DECISION

ON THE AMENDMENT OF SEVERAL POINTS IN THE CIRCULAR NO. 05/2001/TT-NHNN DATED 31 MAY, 2001 GUIDING THE IMPLEMENTATION OF THE DECISION NO. 61/2001/QD-TTG DATED 25 APRIL, 2001 OF THE GOVERNMENT

THE GOVERNOR OF THE STATE BANK

Pursuant to the Decree No. 15/CP dated 2 March, 1993 of the Government on the assignment, authority and responsibility for the State management of ministries, ministry-level agencies;
Pursuant to Article 3 of the Decree No. 61/2002/QD-TTg dated 15 May, 2002 of the Prime Minister on the amendment of paragraph 1 Article 1 of the Decision No. 61/2001/QD-TTg dated 25 April, 2001 of the Prime Minister on the obligations to sell and the right to purchase foreign currency of residents being an organization;
Upon the proposal of the Director of the Foreign Exchange Control Department,

DECIDES

Article 1. To amend several points in the Circular No. 05/2001/TT-NHNN dated 31 May, 2001 guiding the implementation of the Decision No. 61/2001/QD-TTg dated 25 April, 2001 of the Prime Minister as follows:

1.1 To amend point 1.a Section 1 Chapter II as follows:

 “a. Subjects that are an economic organization must sell immediately at least 30% of their foreign currency from current account income to banks;

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 “When the foreign currency is credited to the foreign currency deposit account of the organization and the bank has not yet determined whether it is a current account income subject to sale, the bank shall be responsible to immediately transfer to the Account "administered for customers pending payment” 30% of foreign currency income in case of an economic organization or 100% of foreign exchange income in case of a social organization and give immediate notice to the organization;”

Article 2: This Circular shall be effective from 15 May, 2002.

Article 3: Heads of departments, offices, the Director of the Administration Department, the Chief Inspectors of the State Bank, General Managers of the State Bank branches in provinces and cities under the central Government’s management, General Directors (Directors) of the commercial banks, joint-venture banks, joint-stock banks, foreign bank branches shall, within their function and authority, be responsible for organization and guidance of the implementation of this Circular.

FOR THE GOVERNOR OF THE STATE BANK
DEPUTY GOVERNOR




Duong Thu Huong