On December 27, 2019, the Governor of the State Bank of Vietnam issued Circular 29/2019/TT-NHNN, amending and supplementing several articles of Circular 16/2012/TT-NHNN dated May 25, 2012, by the Governor of the State Bank of Vietnam, providing guidance on several articles of Decree 24/2012/ND-CP dated April 3, 2012, by the Government of Vietnam on the management of gold trading activities.
Illustration (source: internet)
In Clause 4, Article 1 of Circular 29/2019/TT-NHNN, it is stipulated that on a quarterly basis, enterprises and credit institutions granted a Gold Trading License to buy and sell gold bars that implement adjustments to the location of gold bar trading (including changes in the name, address of the gold bar trading location, addition of gold bar trading locations, termination of gold bar trading activities at licensed locations, or reporting to the State Bank of Vietnam as stipulated in this Circular) shall submit a report on the adjustments of the gold bar trading location arising in the reporting period (according to Appendix No. 10b of this Circular), specifically as follows:
- Enterprises and credit institutions shall submit a report of the entire system to the State Bank of Vietnam (Foreign Exchange Management Department) and the State Bank of Vietnam branches in the provinces and cities where the enterprises or credit institutions have their headquarters.
- Enterprises and credit institutions shall submit reports of branches and transaction offices with changes to the State Bank of Vietnam branches in the provinces and cities where the branches and transaction offices are located.
Note that from the effective date of Circular 29/2019/TT-NHNN, enterprises and credit institutions granted a Gold Trading License to buy and sell gold bars before the effective date of this Circular, upon changing the name or address of the gold bar trading location, adding a gold bar trading location, or terminating gold bar trading activities at a licensed location, need not perform the procedure to adjust the Gold Trading License but shall comply with the provisions of Clause 4, Article 1 of this Circular.
Additionally, this Circular also stipulates that on a quarterly and yearly basis, the State Bank of Vietnam branches in the provinces and cities compile reports to the Governor of the State Bank of Vietnam (through the Foreign Exchange Management Department) on the management of gold trading activities in their localities (according to Appendix No. 12 of this Circular). The deadline for submitting periodic reports is as follows:
- For quarterly reports: no later than the 20th day of the first month of the following quarter;
- For annual reports: no later than January 20 of the following year.
See more regulations in Circular 29/2019/TT-NHNN effective from February 12, 2020.
Thu Ba
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