THE STATE BANK OF VIETNAM
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No. 04/2013/TT-NHNN
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Hanoi, March
01, 2013
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CIRCULAR
PROVIDING ON DISCOUNT ACTIVITIES OF NEGOTIABLE
INSTRUMENTS AND OTHER VALUABLE PAPERS OF CREDIT INSTITUTIONS, FOREIGN BANKS’
BRANCHES FOR THEIR CUSTOMERS
Pursuant to the Law on the
State bank of Vietnam No. 46/2010/QH12, of June 16, 2010;
Pursuant to the Law on credit institutions
No. 47/2010/QH12, of June 16, 2010;
Pursuant to the Law on
negotiable instruments No. 49/2005/QH11, of November 29, 2005;
Pursuant to the Government’s
Decree No. 96/2008/ND-CP, of August 26, 2008, defining the functions, tasks,
powers and organizational structure of the State bank of
Vietnam;
At the proposal of the Director
of the Monetary policy department;
The Governor of the State bank
of Vietnam promulgates the Circular providing on discount activities of
negotiable instruments and other valuable papers of credit institutions,
foreign banks’ branches for their customers,
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This Circular provides on discount
activities of negotiable instruments and other valuable papers of credit
institutions, foreign banks’ branches for their customers.
Article 2.
Subjects of application
1. Credit institutions, including:
a) Commercial banks;
b) Financial companies;
c) Finance-leasing companies and
cooperative banks when being approved in writing by the State bank.
2. Foreign banks’ branches.
3. Customers of discount of
negotiable instruments and other valuable papers who are the beneficiaries of
negotiable instruments being allowed to implement transaction in Vietnam,
owners of valuable papers being allowed to issue in Vietnam’s territory
(hereinafter referred to as customers), include:
a) Domestic organizations
(excluding credit institutions, foreign banks’ branches) and domestic
individual;
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Article 3.
Interpretation of terms
In this Circular, the following
terms are construed as follows:
1. Contracts of discount of
negotiable instruments or other valuable papers are
written agreement between credit institutions, foreign banks’ branches and
their customers aiming to form, change or terminate rights and obligations of
parties regarding discount (hereinafter abbreviated to contract of discount).
2. The remaining time limit of
negotiable instruments and other valuable papers is
duration as from negotiable instruments or other valuable papers are received
discount by credit institutions or foreign banks’ branches to the time of
payment of all amounts written on negotiable instruments, or other valuable
papers.
3. The time limit for discount
of negotiable instruments and other valuable papers is
duration calculated as from the next day after credit institutions or foreign
banks’ branches receive discount of negotiable instruments or other valuable
papers till day when the customers must implement obligations of commitment on
re-purchase or the due day for payment of all amounts written on negotiable
instruments, or other valuable papers, including the off days and holidays.
4. The price for discount of
negotiable instruments and other valuable papers is
amount which credit institutions or foreign banks’ branches pay to customer
when implementing discount of negotiable instruments, or other valuable papers.
Article 4.
Conditions of credit institutions, foreign banks’ branches entitled to
implement discount activities of negotiable instruments and other valuable
papers
Credit institutions, foreign
banks’ branches are entitled to implement discount activities of negotiable
instruments and other valuable papers when have full the following conditions:
1. Being subjects specified in clause 1 and
clause 2 Article 2 of this Circular (according to 542/QD-NHNN dated 08/3/2013).
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3. There is internal regulation in
order to implement discount activities of negotiable instruments and other
valuable papers in conformity with this Circular, the Law on credit
institutions and relevant laws.
Article 5. Principles
of discount of negotiable instruments and other valuable papers
Credit institutions, foreign
banks’ branches implementing discount activities of negotiable instruments and
other valuable papers for their customers must ensure the following principles:
1. To implement under agreement
between credit institutions, foreign banks’ branches with customers, in
conformity with provisions in Law on credit institutions, Law on negotiable
instruments, this Circular and relevant laws and international trade practice
promulgated by the International
Chamber of Commerce.
2. The customers must use discount
amount in order to pay transactions not prohibited by law, ensure financial
capability for re-purchase of negotiable instruments,
other valuable papers or full payment of discount amount, discount interest and
other legal costs to credit institutions, foreign banks’ branches under
agreements written in contracts of discount.
3. Credit institutions, foreign
banks’ branches must implement consideration and approval of discount in
according to principle of responsibility delineation between the appraisal
stage and stage of decision on implementing discount activities
of negotiable instruments and other valuable papers.
4. Credit institutions, foreign
banks’ branches and customers must reach agreement in contract of discount
regarding payment of discount amount ahead of schedule, collection of charges
or no charge when customers pay the discount amount ahead of schedule.
5. When credit institutions or
foreign banks’ branches implement discount under method of the purchasing in a definite term of negotiable instruments or other valuable papers
which time limit of payment has not yet come, customers must commit that they
will re-purchase negotiable instruments or other valuable
papers as soon as the time limit of discount is expired.
6. When implement discount
activities of negotiable instruments or other valuable papers with par value
was written for payment in foreign currency, credit institutions, foreign
banks’ branches and their customers must ensure compliance with provisions in
this Circular, provisions on management of foreign exchange and relevant laws.
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8. Credit institutions, foreign
banks’ branches shall consider, decide on discount of negotiable instruments
and other valuable papers, ensure safety, withdrawing fully and on time of
discount amounts, interest amounts and other lawful costs relating to discount
activities.
Article 6.
Types of negotiable instruments and other valuable papers allowed to be discounted
1. Credit institutions, foreign
banks’ branches shall select to discount negotiable instruments issued in
Vietnam or issued other countries and transferred in
Vietnam, including:
a) Bills
of exchange;
b) Promissory
notes;
c) Cheques;
d) Other negotiable instruments
allowed to be discounted as prescribed by law.
2. Credit institutions, foreign
banks’ branches shall select to discount other valuable papers including:
a) Bills of
the State bank;
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c) Bonds guaranteed by the Government;
d) Bonds of local authorities;
dd) Term bills, bills, deposit
certificates, bonds issued by credit institutions, foreign banks’ branches in
accordance with regulation of the State bank of Vietnam;
e) Term bills, bills, bonds issued
by other organizations and discounted in accordance with current regulation.
Article 7.
Conditions for discount of negotiable instruments and other valuable papers
1. Credit institutions, foreign
banks’ branches shall accept the discount of negotiable instruments when they
fully satisfy following conditions:
a) They are
issued legally as prescribed by law of Vietnam, law of issuance countries or
international trade practices in conformity with law of Vietnam;
b) They belong to the legal
beneficial right of customers, have no dispute, are not used for mortgage or
guarantee for other obligations;
c) On negotiable instruments not
written the phrase "Non-transferable",
"Transfer banned", "Not payable on demand” or
other phrase with similar meaning;
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e) They are intact, not erased, repaired.
2. Credit institutions, foreign
banks’ branches shall accept the discount of other valuable papers when they
fully satisfy following conditions:
a) Being issued legally as
prescribed by law of Vietnam;
b) They belong to the legal
beneficial right of customers, have no dispute, are not used for mortgage or
guarantee for other obligations;
c) They are permitted for
transactions (purchase, sale, donation, conversion, transfer, mortgage,
guarantee and other lawful transactions) as prescribed by law;
d) They are not yet matured;
e) They are intact, not erased,
repaired.
Article 8.
Currency used for discount
1. For negotiable instruments and
other valuable papers written for payment in Vietnam dong, the currency used
for discount is Vietnam dong.
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a) They shall be discounted in
foreign currency written for payment on negotiable instruments, other valuable
papers for customers, who are allowed to collect and use foreign currency in
Vietnam’s territory as prescribed by law on foreign exchange management or
customers, who use discount amounts to implement payment transactions in which
the transaction currency must be in foreign currency as prescribed by law.
b) They shall be discounted in
Vietnam dong if customers are not allowed to collect and use foreign currency
in Vietnam’s territory as prescribed by law on foreign exchange management or
if customers have demand for discount in Vietnam dong.
Article 9.
Currency used for re-purchase of negotiable instruments and other valuable
papers when they are expired for discount under method of purchase in a
definite term
1. For negotiable instruments and
other valuable papers discounted in Vietnam dong, the currency used for
re-purchase is Vietnam dong.
2. For negotiable instruments and
other valuable papers discounted in foreign currency, the currency used for
re-purchase is foreign currency or Vietnam dong. The re-purchase in
foreign currency shall comply with current regulations on foreign exchange
management and regulations of relevant law.
Article 10. Methods of
discount
Credit institutions, foreign
banks’ branches and customers shall agree on, select
one of following discount methods:
1. Purchase of negotiable
instruments, other valuable papers for terms means that credit institutions or
foreign banks’ branches shall purchase and receive transfer of ownership of
negotiable instruments, other valuable papers which are not yet matured from
customers, together with customers’ commitment on their
repurchase of those negotiable instruments, other valuable
papers after a duration defined in contract of discount.
2. Purchase with reservation for
the recourse of negotiable instruments, other valuable papers means that Credit
institutions, foreign banks’ branches shall purchase and receive ownership of
negotiable instruments, other valuable papers which are not yet matured from
customers; customers shall return discount amount, discount interest and other
lawful costs relating to discount activities in case credit institutions,
foreign banks’ branches not receive full amount allowed for payment from the
persons who are responsible for payment of negotiable instruments, persons who
issue other valuable papers.
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1. The discount prices shall be agreed by credit institutions, foreign banks’
branches and customers on the basis of the payment value upon maturity, risk
level of negotiable instruments, value of other valuable papers, discount
interest rate, the remaining term of negotiable instrument, other
valuable papers and other elements.
2. The
discount term shall be agreed by credit institutions, foreign banks’ branches
and clients, which, however, must not exceed the remaining payment term of
negotiable instruments, other valuable papers; for other valuable papers which
are issued by other credit institutions or bank’s branches, the maximum
discount term is less than 01 year.
3. The
discount interest rate and other lawful costs relating to discount activities
of negotiable instruments, other valuable papers shall be agreed by credit
institutions, foreign banks’ branches and customers in conformity with current
regulations.
4. Credit institutions, foreign
banks’ branches shall define the interest rates to apply to overdue discount
amounts and make agreement on them with customers in contract of discount,
which, however, they must not exceed 150% of discount interest rate applied in
term of discount.
Article 12.
Contract of discount
A contract of discount include the
following principal contents: Name, address of credit institutions, foreign
banks’ branches implementing discount activities; Name, address of customers;
number of ID card/ passport/ tax code number of customers; main information of
negotiable instruments, other valuable papers to be accepted for discount;
discount prices; purpose of discount amounts use; currency used for discount;
discount terms; discount interest rates and relevant costs; rights and
obligations of parties; cases of terminating the discount contract before term;
handling of violations to contracts; other contents agreed by parties in
conformity with regulations of law.
Article 13.
The maximum discount level for a customer and relevant person
The credit institutions, foreign
banks’ branches shall consider the maximum discount level for a customer and
relevant person as prescribed by current law.
Article 14.
Procedures for discount of negotiable instruments and other valuable papers
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2. When the
credit institution or foreign bank’s branch accepts a client's request for
discount of a negotiable instrument, or other valuable paper, the customer
shall immediately deliver and carry out procedures for transferring the
negotiable instrument, ownership of other valuable paper to the credit
institution, foreign bank’s branch as prescribed by law.
3. For the discount under method
of purchase in a define term, credit institutions shall deliver the valuable
papers and carry out procedures for transfer of negotiable instrument, the
ownership of other valuable paper to customers as prescribed by law, when
customers have completed their commitment for the repurchase of negotiable
instrument, or other valuable paper.
4. The process of and procedures
for discount of negotiable instruments and other valuable papers shall be
specified in internal regulations on discount activities of credit
institutions, foreign banks’ branches.
Article 15.
Rights and obligations of customers
1. Customers have rights:
a) To decide on selecting one of
credit institutions, foreign banks’ branches in order to suggest to be accepted
discount of negotiable instruments and other valuable papers.
b) To refuse requirements of
credit institutions, foreign banks’ branches which are not proper with
agreements in contract of discount and regulations of law.
c) To receive negotiable
instruments and other valuable papers from credit institutions, foreign banks’
branches under agreements set in contract of discount.
d) To repurchase negotiable
instruments and other valuable papers sooner than the discount term if credit
institutions, foreign banks’ branches accept.
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2. Customers have obligations:
a) To implement properly with
contents agreed in contract of discount.
b) To supply fully papers proving
that the negotiable instrument, or other valuable paper are eligible to
implement discount as prescribed in this Circular.
c) To commit in writing for lawful
use of discount amounts, prove financial capacity ensuring for repurchase of
negotiable instruments and other valuable papers as agreed in contract of
discount.
d) To be responsible before law
for legitimacy
of negotiable instruments and other valuable papers which are
accepted for discount at credit institutions, foreign banks’ branches.
Article 16.
Rights and obligations of credit institutions, foreign banks’ branches
1. Credit institutions, foreign
banks’ branches have rights:
a) To request customers for fully
supplying papers proving that the negotiable instrument, or other valuable
paper are eligible to implement discount as prescribed in this Circular.
b) To request customers for
written commitment on lawful use of discount amounts, prove financial capacity
ensuring for repurchase of negotiable instruments and other valuable papers as
agreed in contract of discount.
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d) Credit institutions, foreign
banks’ branches are entitled to stop discount, collect discount amounts sooner
than discount term if detecting that customers supplied untruth information,
violated contract of discount.
dd) The credit institutions,
foreign banks’ branches have right to inspect, supervise use of discount
amounts of customers as prescribed by law.
e) Other rights as prescribed by
law.
2. Credit institutions, foreign
banks’ branches have obligations:
a) Implementing properly with contents agreed in contract of discount.
b) Doing procedures and
implementing transfer of negotiable instrument, transfer of ownership of other
valuable papers to customers as prescribed in Law on negotiable instruments,
relevant current laws when customers fully pay discount amounts, discount
interest rate and relevant other costs.
c) Preserving and using negotiable
instruments, other valuable papers as prescribed by law.
d) Other obligations as prescribed
by relevant law.
Article 17. Classifying
assets, levels and methods of setting up provisions and use provisions to deal
with risks
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Article 18. Accounting,
reporting and statistics on discount activities of negotiable instruments and
other valuable papers of credit institutions, foreign banks’ branches
Credit
institutions, foreign banks’ branches shall account, report on and make
statistics of discount activities of negotiable instruments and other valuable
papers as prescribed by current law on accounting, reporting and statistical
regimes.
Article 19.
Organization of implementation
1. This Circular takes effect from
May 01, 2013. The following documents cease to be effective:
a) Regulation on discount,
rediscount of valuable papers of credit institutions for their customers promulgated together with the Decision No.
1325/2004/QD-NHNN, of October 15, 2004;
b) Decision No. 17/2006/QD-NHNN,
of April 20, 2006 on amending and supplementing Article 10 and Article 12 of
Regulation on discount, rediscount of valuable papers of credit institutions for
their customers promulgated together with the Decision No.
1325/2004/QD-NHNN;
c) Regulation on discount,
rediscount of negotiable instruments of credit institutions for their customers
promulgated together with the Decision No. 63/2006/QD-NHNN, of December 29,
2006;
2. For discount contracts of
negotiable instruments, other valuable papers of credit institutions, foreign
banks’ branches signed before this Circular takes effect, customers and credit
institutions, foreign banks’ branches may continue implementing content in the
signed discount contracts in conformity with regulations of law which have been
effective at time of signing of those contracts or make agreements for
amendment, supplementation of discount contracts in conformity with specified
in this Circular.
3. The Chief of office, the
Director of the Monetary policy department and heads of units of the State bank
of Vietnam, Directors of the State bank of Vietnam’s branch of
central-affiliated cities and provinces, chairpersons of Board of Directors,
chairperson of Members' Council and Directors general (Directors) of credit
institutions, foreign banks’ branches, other relevant organizations and
individuals shall implement this Circular.
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FOR THE GOVERNOR OF STATE BANK
DEPUTY GOVERNOR
Nguyen Dong Tien