Tiếng Việt| STATE BANK OF VIETNAM | SOCIALIST REPUBLIC OF VIETNAM |
| No.: 47/VBHN-NHNN | Hanoi, November 09, 2016 |
REGULATIONS ON PROVISION AND USE OF CHEQUES
The Circular No. 22/2015/TT-NHNN dated November 20, 2015 by the Governor of the State Bank of Vietnam providing for the provision and use of cheques and taking effect as of January 12, 2016 is amended by:
The Circular No. 30/2016/TT-NHNN dated October 14, 2016 by the Governor of the State Bank of Vietnam stipulating amendments to a number of Circulars providing for the provision of payment services and intermediary payment services and taking effect as of November 28, 2016.
Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to the Law on negotiable instruments dated November 29, 2005;
Pursuant to the Government’s Decree No.156/2013/ND-CP dated November 11, 2013 defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
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At the request of Director of Payment Department;
The Governor of the State Bank of Vietnam promulgates this Circular to introduce regulations on the provision and use of cheques[1].
This Circular introduces regulations on the provision and use of cheques at banks and branches of foreign banks operating in the territory of Vietnam.
1. The State Bank of Vietnam, commercial banks, Vietnam Bank for Social Policies, cooperative banks, branches of foreign banks (hereinafter referred to as banks), people’s credit funds, microfinance institutions and other organizations as defined by the State Bank of Vietnam (hereinafter referred to as “SBV”).
2. Organizational and/or individual entities that use cheques and get involved in the use and payment of cheques, including: drawers, drawees, endorsers, endorsees, guarantors, guarantees, payees, their legal representatives and other persons concerning the use of cheques.
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In this document, these terms are construed as follows:
1. Cheque refers to a written instrument which is written out by the drawer to direct the payee to pay a definite sum of money which is drawn from the drawer's chequeing account to the payee.
2. Drawer refers to the person who writes and signs the cheque.
3. Drawee refers to the bank that opens the cheque account for the drawer and assumes responsibility to pay the sum of money written on the cheque as ordered by the drawer.
4. Payee refers to any of the following entities:
a) The recipient of the sum of money written on the cheque as designated by the drawer;
b) Endorsee of a cheque under the methods of transfer provided for in this Circular;
c) Holder of the bearer cheque.
5. Cheque-related person refers to one who takes part in the cheque payment by appending his/her signature to the cheque as a drawer, endorser, guarantor or certifying party.
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7. Guarantor refers to the person who guarantees to pay the entire or a part of the sum of money written on the cheque to the payee if the guarantee fails to make payment or makes part payment of the sum of money written on the cheque upon the maturity of that cheque.
8. Guarantee refers to the person whose payment obligation to a payee is fulfilled by a guarantor as guaranteed.
9. Cheque certification means the drawee verifies the sufficient funds to pay the cheque which is presented for payment within the presentment period.
10. Cheque issuance refers to the fact the cheque is signed and given by the drawer to the payee the first time.
11. Cheque transfer means the payee of a cheque transfers the ownership of that cheque to the endorsee by means of signing over on the back of that cheque and giving it to the endorsee.
12. Cheque clearing center refers to the SBV or another institution licensed by the SBV to organize and take the prime charge of the cheque exchange and clearing, and settlement of financial obligations arising from the cheque clearing by its members that are banks or payment service providers licensed by the SBV.
13. Cheque provider refers to the drawee.
14. MICR (Magnetic Ink Character Recognition) is a character-recognition system that uses special ink and characters.
Article 4. Drawing and payment of cheques made out in foreign currency
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Cheques are drawn in foreign currency in accordance with regulations of the law on foreign exchange management.
2. Payment of cheques made out in foreign currency:
a) The sum of money specified in a cheque which is drawn in foreign currency as provided for in Clause 1 of this Article shall be paid in foreign currency if the final payee is allowed to receive payments in foreign currency as provided for by the law on foreign exchange management;
b) If a cheque is drawn in foreign currency but the final payee is not allowed to receive payments in foreign currency as provided for by the law on foreign exchange management, the sum of money written on the cheque shall be paid in VND according to the exchange rate announced by the SBV at the payment time or the exchange rate announced by the bank making payment at the payment time.
Article 5. Recourse of dishonoured cheque
1. In case a part or entire sum of money written on a cheque is refused to be paid as regulated hereto, the payee has the right to make recourse to claim the sum of money which legally belongs to him/her. The subject, amount, methods and procedures of resource shall be performed in accordance with regulations in Article 48 – 52 of the Law on negotiable instruments.
2. The endorser who has made payment to a payee shall have the right to make recourse against the drawer or the previous endorser.
ELEMENTS OF A CHEQUE AND CHEQUE DRAWING
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Elements of a cheque shall follow regulations in Article 58 of the Law on negotiable instruments.
Article 7. Making and drawing of cheques
1. A cheque must be made out on a blank cheque provided by the drawee. If a cheque is made out on a blank cheque which is not provided by the drawee, then the drawee has the right to refuse to pay that cheque.
2. Elements of a cheque must be printed or clearly written by using a fountain pen or ball pen, not a pencil or a pen with red or fast-fading ink. It's not allowed to edit or erase a cheque. A cheque must be written out in Vietnamese. If a cheque contains foreign elements, it may be written out in foreign language upon agreement by the relevant parties.
3. Information about the payee must be specified according to any of three methods prescribed in Clause 1 Article 60 of the Law on negotiable instruments.
4. The amount in figures written on a cheque must match with the amount in words written on the same cheque.
The amount in figures of the cheque must be written with Arabic numerals (0, 1, 2, 3, 4, 5, 6, 7, 8, 9). A dot (.) is used to separate the thousands groups and a comma (,) is a decimal mark.
The amount in words must be written out in a clear manner: the words’ initial letter must be capitalized and closed to the beginning of the first line; there must be neither double line spacing nor too-large spacing between words; and it is forbidden to insert words (on the different line) between two successive words in a cheque.
5. Place of payment means the place where the cheque is to be paid and is indicated by the drawee. If no place of payment is indicated in the cheque, then this cheque shall be presented for payment at any business locations of the drawee.
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7. The drawer’s signature must be hand-written directly on the cheque by the person who has rights and obligations towards to the cheque or who is authorized to write out and sign the cheque. The drawer’s signature must be hand-written by using a fountain pen or ball pen and the same as the specimen signature already registered with the drawee, accompanied with the full name of the signee and the stamp (if any) of the organization in case the cheque is signed by the legal representative of that organization or digital signature (if the electronic payment processing applies).
8. The drawer or the endorser must write or affix the seal with the phrase “A/C Payee only” on the front of the cheque and below the word “Cheque” for the purpose of indicating that the cheque cannot be cashed and the sum of money written on the cheque must be transferred into the payee’s payment account only.
9. The drawer or the endorser must draw two parallel lines across the front of the cheque from the top left corner to the bottom right corner of the cheque for the purpose of indicating that the sum of money written on the cheque must be only paid to the bank or the payee whose payment account is opened at the drawee bank.
10. The drawer or the endorser must draw two parallel lines across the front of the cheque from the top left corner to the bottom right corner of the cheque and write the name of a specific bank between those lines for the purpose of indicating that the sum of money written on that cheque must be only paid to the named bank or the payee whose payment account is opned at that bank. A cheque with two banks named between the lines shall be invalid unless any of those two banks is paid that cheque on behalf of the other one.
11. If the payment account holder authorizes a person to draw cheques, he/she shall have to complete procedures for notification, registration of specimen signature and cheque payment limit (if any) with the drawee.
Article 8. Rights and obligations of the drawer
1. The drawer has the right to make a stop payment on the cheque he has written out by sending a written notice to the drawee to stop payment of the cheque upon its presentment for payment. A notice of stop payment is only valid if the payee or his/her authorized person has not yet presented the cheque for payment at the drawee after the period of presentment for payment as provided for in Clause 1 Article 19 of this Circular.
2. The drawer must draw cheques in compliance with regulations in Article 7 hereto.
3. The drawer is liable for ensuring his/her solvency to pay the sum of money written on the cheque to the payee at the time the cheque is presented for payment within the period of presentment for payment. The drawer’s solvency refers to the balance on his/her chequeing account and the overdraft facility that he/she is permitted to use as agreed with the drawee.
4. If a cheque is refused to be paid because it has been made out inconsistently with the regulations, the drawer must made out another cheque to replace the refused cheque within the date of receiving the payee’s request or on the business date following the date of receiving the payee’s request.
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1. Cheque providers shall design templates of bank cheques that they provide in accordance with regulations in Article 58 and Article 59 of the Law on negotiable instruments.
2. For the purpose of ensuring that cheques shall be paid via cheque clearing centers, the cheque paper, size, elements and their locations on blank cheques must be designed according to the Annex 01a and Annex 01b herein.
Article 10. Application for registration of blank cheque template
1. Commercial banks, Vietnam Bank for Social Policies, cooperative banks and branches of foreign banks must apply to the SBV for registration of bank cheque templates before they print and provide blank cheques to their customers. 01 set of application shall be, by hand or by post, submitted to the SBV (via the Payment Department), including the following documents:
a) The application form for registration of blank cheque template, using the form stated in Annex 08 herein;
b) Design of the blank cheque template, including: size, color and elements of the blank cheque;
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2. Within 05 working days as of the receipt of valid application, the SBV shall grant a written certification of the registration of blank cheque template to the cheque provider.
Article 11. Printing and announcement of blank cheque templates
1. Upon the attainment of a written certification of the registration of blank cheque template from the SBV, the cheque provider shall conduct the printing of blank cheques. The cheque provider must send a printed blank cheque to the SBV (via the Payment Department) for retention before printed blank cheques are provided to cheque users.
2. The cheque provider must select and enter into an agreement with qualified printing service provider to print blank cheques on the basis of self-responsibility for ensuring technical factors and anti-counterfeiting features of its provided blank cheques.
3. The cheque provider shall assume responsibility for announcing its blank cheques to relevant parties.
4. The cheque provider shall assume responsibility for regulating and entering into agreements with cheque users on conditions and terms for using its provided cheques. To be specific:
a) Provide a specific quantity of blank cheques to customers on the basis of ensuring the suitability for demand and payment reliability of each customer;
b) Set up formalities and procedures for ensuring the security and allocating responsibilities of relevant parties for storage, maintenance and circulation of blank cheques and cheques in course of payment of cheques within the cheque provider;
c) Stipulate, instruct and disseminate responsibilities for maintaining blank cheques and requirements to be satisfied while using cheques by users of blank cheques.
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dd) [3] Force majeure events.
5. Each cheque provider shall have to find information about the requester for first provision of blank cheques at the National Credit Information Center of Vietnam before it decides provide blank cheques to that requester.
6. Each cheque provider must sufficiently and timely provide debit and credit notes to customers who open payment accounts at that cheque provider according to the methods and time of providing credit/debit notes as agreed upon between the cheque provider and its customers in compliance with current laws.
7. [4] Each cheque provider must provide instructions to its customers on use of its cheque payment services.
7a. [5]The cheque provider must respond to verification requests or complaints from its customers. To be specific:
a) Adopt at least two methods of receiving verification requests/complaints, via telephone switchboard (with recording) and via business locations of the cheque provider; ensure the authentication of basic information provided by customers to the cheque provider;
b) Design and provide verification request/ complaint forms to customers who want to make verification requests/ complaints. In case of receipt of verification requests/ complaints via the telephone switchboard, the cheque provider must request the relevant customers to supplement written verification requests/ complaints according to the required forms within a specific time limit as required by the cheque provider to use as the basis for consideration. If a customer authorizes a person to make a verification request/ complaint, it must comply with regulations of the law on authorization;
c) Stipulate the time-limit for making verification requests/ complaints; it must not less than 60 days as of the date on which the cheque is presented for payment as regulated in Article 19 herein;
d) Respond to a verification request/ complaint within 30 working days as of the receipt of first verification request/ complaint from the customer via any of the methods mentioned in point a hereto;
dd) Process results of verification request/ complaint:
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- If it fails to determine reasons or which party at fault while the time-limit for responding to a verification request/ complaint expires as regulated in point d hereof, the cheque provider must, within succeeding 15 days, carry out an agreement with the customer about the remedial measures;
e) If the case shows any sign of crime, the cheque provider shall notify the competent authority in accordance with the law on criminal procedures, send a report to the SBV (via the Payment Department, SBV’s branches in provinces/ cities), and notify the customer in writing of progressing actions against his/her verification request/ complaint. The processing of results of verification request/ complaint shall be responsible by the competent authority. If the competent authority notifies that the results do not show any sign of crime, the cheque provider shall, within 15 working days from the conclusion of the competent authority, carry out an agreement with the customer about the solutions for results of verification request/ complaint;
g) In the case where the cheque provider, customer and relevant parties fail to reach an agreement and/or disagree with the processing of a verification request/ complaint, the dispute shall be settled in accordance with regulations of law.
8. Cheque providers must implement customer identification measures; control, discover and report of high-value transactions, electronic money transfer or doubtful transactions to competent authorities in accordance with regulations of the law on anti-money laundering and relevant laws.
Article 12. Procedures for provision of blank checks
1. The account holder who has demand for use of cheques or his/her authorized person shall send a written request for provision of blank cheques to the cheque provider.
2. Upon the receipt of a written request for provision of blank cheques, the cheque provider shall verify the eligibility of the requester.
3. The cheque provider must print, stamp letters or write contents of cheque elements, including cheque serial number, drawer’s name, drawee's name and characters of MICR code (if any) of blank cheques before providing them to customers. The cheque provider should also print, stamp letters or write the place where the cheque is paid on blank cheques if it is required.
4. The cheque provider must monitor name, address and account number of each customer who is provided with blank cheques, the quantity and sign (serial number, cheque number) of blank cheques provided to that customer.
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1. A user of blank cheques must check the number and the accuracy of elements on blank cheques provide by the cheque provider. Any errors or omissions in provided blank cheques should be promptly notified to the cheque provider for exchange for new ones.
2. After receiving blank checks from the cheque provider, the user of blank cheques shall be fully responsible for damage if they let errors occur or let such cheques be abused.
TRANSFER AND COLLECTION OF CHEQUES
1. If a cheque is signed over, the continuity of the row of transfer signatures shall be expressed as follows: In the first transfer of the cheque, the person named as the endorser must be the payee whose name has been written on the front of the cheque; in the second transfer of the cheque, the person named as the endorser must be the endorsee in the first transfer; and so on until the last transfer.
2. The payee of a cheque which has been signed over shall be the last endorsee with his/her signature included in the continuous row of transfer signatures as provided for in Clause 1 of this Article.
3. The drawee, when processing a cheque which has been transferred by endorsement, shall have to examine the continuity of the row of transfer signatures in order to ensure that the sum of money written on the cheque shall be paid to the right payee.
Article 15. Collection of cheques
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2. Where a cheque cannot be presented directly at the indicated place of payment, the collector may further transfer it to another collector being its agent under an agreement between two parties. Such transferred collector shall present the cheque for payment.
Article 16. Cheque certification
1. Cheque certification conditions
For issuing a certified cheque, the drawer must have sufficient funds on his/her payment account to prove his/her solvency to pay that cheque; in case a drawer has insufficient funds on his/her payment account but is given consent by the drawee to draw a cheque up to a specific overdraft limit for the purpose of ensuring the drawer's solvency to pay the cheque amount, the drawer has the right to request the drawee to certify the payment of that cheque.
2. Cheque certification procedures
a) Certification of cheque by deposit accounts
The drawer shall make and send the cheque which is fully filled with required information, valid signature and stamp (if any) on its front side, enclosed with the written payment order (the drawee shall prescribe the amount specified in the payment order provided that it must be enough for accounting, settlement and retention). The drawee shall, upon the examination and verification of the satisfaction of conditions prescribed in Clause 1 of this Article, sign and affix its stamp, enclosed with the word “Certified”, on the front of the cheque and process copies of the payment order. To be specific:
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- The other copy of the payment order shall be used as the debit not sent to the drawer;
b) Temporary blockage of amount in payment account for cheque certification
The drawer shall make and send the cheque which is fully filled with required information, valid signature and stamp (if any) on its front side. The drawee shall, upon the examination and verification of the satisfaction of conditions prescribed in Clause 1 of this Article, temporarily block the amount in the payment account of the drawer according to the written agreement made by and between the drawer and the drawee. The blocked amount shall equal to the sum written on the certified cheque. Then, the drawee shall sign and affix its stamp, enclosed with the word “Certified”, on the front of the cheque.
3. When certifying the cheque payment, the drawee must guarantee the payment of the sum of money written on the cheque until the presentment period of that cheque expires.
4. If the presentment period expires but the cheque is not yet presented for payment, the drawer may request the drawee to terminate the blockage of his/her payment account or terminate the use of deposit account to guarantee the payment of a cheque. The drawer’s order to terminate the account blockage or the use of deposit account to guarantee the cheque payment is also the stop payment order for that cheque.
1. For guaranteeing a cheque, the guarantor shall write the word "guaranteed", guaranteed amount, name, address and signature of the guarantor and the guarantee's name on the front of the cheque or in attached document.
2. If the guarantee’s name is not specified, the drawer shall be considered as the guarantee in that cheque guarantee.
Article 18. Rights and obligations of the guarantor
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2. The guarantor is liable to pay the guaranteed amount if the guarantee fails to make full payment for the cheque when it becomes due.
3. Upon the fulfillment of guarantee obligations, the guarantor may inherit rights of the guarantee over relevant parties, process the guarantee’s collateral and request the guarantee, the drawer and party accepting the cheque guarantee to make payment of guaranteed amount paid.
4. The cheque guarantee by banks shall be governed by regulations in this Circular and relevant laws.
PRESENTMENT AND PAYMENT OF CHEQUES
Article 19. Cheque presentment
A cheque being presented, whether in the form of paper instrument (in case of voucher-based payment processing) or electronic data (in case of electronic cheque payment processing) shall be sent to the place of presentment as defined in Article 20 herein.
1. The time-limit for presenting the cheque for payment shall be 30 days as of the date on which that cheque is drawn (excluding the time when possible force majeure events or contingencies occur).
2. Where a cheque is presented beyond the prescribed time limit but not later than 06 months as of the drawing date, the drawee may still make the payment if it receives no stop payment order regarding such cheque from the drawer and there is sufficient funds on the drawer's account.
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The payee or the collector shall present the cheque at the following places:
1. The place of payment indicated in the cheque.
2. Any business location of the drawee if there is no place of payment indicated in the cheque.
3. If a cheque is presented by a payment service provider, apart from the abovementioned places of presentment, that cheque may be presented at the cheque clearing center provided that such payment service provider must be a member of the cheque clearing center.
Article 21. Payment of cheque at the counter of drawee
Where a cheque is presented for payment within the presentment period and place as prescribed in Article 19 and Article 20 herein, and the drawer remains solvent to pay the sum of money written on that cheque, the drawee shall verify the legality and validity of that cheque, and make payment to the payee or his/her authorized person who presents a legal and valid cheque within the presentment date or the date following the presentment date. A cheque shall be paid by the drawee as follows:
1. Receipt and verification of cheque by the drawee:
a) Upon the receipt of copies of the cheque presentment forms and cheques remitted by the payee or collector, the drawee must verify contents written on each presented cheque to ensure the legality and validity of that cheque.
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b) Where a cheque does not bear the phrase “A/C Payee only”, the drawee may pay cash to the payee at the place of presentment as prescribed in Article 20 herein, except for the cases where the payment in cash is not allowed as provided for by applicable laws.
The receiver of cheque payment in cash must write his/her name, ID number or number of unexpired passport or other substitute identity paper in the box for cheque cashing information on the back of the cheque;
c) The person committing violations against regulations on cheque control which cause the abuse of cheque or property loss must assume responsibility for compensation.
2. If the balance on the drawer's payment account or the balance plus the overdraft limit on the drawer's payment account (in case the drawer is allowed to overdraft) is sufficient for payment of the whole sum written on the cheques, the drawee shall:
a) Use the cheques as vouchers to debit the drawer’s payment account or deposit account used to guarantee the payment of cheques;
b) Use copies of the cheque presentment forms as vouchers to credit appropriate accounts such as payment account of the payee (if the payee’s account is opened at the drawer); cash (if the payee cashes cheques); clearing account or deposit account at the SBV (in case of clearing payment or payment made via the SBV); account of the collector (if the payment is made under agency agreements), etc. And at the same time, appropriate payment vouchers for clearing (if the collector takes part in clearing payment) or vouchers for transferring money to the collector for crediting the payee's account shall be made;
c) Procedures for payment and circulation of vouchers in case the drawer and the payee open their accounts at the same bank branch or at two branches of the same bank which has an online payment system shall be specified and guided by the General Director (Director) of such branch or bank in accordance with the regulations herein.
Article 22. Handling of dishonored cheques
1. A cheque which is presented for payment within the prescribed presentment period but is returned unpaid because there is not enough money on the drawer’s account opened at the drawee to over that cheque shall be considered as dishonored cheque. A dishonored cheque shall be handled as follows:
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The drawee shall concurrently notify that dishonored cheque to the cheque presenter (the payee or the collector) right on the date of presentation or on the working day following that day by a notification method agreed upon between them.
Within 05 working days as of the date on which the notification of the dishonored cheque to the drawer, the drawee must report information of dishonored cheque by using the form stated in Annex 07 herein to the National Credit Information Center of Vietnam. The National Credit Information Center of Vietnam shall provide information searching service related to the dishonored cheque to the cheque provider right on the date of receiving request or on the working day following that day;
b) The payee may, directly or via his/her collector, request the drawee to implement any of the following measures:
- Making certification of refusal to pay the sum of money written on the cheque and returning that cheque to him/her.
- Paying part of the sum of money written on the cheque, which is at most equal to the amount the drawer is entitled to use at the drawee, and making a certification of refusal to pay the unpaid part of the cheque’s sum (In this case, the payee shall make a collection order according to the form stated in Annex 03 herein);
c) Upon the receipt of the payee's collection order requesting the payment of part of the sum of money written on the cheque, the drawee shall:
- Debit the drawer’s payment account and credit the appropriate account (payee’s account; cashing; clearing account; deposit account opened at the SBV, collector’s account, etc.).
- Make clearing payment vouchers (if the collector takes part in clearing payment) or vouchers for transferring money to the collector for crediting the payee's account, and at the same time:
+ Make a certification of refusal to pay the cheque's unpaid amount by using the forms stated in Annex 05 and Annex 06 herein, writing the phrase "paid ...(sum of money)..., refused to pay ...(sum of money)..., date of payment..." on the front of the cheque, then hand such certification enclosed with the cheque and other payment vouchers to the payee or the collector; send certification of refusal to pay the cheque to the drawer.
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The drawee must monitor partially paid cheques. Information relating to the drawer of dishonored cheque shall be processed in accordance with regulations in Clause 2 of this Article.
- When making part payment of the sum of money written on the cheque, the drawee shall request the payee (if the payment is transferred to the payee’s account opened at the drawee or if the cheque is cashed) or the collector (if the payment is made to the collector) to make a receipt using the form stated in Annex 04 herein for retention.
2. Where many cheques are presented at the same time for receiving payment from the same drawer who is insolvent to fully pay them, the order for processing such cheques shall be determined according to their drawing dates and ordinal numbers of the drawn cheques. Cheques with earlier drawing dates shall be paid first. Among cheques of the same drawing date, those with smaller ordinal numbers shall be paid first.
Article 23. Payment of cheque through collector
1. The collector may impose the cheque collection service charges on the payee. In case a cheque is refused to be paid through no fault of the collector, the collector shall not be obliged to refund the collection service charge to the payee.
2. In case a cheque is refused to be paid due to the collector's fault, the collector shall be obliged to pay damages to the payee under the agreement between the two parties. Failing to reach an amicable agreement between the two parties, the case shall be handled in accordance with prevailing laws.
3. Procedures for delivery, receipt and verification of cheque at the collector shall be as follows:
a) Based on cheques, the payee shall make cheque presentment form using the form stated in Annex 02 herein. The number of copies of cheque presentment form shall be prescribed by the drawee provided that they must be enough for accounting, payment and retention. The cheque presentment form shall be made for each drawee and enclosed with cheques to be handed over to the collector. Required information on the cheque presentment form must be fully and clearly filled without modification or erasement;
b) Upon the receipt of copies of the cheque presentment form and cheques, the collector must verify contents written on each cheque to ensure the legality and validty of that cheque;
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d) If no error is detected, the collector shall sign for certification of the cheque collection at the request of the payee, and send cheques and the cheque presentment form to the place of presentation within the prescribed time limit and by mode agreed upon with the payee and in compliance with the drawee's current regulations.
4. Procedures for accounting at the collector:
a) Full payment of the sum of money written on cheque:
Upon the receipt of the cheque payment vouchers sent by the drawee, the collector shall use such vouchers for accounting as follows:
- Debit appropriate account (clearing account, deposit account opened at the SBV, deposit account of the drawee, etc.) and credit the account of the payee.
- Send the credit note to the payee;
b) Part payment of cheque as notified by the drawee
Based on the paid amount, the collect shall use vouchers of part payment of the cheque sent by the drawee for accounting as follows:
- Debit appropriate account (clearing account, payment account at the SBV, payment account of the drawee, etc.) and credit the appropriate account (account for other expected payments, etc.).The payee or the collector (in the capacity as the payee’s authorized person) shall have to issue a receipt using the form stated in Annex 04 herein and hand it to the drawee.
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- Debit the account of other expected payments (with a detail account opened for each cheque payee) and credit appropriate account (the payee’s payment account; or cash).
- Send a copy of such receipt to the drawee;
c) In case where the collector, past five working days after sending the credit note on the part payment of the sum of money written on the cheque, receives no receipt from the payee, it shall have to refund the partially paid amount of the cheque to the drawee, and make accounting as follows:
Debit the account of other expected payments (with a detail account opened for each cheque payee) and credit appropriate account (clearing account, payment account at the SBV, deposit account of the drawee, etc.).
1. Each cheque provider shall have to promulgate its internal regulations on the provision, payment and suspension of payment of cheques in compliance with regulations herein.
2. A cheque provider may enter into an agreement with another cheque provider in the same or different province/city on the payment of cheques to their customers, procedures, authority and responsibilities of relevant parties on the basis of self-responsibility for ensuring the security during the cheque payment, and provide notification thereof to their customers.
3. Payment of cheque via the cheque clearing center:
a) With regard to cheque clearing centers affiliated to the SBV, the payment of cheques via a cheque clearing center must comply with the clearing procedures adopted by the SBV;
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Article 25. Penalty interest rate
The interest rate for delay of cheque payment as provided for in Clause 2 Article 71 of the Law on negotiable instruments shall be equal to 150% of the interest rate for demand deposits announced by the cheque provider at the time of cheque payment.
1. The loss of cheque shall be handled as follows:
a) If a blank cheque is lost by the drawer, the drawer must notify such cheque loss in writing or any other forms as agreed upon to the drawee;
b) If a cheque is lost by the payee, the payee must notify such cheque loss in writing or under any other forms as agreed to the drawee. And at the same time the payee must, personally or via previous endorsers, request the drawer to make a stop payment order for the lost cheque to the drawee.
2. The person who lost a cheque, after notifying the cheque loss, may request the drawer to draw another cheque having the same contents as the lost one if the lost cheque is not yet presented for payment. And in this case, the drawer must agree to that request.
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The drawee must not pay the cheque the loss of which has been notified. If the cheque the loss of which has been notified is presented for payment, the drawee must make a written record to keep that cheque and inform the person notifying the cheque loss for handling.
4. The drawee shall not bear responsibility for damage caused by the abuse of the lost cheque if such cheque is, before the cheque loss is notified, presented and paid according to the provisions of law.
If the drawee still pays the cheque after receiving the notification of the loss of that cheque, that drawee must pay damages to the payee.
5. The drawee must retain information about the lost cheque and send written report thereof to the National Credit Information Center of Vietnam.
1. Where a cheque is damaged, the payee may request the drawer to write out another cheque with the same contents for replacement.
2. The drawer is obliged to draw another cheque after taking back the damaged one provided that such cheque still shows sufficient information or there exists evidence that the holder of the damaged cheque is its lawful payee.
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1. This Circular comes into force as of January 12, 2016.
2. Decision No. 30/2006/QD-NHNN dated July 11, 2006 by the State Bank of Vietnam promulgating Regulation on provision and use of cheques; Article 2 of the Circular No. 23/2011/TT-NHNN dated August 31, 2011 regarding the plan for simplification of administrative procedures in payment service sector and other sectors in compliance with the Government’s resolutions on simplification of administrative procedures of activities under the management of the State Bank shall be null and void as of the effective date of this Circular.
Article 29. Implementation organization
The Chief of Office, the Director of the Payment Department, Heads of relevant affiliates of SBV, Directors of SBV’s branches in central-affiliated cities/ provinces, Chairpersons of the Board of Directors, Chairpersons of the Member Boards, and General Directors (Directors) of commercial banks, branches of foreign banks, Vietnam Bank for Social Policies, cooperative banks, people’s credit funds and microfinance institutions shall implement this Circular./.
CERTIFICATION OF CONSOLIDATED DOCUMENT
PP THE GOVERNOR
DEPUTY GOVERNOR
Nguyen Dong Tien
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“Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;
Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;
Pursuant to the Law on negotiable instruments No. 49/2005/QH11 dated November 29, 2005;
Pursuant to the Government's Decree No.101/2012/ND-CP dated November 22, 2012 on non-cash payments; the Government's Decree No. 80/2016/NĐ-CP dated July 01, 2016 on amendments to a number of articles of the Government's Decree No.101/2012/ND-CP dated November 22, 2012 on non-cash payments;
Pursuant to the Government’s Decree No.156/2013/NĐ-CP dated November 11, 2013 defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;
At the request of Director of Payment Department;
The Govenor of the State Bank of Vietnam promulgates a Circular to provide amendments to a number of Circulars providing for the provision of payment services and intermediary payment services.”
[2] This point is amended in compliance with regulations in Clause 1 Article 2 of the Circular No. 30/2016/TT-NHNN dated October 14, 2016 stipulating amendments to a number of Circulars providing for the provision of payment services and intermediary payment services and taking effect as of November 28, 2016.
[3] This point is amended in compliance with regulations in Clause 1 Article 2 of the Circular No. 30/2016/TT-NHNN dated October 14, 2016 stipulating amendments to a number of Circulars providing for the provision of payment services and intermediary payment services and taking effect as of November 28, 2016.
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[5] This clause is amended in compliance with regulations in Clause 3 Article 2 of the Circular No. 30/2016/TT-NHNN dated October 14, 2016 stipulating amendments to a number of Circulars providing for the provision of payment services and intermediary payment services and taking effect as of November 28, 2016.
[6] Articles 5, 6 and 7 of the Circular No. 30/2016/TT-NHNN dated October 14, 2016 stipulating amendments to a number of Circulars providing for the provision of payment services and intermediary payment services and taking effect as of November 28, 2016 provide for as follows:
“Article 5. Effect
This Circular comes into force as of November 28, 2016.
Article 6. Transitional clause
With regard to contracts/agreements which have been signed before the effective date of this Circular, providers of payment services/ intermediary payment services must inform their customers of new regulations on the receipt and handling of verification requests/complaints under the forms specified in signed contracts/agreements, and post them on their portals; sign other contracts/agreements as requested by customers. Modification or additions to a signed contract must comply with regulations herein.
Article 7. Implementation organization
The Chief of Office, the Director of the Payment Department, Heads of relevant affiliates of SBV, Directors of SBV’s branches in central-affiliated cities/ provinces, Chairpersons of the Board of Directors (the Member Boards), and General Directors (Directors) of providers of payment services, those of providers of intermediary payment services, and other individual and organizational entities shall implement this Circular./.”