Headlines 03/01/2020 08:32 SA

Credit institutions may be granted exemption from fees for withdrawing cash at State Bank

Hải Hà

This is the highlight of the Circular No. 27/2019/TT-NHNN amending the Circular No. 35/2014/TT-NHNN regulating fees for cash withdrawal via payment accounts opened at the State Bank (SBV).

This Circular prescribes the rate of fee for withdrawing cash via payment accounts of credit institutions or foreign bank branches opened at SBV as follows:

- They will be granted exemption from fees for withdrawing cash in the month when the value of cash withdrawn via payment accounts is less than or equal to the face value of banknotes failing to meet quality standards for circulation that are given back to SBV branches where these payment accounts are opened.

- They will be liable for 0.005% of the fee calculated by the positive difference arising in a computation month between the value of cash withdrawn via payment accounts and the face value of banknotes failing to meet quality standards for circulation that are given back to SBV branches where these payment accounts are opened.

(The Circular No. 35 currently in effect prescribes that, when withdrawing cash via payment accounts opened at SBV, credit institutions and foreign bank branches must be liable for 0.005% of the rate of fee charged on the withdrawal amount).

On a monthly basis, after completing collection of cash withdrawal fees from the aforesaid entities, SBV’s Transaction Office, SBV branches at provinces or centrally-affiliated cities must keep accounting entries showing cash withdrawal fees based on documents evidencing collection of such fees.

Circular No. 27/2019/TT-NHNN is entering into force on May 1, 2020.

>> CLICK HERE TO READ THE ARTICLE IN VIETNAMESE

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