Circular 58: New Procedures for Opening and Closing State Treasury Accounts

The opening and closing of accounts by the State Treasury (hereinafter referred to as the ST) must follow the correct procedures, specifically guided in Article 6 of Circular 58/2019/TT-BTC as follows:

Illustration (source: internet)

First, for the Central ST and the Transaction Office of the ST: The General Director of the ST decides on the opening and closing of accounts at the bank for the Central ST and the Transaction Office of the ST according to the provisions of this Circular.

Second, for the Provincial ST and the District ST:

- Step 1: When there is a need to open a new account, open an additional account, or change the location of the payment account or collection account of the Provincial ST or the subordinate District ST at the bank, the Provincial ST submits a written request to the Central ST; stating clearly the reason for opening a new account, an additional account, or changing the location of the account.- Step 2: The Central ST, based on the provisions of this Circular, sends a written response regarding the approval or disapproval of the request to open a new account, an additional account, or change the location of the account of the Provincial ST, ensuring requirements for state cash flow (within 10 working days from the date of receipt of the request from the Provincial ST).- Step 3: Based on the approval document from the Central ST, the Provincial ST and the District ST carry out the procedures to open the account according to the regulations of the bank where the account is opened.

Additionally, when there is a need to close and settle an account at a bank, the Provincial ST and the District ST submit a written request and cooperate with the bank where the account is opened to complete the account closing procedures in accordance with the regulations of the State Bank of Vietnam (SBV) and the Commercial Bank where the ST account is opened; simultaneously, report to the Central ST for their information.

For the full text of the regulations, see Circular 58/2019/TT-BTC, which takes effect from November 1, 2019.

Thu Ba

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