| THE STATE BANK OF VIETNAM ------- No. 38/2012/TT-NHNN | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness --------------- Hanoi, December 28, 2012 |
CIRCULAR
STIPULATING ON GOLD POSITION OF CREDIT INSTITUTIONS
Pursuant to the Law on the State bank of Vietnam No. 46/2010/QH12, of June 16, 2010;
Pursuant to the Law on credit institutions No. 47/2010/QH12, of June 16, 2010;
Pursuant to the Government’s Decree No. 96/2008/ND-CP, of August 26, 2008, stipulating functions, tasks, powers and original structure of the State bank of Vietnam;
Pursuant to the Government’s Decree No. 24/2012/ND-CP, of April 03, 2012, on management of gold business activities;
At the proposal of Director of the Foreign Exchange Control Department;
The Governor of the State bank promulgates Circular stipulating on gold position of credit institutions,
Article 1. Scope of regulation and subjects of application
1. This Circular stipulates on gold position of credit institutions that are allowed to conduct business in purchase, sale of gold bar.
2. The activities of business in purchase and sale of gold bar specified in this Circular just include spot transactions of gold purchase and sale.
Article 2. Interpretation of terms
In this Circular, the following terms are construed as follows:
1. Credit institutions being allowed to conduct business in purchase, sale of gold bar are credit institutions that are granted licenses of business in purchase, sale of gold bar by the State bank of Vietnam (hereinafter referred to as the State bank).
2. The gold position of credit institutions means the gold bar balance arising from activities of purchase and sale of gold bar of credit institutions that is converted into Vietnam dong under the converting gold price of position.
3. The spot transaction of gold purchase and sale are transaction in which two parties conduct purchase, sale of an amount of gold bar under the gold price agreed at time of transaction and end payment, delivery, receipt within 02 (two) next working days.
4. The converting gold price of position is the buying price of gold bar in corresponding to each type of gold bar that is announced at the end of report day by credit institutions.
