Decree No. 161/2006/ND-CP dated December 28, 2006 of the Government providing for cash payment
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, December 28, 2006
PROVIDING FOR CASH PAYMENT
Pursuant to the December 25, 2001 Law on Organization of the Government;
Pursuant to the December 12, 1997 Law on the State Bank of Vietnam and June 17, 2003 Law No. 10/2003/QH11 Amending and Supplementing a Number of Articles of the Law on the State Bank of Vietnam;
Pursuant to the December 12, 1997 Law on Credit Institutions and June 15, 2004 Law No. 20/2004/QH11 Amending and Supplementing a Number of Articles of the Law on Credit Institutions;
At the proposal of the Governor of the State Bank of Vietnam,
Article 1.- Governing scope
This Decree provides for cash payment limits, cash transaction charges and withdrawals of Vietnam dong cash in large quantity in transaction and payment in Vietnam.
Article 2.- Subjects of application
Subject to the application of this Decree are:
1. Payment service-providing organizations, state treasuries.
2. State budget-funded agencies and organizations, and organizations using state capital.
3. Other organizations and individuals having cash transactions with payment service-providing organizations.
Article 3.- Cash payment limits
1. State budget-funded agencies and organizations and organizations using state capital shall make non-cash payments to beneficiaries, except for those payments permitted to be made in cash via state treasuries.
2. If beneficiaries have no accounts at payment service-providing organizations or state treasuries, state budged-funded agencies and organizations and organizations using state capital may pay them cash.
3. For payments below cash payment limits, state budget-funded agencies and organizations and organizations using state capital may pay cash to beneficiaries.
Article 4.- Cash transaction charges collected by payment service-providing organizations
Payment service-providing organizations may collect charges for cash transactions at their units. Cash transactions charge rates shall be set and publicized by payment service-providing organizations in accordance with the State Bank's regulations.
Article 5.- Withdrawal of cash in large quantity
Payment service-providing organizations and state treasuries may agree with organizations and individuals on the withdrawal of cash in large quantity and on the advance notification of such withdrawal.
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