Vietnam: Supplement regulations on agreeing the use of the cheques with users

15:53, 19/10/2016

On October 14, 2016, the State Bank of Vietnam issued Circular No. 30/2016/TT-NHNN on amendments to Circulars on provision of payment services and intermediary payment services.

According to Circular No. 30/2016/TT-NHNN of the State Bank of Vietnam, the cheque supplier is responsible for stipulating and agreeing with the cheque users about the conditions and terms of use of the cheques they supply:

- Supply a given number of blank cheques to clients, in conformity with the needs and reliability of payment of each specific client;

- Formulate processes and procedures to ensure safety and designate responsibilities of related parties in storage, preservation and rotation of blank cheques and cheques during the clearing process within the cheque supplier;

- Stipulate, instruct and raise awareness of the receivers of blank cheques of their responsibilities for the maintenance of blank cheques and requirements for the use of cheques;

- Stipulate methods of receiving trace requests, complaints; time limit for processing trace requests, complaints, and results;

- Force majeure events.

View relevant provisions at Circular No. 30/2016/TT-NHNN of the State Bank of Vietnam, effective from November 28, 2016.

- Thanh Lam -

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