What are the regulations on the payment of principal and interest of valuable papers deposited at the State Bank of Vietnam?
- How to make payment of principal and interest of valuable papers and valuable papers deposited at the State Bank of Vietnam?
- What regulations must be complied with when withdrawing valuable papers deposited at the State Bank of Vietnam?
- What regulations must be complied with when closing an account for depositing valuable papers at the State Bank of Vietnam?
How to make payment of principal and interest of valuable papers and valuable papers deposited at the State Bank of Vietnam?
Pursuant to Article 10 of Circular 16/2022/TT-NHNN of Vietnam stipulating the payment of principal and interest of valuable papers deposited at the State Bank as follows:
- For valuable papers deposited directly at the State Bank of Vietnam:
+ Valuable papers of book type:
When the valuable papers mature, the State Bank (Transaction Center) inspects the fulfillment of obligations of the members towards the State Bank in the operations of using related valuable papers. In case members have fulfilled their obligations, they shall carry out procedures for payment of principal and interest to members. In case members have not fulfilled their obligations, they shall comply with the provisions of Clause 4, Article 10 of Circular 16/2022/TT-NHNN of Vietnam.
+ Valuable papers of certificate type:
When the certificate-type valuable papers reach their maturity date, the member requests to withdraw valuable papers as prescribed in Article 11 of Circular 16/2022/TT-NHNN of Vietnam. The State Bank (Transaction Office) inspects the fulfillment of obligations of members towards the State Bank in the use of related valuable papers.
In case a member has fulfilled his/her obligations, the valuable papers shall be returned for the member to carry out payment procedures at the issuing organization or its agent. In case members have not fulfilled their obligations, they shall comply with the provisions of Clause 4, Article 10 of Circular 16/2022/TT-NHNN of Vietnam.
- For valuable papers deposited at the State Bank's customer account at VSDC:
+ When the interest payment on valuable papers with periodic interest payment is due, the State Bank (Transaction Center) checks the fulfillment of the obligations of the member towards the State Bank in services using relevant valuable papers.
+ In case a member has fulfilled his/her obligations, the State Bank (Transaction Center) shall send VSDC a notice confirming the list of members owning valuable papers in the State Bank's customer account at VSDC to VSDC makes interest payment procedures for members. In case members have not fulfilled their obligations, they shall comply with the provisions of Clause 4, Article 10 of Circular 16/2022/TT-NHNN of Vietnam.
+ When the valuable papers reach their maturity date, the State Bank (Transaction Center) inspects the fulfillment of obligations of the member towards the State Bank in the operations of using relevant valuable papers.
+ In case the member has fulfilled the obligation, the State Bank (Transaction Center) shall send to VSDC a notice confirming that the member's relevant valuable papers in the customer account of the State Bank at VSDC for VSDC to carry out the procedures for paying interest to members. In case members have not fulfilled their obligations, they shall comply with the provisions of Clause 4, Article 10 of Circular 16/2022/TT-NHNN of Vietnam.
+ The payment of principal and interest of valuable papers deposited at the State Bank's customer accounts at VSDC shall comply with the agreement between the State Bank (Transaction Center) and VSDC.
- Interest and other incomes (if any) from valuable papers during the transfer of ownership from the seller to the buyer in term transactions on the money market shall comply with the Bank's regulations. State goods.
- In case a member has not fulfilled its obligations towards the State Bank, the State Bank (Transaction Center) will not release or retain the principal and interest of valuable papers being used for these obligations. The handling of members who have not yet fulfilled their obligations shall comply with regulations of the State Bank in each transaction.
What are the regulations on the payment of principal and interest of valuable papers deposited at the State Bank of Vietnam? (Image from the Internet)
What regulations must be complied with when withdrawing valuable papers deposited at the State Bank of Vietnam?
Pursuant to Article 11 of Circular 16/2022/TT-NHNN of Vietnam stipulating the withdrawal of valuable papers deposited at the State Bank as follows:
- Valuable papers deposited directly at the State Bank:
+ When wishing to withdraw valuable papers of the type of depository certificates directly at the State Bank, members shall send to the State Bank (Transaction Center) a request for withdrawal of valuable papers according to Appendix 3/LK enclosed with Circular 16/2022/TT-NHNN of Vietnam.
+ Within 01 (one) working day from the date of receiving the member's request, the State Bank (Transaction Center) shall inspect the member's fulfillment of obligations towards the State Bank in the following matters: use of relevant valuable papers.
In case a member has fulfilled his/her obligations, the valuable papers shall be exported from the valuable papers account the customer has deposited directly at the State Bank and returned the valuable papers of the certificate type to the member.
+ In case a member has not yet fulfilled his/her obligations, she/he shall comply with the provisions of Clause 3, Article 11 of Circular 16/2022/TT-NHNN of Vietnam.
- Valuable papers deposited at the State Bank's customer accounts at VSDC:
+ When there is a need to withdraw valuable papers deposited at the State Bank's customer account at VSDC, a member sends a request to the State Bank (Transaction Center) to request a transfer of valuable papers from the customer's valuable paper account deposited on the State Bank's customer account at VSDC to the member's depository account at VSDC.
+ Within 01 (one) working day from the date of receiving the member's request, the State Bank (Transaction Center) shall inspect the member's fulfillment of obligations towards the State Bank in the following matters: use of relevant valuable papers.
In case a member has fulfilled his/her obligations, the State Bank (Transaction Center) requests VSDC to transfer the member's valuable papers from the State Bank's customer account at VSDC to the member's depository account at VSDC.
+ In case a member has not yet fulfilled his/her obligations, she/he shall comply with the provisions of Clause 3, Article 11 of Circular 16/2022/TT-NHNN of Vietnam.
- In case a member has not fulfilled its obligations towards the State Bank, the State Bank (Transaction Center) will not release valuable papers being used for these obligations. The handling of members who have not yet fulfilled their obligations shall comply with regulations of the State Bank in each transaction.
What regulations must be complied with when closing an account for depositing valuable papers at the State Bank of Vietnam?
Pursuant to Article 12 of Circular 16/2022/TT-NHNN of Vietnam stipulating that the closing of valuable papers depository accounts at the State Bank must comply with the following provisions:
- When there is no need to deposit valuable papers at the State Bank or before their existence ceases due to division, separation, merger, consolidation, dissolution or bankruptcy, members shall establish and deposit directly or via postal service to the State Bank's head office (one-stop department) Application for closure of valuable paper accounts according to Appendix 4/LK issued together with Circular 16/2022/TT-NHNN of Vietnam.
- Within 05 (five) working days from the date of receiving the member's request, the State Bank (Transaction Center) closes the member's depository valuable paper account, requesting VSDC to close the corresponding depository valuable paper account on the State Bank's customer account at VSDC and notify the member.
- In case a member is divided, consolidated, dissolved or bankrupt without carrying out the procedures to close the valuable paper depository account, the State Bank (Transaction Center) shall close the member's account after 15 (fifteen) working days from the date of receipt of the Decision of the Governor of the State Bank on division, consolidation, dissolution or Decision on bankruptcy declaration of the People's Court (if the account has no balance).
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