Decision No. 1703/2004/QD-NHNN of December 28, 2004, on the amendment, supplement of the Circular No. 10/2003/TT-NHNN dated 16 September 2003 of the Governor of the State Bank guiding the implementation of the Decree No. 174/1999/ND-CP dated 9 December 1999 of the Government on the management to gold trading ........

DECISION

ON THE AMENDMENT, SUPPLEMENT OF THE CIRCULAR NO. 10/2003/TT-NHNN DATED 16 SEPTEMBER 2003 OF THE GOVERNOR OF THE STATE BANK GUIDING THE IMPLEMENTATION OF THE DECREE NO. 174/1999/ND-CP DATED 9 DECEMBER 1999 OF THE GOVERNMENT ON THE MANAGEMENT TO GOLD TRADING ACTIVITIES AND THE DECREE NO. 64/2003/ND-CP DATED 11 JUNE 2003 OF THE GOVERNMENT ON THE AMENDMENT, SUPPLEMENT OF THE DECREE NO. 174/1999/ND-CP

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam No. 01/1997/QH10 dated 12 December 1997, the Law on the amendment, supplement of several Articles of the Law on the State Bank of Vietnam No.10/2003/QH11 dated 17 June 2003;
- Pursuant to the Decree No.86/2002/ND-CP date 05 November 2002 of the Government providing for the function, assignment, authority and organizational structure of the Ministries and Ministerial level agencies;
- Pursuant to the Decree No. 174/1999/ND-CP dated 9 December 1999 of the Government on the management to gold trading activities and the Decree No. 64/2003/ND-CP dated 11 June 2003 of the Government on the amendment, supplement of the Decree No. 174/1999/ND-CP;
- Upon the proposal of the Director of the Foreign Exchange Control Department,

DECIDES:

Article 1. To amend, supplement several contents in the Circular No. 10/2003/TT-NHNN dated 16 September 2003 of the Governor of the State Bank guiding the implementation of the Decree No. 174/1999/ND-CP dated 9 December 1999 of the Government on the management to gold trading activities and the Decree No. 64/2003/ND-CP dated 11 June 2003 of the Government on the amendment, supplement of the Decree No. 174/1999/ND-CP as followed:

1. Section 1, Chapter II shall be amended, supplemented as followed:

" Section 1. Conditions, scope of gold trading activities

Organizations, which, individuals, who have demand for engaging in gold trading activities, production, processing of jewelry gold, fine art gold shall be obliged to fully satisfy the conditions stated in Paragraph 2, Article 1 of the Decree No. 64/2003/ND-CP dated 11 June 2003 of the Government on the amendment, supplement of several articles of the Decree No.174/1999/ND-CP dated 09 December 1999."

2. Section 1, Chapter V shall be amended, supplemented as followed:

Section 1. Reporting regime

32. For organizations, which, individuals, who engage in gold trading activity

a. Organizations, which, individuals, who are permitted to engage in activity of piece gold production, gold export and import, shall, on the 10th January annually at the latest, report on the performance of their gold trading activities of the previous year in accordance with the form stated in the Appendix issued in conjunction with this Decision to the State Bank of Vietnam (Foreign Exchange Control Department) and the State Bank branches in provinces, cities under the Central Governments management where the head offices of organizations are located and where individuals have registered their business.

b. Foreign invested enterprises, which engage in the production and processing of jewelry and fine art gold shall, on the 10th January annually at the latest, report on the export, import and consumption/sale of gold products in Vietnam of the previous year to the State Bank of Vietnam (Foreign Exchange Control Department) and State Bank branches in provinces, cities under the central Governments management where their head offices are located in accordance with the form at Appendix 7 which is issued in conjunction with the Circular No. 10/2003/TT-NHNN.

33. The State Bank branches in provinces, cities under the Central Governments management shall annually submit a consolidated report on the issuance of licenses of temporary import of raw material gold to organizations, which, individuals, who have a gold business registration and a processing contract for re-export with foreign countries in accordance with the current provisions of the Governor of the State Bank on the statistics reporting Regime applicable to units of the State Bank and credit institutions".

3. To repeal Appendix 4, Appendix 5 and Appendix 8 issued in conjunction with the Circular No. 10/2003/TT-NHNN.

Article 2. This Decision shall be effective after 15 days since its publication in the Official Gazette. Previous provisions contrary to this Decision shall be repealed.

Article 3. The Director of Foreign Exchange Control Department, the Heads of units of the State Bank, General Managers of the branches of the State Bank of Vietnam in provinces, cities under the Central Governments management, organizations, individuals engaging in gold trading activities shall be responsible for the implementation of this Decision.

APPENDIX

Name of organization:

REPORT ON THE PERFORMANCE OF GOLD TRADING ACTIVITIES

The year....

Unit: kg (Weight), USD, VND (Value)