Regulation on non cash payment on specific transactions in Vietnam
Regulation on non cash payment on specific transactions as per Decree 222/2013/ND-CP dated 31 Dec 2013 of Vietnamese Government effective from 1 March 2014
Post date: 07-01-2014
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Vietnamese Government has issued Decree 222/2013/ND-CP dated 31 Dec 2013 to replace 161/2006/NĐ-CP dated 28 Dec 2006 on payment in cash.
Regulation on non cash payment on specific transactions in Vietnam
This Decree prescribes that organizations and individuals are not settled payment in cash in the following cases:
a. Organizations use state budget and state capital, except for cases stipulated by Finance Ministry and State Bank of Vietnam.
b. Securities transactions on stock exchange and securities transactions registered, deposited in the Securities Depository Center being conducted out of trading system of securities exchange.
c. Financial transactions of enterprises include capital contribution, sale and purchase of shares, transfer of shares in the enterprise, lending and borrowing between enterprises.
d. Loan disbursement in cash for client by credit institutions and foreign bank branches, except for cases in accordance with guidance of State Bank of Vietnam.
Credit institutions and foreign bank branches agree with clients about cash withdrawal and advance notice before large cash withdrawal
Credit institutions, foreign bank branches set fees for cash services and publicize it in accordance with law.
This Decree will be in force from 1 March 2014
Lawyervn.net
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