What is the threshold in Vietnam? What are the regulations on depositing to establish a threshold in Vietnam?
What is the threshold in Vietnam?
Pursuant to Clause 28, Article 2 of Circular 37/2016/TT-NHNN stipulating the threshold as follows:
Threshold means the maximum value of the low-level payments to be settled by clearing.
What is the threshold in Vietnam? What are the regulations on depositing to establish threshold in Vietnam? (Image from the Internet)
How to exceed the threshold in low-value payments?
Pursuant to Article 22 of Circular 37/2016/TT-NHNN stipulating as follows:
In the cases where the amount on a payment order exceeds the current threshold:
- The National Interbank Electronic Payment System will request the participant to increase the threshold as prescribed in Clause 3 Article 20 of Circular 37/2016/TT-NHNN;
- When the current threshold is sufficient, payment orders will be processed following on a first in, first out (FIFO) basis;
- When the National Interbank Electronic Payment System stops receiving low-value payment orders, the payment orders that exceed the current threshold will be cancelled. Participants and affiliated participants shall check the status of payment orders by sending inquiries.
What are the regulations on depositing to establish threshold in Vietnam?
Pursuant to Article 21 of Circular 37/2016/TT-NHNN on depositing to establish threshold as follows:
- Securities deposited to establish threshold in low-value payments are those used in overdraft and overnight lending in interbank electronic payment.
- Money deposited to establish the threshold in low-value payments is money in the participant’s account opened at the transaction center.
- Deposit rate
+ A participant using low-value payment services shall deposit securities and/or money in its account at the transaction center. The minimum deposit is 10% of the start-of-day threshold notified by the transaction center. Where it is necessary for the safety of the National Interbank Electronic Payment System, the Governor of the State bank shall issue a decision to change the minimum deposit rate at the request of the Steering Committee of the National Interbank Electronic Payment System;
+ If the participant’s account balance is not sufficient for clearing settlement at the time to stop receiving high-value payment orders 02 times or more in a month or 03 time or more in a period over which the start-of-day threshold is maintained, the transaction center shall request the Governor of the State bank to consider the decreasing participant’s start-of-day threshold to the value of the deposited securities and/or money and maintain the deposit ratio at 100% for 6 months from the day on which the Governor of the State bank issues a decision.
- Time to deposit securities or money
+ In case of intraday increase in the start-of-day threshold: as soon as securities or money are adequately deposited, the transaction center shall establish the intraday start-of-day threshold and inform the participant;
+ In case of initial or periodic establishment of start-of-day threshold: the participant shall deposit securities or money, submit an application for establishment of the start-of-day threshold to the transaction center. Within 07 working days from the day on which deposited securities or money and the application is received by the transaction center, it shall establish the start-of-day threshold and inform the participant in writing.
- Return of deposited securities or money
+ Deposited securities shall be returned in accordance with regulations of the State bank on depositing and use of securities at the State bank;
+ Within 03 working days from the day on which the web portal of the State bank post the information that the participant stops using low-value payment order sending services and the participant has fulfilled its obligations to the State bank on the National Interbank Electronic Payment System, the transaction center shall return the deposit to such participant.
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