Press Release on issuance of Circular No.22/2015/TT-NHNN
The Governor of the State Bank of Vietnam (SBV) issued Circular No.22/2015/TT-NHNN on November 20 on supply and utilization of cheques. This Circular replaces Decision No.30/2006/QD-NHNN dated July 11, 2006 to promulgate Regulations on supply and utilization of cheques.
The Circular is formulated on the basis of Decision No.30/2006/QD-NHNN dated July 11, 2006 and revising several regulations in order to be in compliance with applicable laws as well as the situation of the supply and utilization of cheques in commercial banks and foreign bank branches in Vietnam.
The Circular includes 8 chapters and 20 articles with main substances as follows:
- Scope of governing: The Circular governs the supply and utilization of cheques in commercial banks and foreign bank branches in Vietnam.
- Implementers include the SBV, commercial banks, policy banks, cooperative banks, foreign bank branches, people's credit funds, micro-finance institutions, other institutions licensed by the SBV and organizations, individuals using cheques and relating to the cheque utilization and payment.
- The Circular stipulates the supply and utilization of cheques, including: substances of cheques and cheque drawing, cheque book ordering, transfer and collection of cheques, cheque clearing guarantee, cheque presentation and payment, resolution of loss and damage of cheques.
In order to strengthen the administrative reform in line with Instruction No.17/CT-TTg dated June 20, 2014 on mitigating the requirement of submitting notarized copies when performing administrative procedures, the Circular allows the implementers to submit copies without notarization (attached original documents for checking) when registering blank cheques.
The Circular will take effect from January 12, 2016.
Translated by TLH