment capability in
his record file.
37.2. The second violation is considered as
repetitive one if it happens after less than 01 year from the first
unintentional violation, the payer should, in addition to settlement procedure
taken as for the first violation in case where the drawal of cheque without the
payment capability is still unintentional, immediately suspend the right to
draw cheques of the drawer for 3 months and take back the blank cheques and
give notice to the credit information center of the State Bank of the violator
in accordance with the contents as mentioned in Appendix No. 6 of this
Circular.
After 3 months, the payer may consider and
decide on the termination of the temporarily term of suspension of the right to
draw cheques of the violator and give notice to the credit information center
of the State Bank of his decision.
37.3. The third violation act shall be
considered repetitive one again if it happens after less than 01 year from the
violation as provided for in above-mentioned Point 37.2 and the payer should,
in addition to the settlement procedure as for the second violation,
permanently suspend the right to draw cheques of the drawer and request the
violator to return all the blank cheques and give notice to the credit
information center of the State Bank of the violator in accordance with the
contents as mentioned in Appendix No. 6 of this Circular.
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38. The penalty
interest rate applicable to the deferred cheque payment is equivalent to 200%
of the basic interest rate announced by the State Bank at the applicable time.
The fine for the deferred payment is paid to the cheque beneficiary.
Chapter VIII
IMPLEMENTING
PROVISIONS
39. This Circular
becomes effective after 15 days since its publication in the Official Gazette
and replace the Circular No. 07-TT/NH1 dated 27 December 1996 of the Governor
of the State Bank guiding the implementation of the Regulation on the drawal
and use of cheques issued in conjunction with the Decree No. 20-CP dated 9 May
1997 of the State Bank of Vietnam guiding the payment of cheque in foreign
currency.
40. Organizations,
which and individuals who use cheques and are involved in the use of cheques
shall refer any obstacle, which may arise during the implementation, to their
payment services suppliers for consideration and settlement; payment services
suppliers should report to the State Bank’s branches in provinces, cities under
the center Government’s management in the same locality any obstacle that they
cannot settle, for settlement; if it cannot be settled, they should report to
the State Bank for its study and resolution.
41. Cheque suppliers
should base on this Circular to issue an operational process on the supply and
use of cheques for their units and disseminate to their customers for
implementation. Documents that guide and deploy this Circular should be sent to
the State Bank (the Department of Monetary and Policy) for its information.
FOR THE GOVERNOR OF
THE STATE BANK
DEPUTY GOVERNOR
Phung Khac Ke
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Appendix
01a
BLANK
CHEQUE FORM THROUGH THE CLEARING PAYMENT CENTER OF THE STATE BANK
(the front of the
cheque)
18 cm
(Cheque coupon)
D
D
M
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Y
Y
9 cm
Signature (full
name)
1.5cm
Cheque number
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Account number of
cheque drawal
Document code
Appendix number 01b
BLANK CHEQUE FORM THROUGH THE CLEARING
PAYMENT CENTER OF THE STATE BANK
(continuous)
(the back side of the cheque)
Type of currency
VND
Quantity
Total
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100.000
50.000
20.000
10.000
5.000
2.000
1.000
500
200
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Total
Notes on standards of the cheque form:
1. Standard of paper and dimension of the
body of cheque:
- Weight: 90 to 105 gram/m2 (about
24 - 28 pound) .
- Length: 180 mm;
- Width: 90 mm;
- Paper vein: Length;
- Thickness: from 0.075 to 0.190 mm (from
0.003 to 0.0075 inch)
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2. Magnetic brand MICR:
- To be in compliance with the standard E13B
- Order to reflect codes: “Cheque number”
“Code of the payer (branches or payment services supplier) “Account number of
cheque drawal”...
- Place of MICR: The printing of the magnetic
brand MICR must comply with following standards:
3. Date of drawing: to enframe each figure
square (date, month, year) for easy identification
4. Amount:
- Amount in words shall be stated in two
lines; Each line shall be 100 mm in length at the minimum (4.1 inch); Space
between each line shall be 10 mm (0.7 inch).
- Amount in number shall be enframed to
easily identify the image
Back side
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- Wide enough to secure: at least 04 words
lines in the standard size able to be contained;
- Able to contain at least 02 words lines in
the widen size.
- Wide enough for the seal of the
organization, individual that performs the cheque transfer.
6. The design of the content of cheque coupon
and the back side of cheque is for reference only.
Appendix
02
CHEQUE
RETURN/LIST
For customer only
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Date / /
Name of the beneficiary ........................................................................................................
Account Number:..................................................................................................................
At:........................................................................................................................................
Order
Cheque numbers
Date of drawal
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Account number of
the cheque drawer
Payer
Bank code:…
Amount
1
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2
3
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…
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Amount in number:
Amount in words:...............................................................................................................
.........................................................................................................................................
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CHIEF ACCOUNTANT
(If
any)
ACCOUNT HOLDER
For the authorized collector only
Received fully ........ sheets of cheque
from....
....................................................................
Account number............................................
(at)................................................................
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Payment date:................................................
Paid amount (in numbers)...............................
In words.........................................................
o Total of cheques:
o Return the cheque with the number:.............
Accountant
Date.......................
Controller
(Sign,
seal)
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Accountant
Date.......................
Controller
(Sign,
seal)
Appendix
number 03
Payer
(bank).....
COLLECTION
ORDER
For the customer only
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Pursuant to the Notice of the good bank on
the sheet of cheque with the number.....................
date of drawal …/…/… drawer.......................................... which
lacks the payment capability,
I
am:............................................................. .(name of
beneficiary)
Address:........................................................................................
ID
number (in case of beneficiary is an individual)............................
Account
number:............................................................................
At
bank:.........................................................................................
Kindly request the bank (tick in one of
two following modes – In case of making in both two modes, this document shall
be considered invalid):
o
To make partial payment of the amount stated on the above-cheque to me under
the current payment capability on the account of the drawer at the time of
receipt of this collection order and payment refusal for the remaining amount
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Beneficiary
Chief accountant
(if any)
Account holder
Sign,
seal (if any)
For the payer only
Received
at..................Date...../...../.....
Date of payment:........../ /
Paid amount (In numbers)......................................................................................................
(In words)..............................................................................................................................
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(In words)..............................................................................................................................
Accountant
Controller (sign,
seal)
Appendix
number 04
RECEIPT
…..date…../……/…….
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I am:................................................. .(beneficiary
or authorized collector)..............................
Address................................................................................................................................
ID number (in case of individual)............................................................................................
Writing the receipt on the fact that the
cheque number……………drawing date…. /…../…..drawer …………….. the amount stated in
the cheque is (in number)…………………………..Due to the cheque lacks the payment
capability and according to our request, the bank) ……….. (name of bank)
………………………….has collected for us a part of amount stated on cheque:
Amount (in number)...............................................................................................................
Amount (in words):................................................................................................................
Receipt Drawer shall
sign in one of two following appropriate space
Beneficiary
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Chief accountant
(if any)
Account holder
Sign, seal (if any)
Accountant
Controller
Sign, seal
For the payer only
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Received on date:......./...../......
Accountant
Controller
(sign, seal)
Appendix
No. 05
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Payer
…..(the bank)....
SOCIALIST REPUBLIC
OF VIETNAM
Independence – Freedom – Happiness
-------------
..........., date………......
CONFIRMATION
ON THE PAYMENT REFUSAL OF THE CHEQUE
To: (The beneficiary of
the cheque).................................................
We are very sorry to inform you that the
cheque:
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Drawer:.................................................................................................................................
Address:...............................................................................................................................
Identity card number (in case where the
drawer is an individual)................................................
Account number:...................................................................................................................
At the bank:..........................................................................................................................
Amount stated on the cheque (in number)...............................................................................
In words................................................................................................................................
Refused Amount: (in number).................................................................................................
In words................................................................................................................................
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Reasons of refusal................................................................................................................
............................................................................................................................................
............................................................................................................................................
............................................................................................................................................
Accountant
Chief Accountant
Director
(Sign,
seal)
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Payer
(The bank)........
Code:………….
INFORMATION
OF THE CHEQUE LACKING THE PAYMENT CAPABILITY BEING REFUSED
To: Credit
Information Center – State Bank
(45 Ly Thuong Kiet - Hanoi)
Cheque No....................................................... Presentation
date..........................................
Cheque drawer (organization or individual)..............................................................................
Address................................................................................................................................
Identity card No. (where the drawer is an
individual)........ Date of issue……..Place of issue......
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Last endorser:.......................................................................................................................
Address of the beneficiary:....................................................................................................
Amount in numbers...................................................... (Currency
symbol).............................
Amount in words...................................................................................................................
............................................................................................................................................
Reasons: Lack of payment capability
o Amount lacking the payment capability
o Violating other
provisions
The first violation: Temporarily suspended
The second violation: Suspended for 3 months
The third violation: Permanently suspended
From
the date........ to the date.......
From the date........ to the date…....
From the date................................
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Date of sending to
CIC:………..
………........,
date.................
Accountant
Controller
(Sign, seal)
Address of the credit information center –
the State Bank (CIC):
1. Address of Head office: 45 Ly Thuong Kiet
Str., Hoan Kiem Dist., Hanoi
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3. Email: sec@creditinfo.org.vn
4. Fax: 04 8248715, Tel: 04 936 0157; 04
9342318
Providing and exploiting information under
one of following modes:
1. Sending the data file in text format in
accordance with the form to email address
2. Under the direct form on the website of
CIC
3. Sending via fax (04 8248715)/ by post/by
hand (for minority)
4. Directly searching on the website of CIC
5. Sending queries to CIC via Fax or email
(Please access to the
website of CIC: http://www.creditinfo.org.vn or make a call to 04 9342318 for
detailed information)
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