• Effective: Expired
  • Effective Date: 05/04/2002
  • Expiry Date: 15/01/2015
THE STATE BANK
Number: 03/2002/TT-NHNN
SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Ha Noi , April 05, 2002
CIRCULAR No

CIRCULAR No. 03/2002/TT-NHNN OF APRIL 5, 2002 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 to use them only for the payment and/or compensation for tourists in cases where enterprises breach the contracts signed with tourists, or when unexpected risks occur to tourists while tour programs are organized.

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.

5. Responsibilities of banks

5.1. To guide tour business enterprises in strictly implementing the regulations on account opening, making collateral deposit into accounts and use of accounts, as well as the regulations relating to these accounts.

5.2. To freeze the tour business collateral deposits and calculate for payment of interests on the collateral deposit balance according to the interest rates of demand deposits at banks. At the end of the month, to calculate the interests to be paid to the enterprises and account them into deposit accounts or pay them in cash.

5.3. To grant tour business collateral deposit certificates to enterprises.

5.4. In cases where enterprises breach contracts or when unexpected risks occur to tourists and the enterprises must pay compensation for the damage under the decisions of the competent State agencies (agencies in charge of State management over tourism or courts), banks may deduct from the collateral deposit account in order to effect that payment after subtracting the banking service charges.

5.5. To request enterprises to make additional cash deposits to the prescribed level within 01 month (as from the date the money is deducted from the collateral deposit account for payment and/or compensation to tourists). Past the above-said timelimit, if enterprises fail to do so, the banks shall notify such to the National Administration of Tourism or the Tourism Services of the provinces or cities where the enterprises are headquartered in order to take measures for handling.

5.6. To refund the tour business collateral deposits to enterprises in the following cases:

- Where the National Administration of Tourism issues notices on the non-granting of international tour business permits to enterprises;

- Where the National Administration of Tourism issues decisions to withdraw international tour business permits of enterprises;

- Where the business registration agencies issue decisions to withdraw business registration certificates or cross the tour business line from enterprises� business registration certificates.

III. REPORTING INFORMATION AND HANDLING OF VIOLATIONS

6. Quarterly, on the 15th day of the first month of the subsequent quarter at the latest, the commercial banks, which receive the tour business collateral deposits, must fully make and send reports to the State Bank (The State Bank�s Inspectorate) on the reception of tour business collateral deposits by their respective banks.

7. Banks and enterprises which commit acts of violating the regulations of this Circular shall, depending on the seriousness of their violations, be handled according to current law provisions.

IV. IMPLEMENTATION PROVISIONS

8. This Circular takes implementation effect after its signing.

9. The heads of the units attached to the State Bank, the chairmen of the Managing Boards and the general directors (directors) of commercial banks shall have to organize and guide the implementation of this Circular.

For the State Bank Governor
Deputy Governor
NGUYEN THI KIM PHUNG

 

KT. THỐNG ĐỐC
Phó Thống đốc

(Signed)

 

Nguyen Thi Kim Phung

 

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