THE STATE BANK
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SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
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No: 03/2002/TT-NHNN
Hanoi, April 05, 2002
CIRCULAR
GUIDING THE MANAGEMENT OF COLLATERAL DEPOSITS OF TOUR BUSINESS ENTERPRISES
In furtherance of Article 4 and Article 6 of the Government’s Decree No. 27/2001/ND-CP of June 5, 2001 on tour business and tourist guide, the State Bank hereby guides in detail the management of collateral deposits of tour business enterprises at commercial banks as follows:
I. OBJECTS AND SCOPE OF REGULATION
1. This Circular applies to commercial banks operating in Vietnam (hereafter called banks for short).
2. The opening of accounts and payment of collateral deposit by enterprises for tour business activities in Vietnam must strictly comply with the provisions of this Circular and the procedures for money deposit and payment prescribed by banks in accordance with the current legislation.
II. OPENING, USE AND MANAGEMENT OF TOUR BUSINESS COLLATERAL DEPOSIT ACCOUNTS
3. The collateral deposits of tour business enterprises must be deposited into accounts (frozen) at the banks (where enterprises open their principal transaction accounts), and the enterprises must not use these collateral deposit amounts while conducting tour business activities.
4. Responsibilities of enterprises (account holders)
4.1. Not to use the tour business deposit amounts for the wrong purposes, enterprises shall be entitled
4.2. Always to maintain the adequate account balance strictly according to regulations; in cases where this account balance is lower than the prescribed level, enterprises must additionally deposit money in order to reach the prescribed level of collateral deposit.
4.3. To fully and strictly abide by the current regulations on the use of these collateral accounts such as account opening, money deposit, additional deposit, etc.
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