Tài liệu Circular no. 312016tt nhnn dated november 15, 2016, amendment and supplement to a number of articles of circular no. 242015tt nhnn on grant of foreign currency loans to residents b

STATE BANK OF VIETNAM ------ SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- No: 31/2016/TT-NHNN Hanoi, November 15, 2016 CIRCULAR AMENDMENT AND SUPPLEMENT TO A NUMBER OF ARTICLES OF CIRCULAR NO.24/2015/TT-NHNN ON GRANT OF FOREIGN CURRENCY LOANS TO RESIDENTS BY CREDIT INSTITUTIONS AND BRANCHES OF FOREIGN BANKS DATED DECEMBER 08, 2015 BY THE GOVERNOR OF THE STATE BANK OF VIETNAM Pursuant to the Law No.46/2010/QH12 on the State bank of Vietnam dated June 16, 2010; Pursuant to the Law No.47/2010/QH12 on credit institutions dated June 16, 2010; Pursuant to the Ordinance No.28/2005/PL-UBTVQH11 on Foreign Exchange dated December 13, 2005 and the Ordinance amending and supplementing a number of Articles of the Ordinance No. 06/2013/PL-UBTVQH13 dated March 18, 2013; Pursuant to the Government’s Decree No.70/2014/ND-CP dated July 17, 2014 detailing a number of Articles of the Ordinance on Foreign Exchange and their amended and supplemented ordinance; Pursuant to the Government's Decree No. 156/2013/ND-CP dated November 11, 2013 defining the functions, rights, obligations and organizational structure of the State bank of Vietnam; Upon request by the Directors of the Department of Monetary policies; The Governor of the State bank of Vietnam hereby issues this Circular on amendment and supplement to a number of articles of Circular No.24/2015/TT-NHNN on grant of foreign currency loans to residents dated December 08, 2015 by the Governor of the State Bank of Vietnam . Article 1.Point c clause 1 Article 3 of the Circular No.24/2015/TT-NHNN is amended and supplemented as follows: “c) Short-term loans granted to meet domestic entities’ demand for short-term capital for the purpose of implementation of plans for production and trading in exports through Vietnam’s border checkpoint from which foreign currency revenue is sufficient to repay such loans. After receipt of a foreign currency loan disbursed by a branch of a foreign bank, the borrower must sell such borrowed foreign currency to a credit institution or branch of a foreign bank in the form of spot foreign currency transaction, except where such loan is used for making payment in which foreign currency is compulsory. This provision comes into effect until December 31, 207 inclusive”. Article 2. A form attached hereto will replace form No.2 issued together with Circular No.24/2015/TTNHNN. Article 3. Implementation 1. This Circular enters into force from January 01, 2017. 2. The Circular No. 07/2016/TT-NHNN dated May 27, 2016 by the Governor of the State Bank on amendment and supplement to a number of Articles of the Circular No.24/2015/TT-NHNN on grant of foreign currency loans to residents by credit institutions and branches of foreign banks dated December 08, 2015 by the Governor of the State Bank of Vietnam shall be null and void from the effective date of this Circular. 3. The Chief of Office, Directors of Department of Monetary Policies and Heads of affiliates of the State Bank of Vietnam, Director of branches of the State Bank in provinces and direct-controlled municipalities; Presidents of Boards of Directors, Presidents of Boards of Members and Directors Generals (Directors) of credit institutions and branches of foreign banks shall be responsible for implementation of this Circular. /. PP. GOVERNOR DEPUTY GOVERNOR . Nguyen Thi Hong ------------------------------------------------------------------------------------------------------ This translation is made by LawSoft and for reference purposes only. Its copyright is owned by LawSoft and protected under Clause 2, Article 14 of the Law on Intellectual Property.Your comments are always welcomed