Declaring customs on the transport of cash, precious metals, gemstones and negotiable instruments across the borders

Declaring customs on the transport of cash, precious metals, gemstones and negotiable instruments across the borders

Base on Law on anti money laundering No.07/2012/QH13 and Decree 116/2013/ND-CP, State Bank of Vietnam has issued above Circular providing some guidelines on anti money laundering, in which the new regulatory change must be noted that it must declare customs and provide information on the transport of cash, precious metals, gemstones and negotiable instruments across the borders. 

1) Individual upon entry or exit Vietnam carrying precious metals, gemstones and negotiable instruments over the following level value must make customs declaration.

 a. The level value of precious metals, precious stones (excluding gold): VND300,000,000 (three hundred million VND, equi. USD14,285), of which:

  i. Precious metals (except gold) including: silver, platinum jewelry and silver jewelry, platinum, silver alloys have platinum.

  ii. Gemstones include: diamond, ruby, sapphire and ethyl-dream-ended.

 b. The value of the negotiable instruments: VND300,000,000 (three hundred million VND, equi. USD14,285). Negotiable instrument means a valuable paper recording an order or undertaking to pay unconditionally a specific sum within a fixed time (Point 1 Article 4 of Law on negotiable instruments 2005). 

2) Previously, SBV issued Circular 15/2011/TT-NHNN dated 12 August 2011 of SBV prescribing the carrying cash in foreign currency and VND upon entry and exit from  Vietnam

 a) Individuals when entering and exiting the Vietnam checking points carrying cash in foreign currency and Vietnamese Dong shall declare to the Custom office at the checking points if the amount is beyond the limits stipulated as follows:

  i) US$5,000 (five thousands US Dollars) or other currencies of the same value; (previously USD$ 7,000)

  ii) VND15,000,000 (fifteen million Vietnamese Dong);

Note: Individuals when entering the Vietnam carrying cash in foreign currency equal or  under USD5,000.00 (or equivalent) have demand to place cash in foreign currency into deposit account must declare to the custom office. The Immigration Declaration certified by Custom Office the cash foreign currency amount carried upon entry is the supporting document for the bank’s acceptance of such placement. 

 b) The limits on carrying cash in foreign currency and Vietnamese Dong which are subject to custom declaration shall not be applied to individuals carrying payment instruments and other valuable papers denominated in foreign currency or in Vietnamese Dong such as credit cards, payment cards, savings books, securities certificates and others.

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