The Regulation promulgated together with the State Bank Governor’s July 11 Decision provides for supply and use of checks and procedures for supply, control, circulation and processing of vouchers and accounting work related to check payment through Vietnam-based payment service-providing organizations.
The Regulation promulgated together with the State Bank Governor’s July 11 Decision provides for supply and use of checks and procedures for supply, control, circulation and processing of vouchers and accounting work related to check payment through Vietnam-based payment service-providing organizations.
Checks shall be supplied and paid by the State Bank of Vietnam (SBV); the State Treasury; commercial banks, development banks, investment banks, policy banks, cooperation banks and banks of other types; people’s credit funds; organizations other than credit institutions licensed by the SBV to supply, pay or collect checks.
For checks to be paid in foreign currencies, of which ultimate beneficiaries are not allowed to receive foreign currencies, they shall be paid in
Persons supplied with checks must count the supplied blank checks and examine the accuracy of elements thereof. Any error or omission in supplied checks should be promptly notified to check-supplying organizations for exchange for new ones.
In order to get the sum on a check paid, the check beneficiary may transfer such check for collection by mode of signing for transfer to a payment service-providing organization (the collector) under an agreement.
This Decision replaces the SBV’s Circular No. 05/2004/TT-NHNN dated
(Source: VietnamLaws)
