What are the principles of payment and money transfer related to goods transshipment in Vietnam?
- What are the principles of payment and money transfer related to goods transshipment in Vietnam?
- What are the responsibilities of banks licensed to trade and provide foreign exchange services when making payment and transferring money serving goods transshipment in Vietnam?
- When making payment and transferring money serving goods transshipment, are traders required to present any certificates?
What are the principles of payment and money transfer related to goods transshipment in Vietnam?
Pursuant to Article 3 of Circular No. 02/2020/TT-NHNN stipulating as follows:
Principles of payment and money transfer related to goods transshipment
1. Payment and money transfer related to goods transshipment shall be conducted by 2 separate instances of payment and money transfer: transfer of payment for procurement agreements and receipt of money from procurement agreements. Transfer of payment for procurement agreements may be conducted before or after the money receipt.
2. All instances of payment and money transfer related to goods transshipment must be conducted via licensed banks.
3. Traders may only pay and transfer the money in the same transshipment transactions under contracts for purchasing goods and contracts for selling the same goods in the same licensed banks.
4. Traders may use foreign currency in their accounts for payment in foreign currency and foreign currency bought of licensed banks to be transferred abroad to pay for contracts for purchasing goods.
Thus, the payment and money transfer related to goods transshipment must ensure the following principles:
- Payment and money transfer related to goods transshipment shall be conducted by 2 separate instances of payment and money transfer.
- All instances of payment and money transfer related to goods transshipment must be conducted via licensed banks.
- Traders may only pay and transfer the money in the same transshipment transactions under contracts for purchasing goods and contracts for selling the same goods in the same licensed banks.
- Traders may use foreign currency in their accounts for payment in foreign currency.
What are the principles of payment and money transfer related to goods transshipment in Vietnam?
What are the responsibilities of banks licensed to trade and provide foreign exchange services when making payment and transferring money serving goods transshipment in Vietnam?
Pursuant to Article 4 of Circular No. 02/2020/TT-NHNN stipulating as follows:
Responsibilities of licensed banks
1. Develop internal regulations which specify examining both contracts for purchasing goods and contracts for selling goods in the same transshipment transaction when transferring money overseas, monitoring foreign currency flow into and out of Vietnam territory in goods transshipment via stocktaking and monitoring of figures of money transferred and received in the same transshipment transaction.
2. Upon conducting foreign currency sale, payment and transfer related to transshipping goods to customers, licensed banks are responsible for examining and storing documents and certificates conforming to practical transaction to ensure that provision of foreign exchange services is conducted for the correct purposes and satisfactory to this Circular and relevant law provisions.
3. Stringently implement and instruct customers to implement regulations under this Circular.
Thus, banks licensed to trade and provide foreign exchange services are responsible for examining and storing documents and certificates conforming to practical transaction to ensure that provision of foreign exchange services is conducted for the correct purposes and satisfactory to the law when performing transactions of selling foreign currencies, making payment and transferring money serving goods transshipment for customers.
When making payment and transferring money serving goods transshipment, are traders required to present any certificates?
Pursuant to Article 5 of Circular No. 02/2020/TT-NHNN stipulating as follows:
Responsibilities of traders
1. Present certificates according to regulations of licensed banks while buying foreign currency, making payment and transferring money serving goods transshipment and be legally responsible for accuracy and honesty of all documents and certificates presented to licensed banks.
2. Provide information about income received from contracts for selling goods to enable licensed banks to list and monitor money transfer and receipt figures in the same transshipment transaction and be legally responsible for accuracy and honesty of all information provided to licensed banks.
3. Stringently comply with this Circular and relevant law provisions.
4. Do not use certificates of a transshipment transaction to buy foreign currency, make payment and transfer money in many licensed banks.
According to the above regulations, when a trader buys foreign currency, makes payment and transfers money serving goods transshipment, he/she must certificates according to regulations of licensed banks while buying foreign currency, making payment and transferring money serving goods transshipment.
In addition, the trader is legally responsible for accuracy and honesty of all documents and certificates presented to licensed banks.
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