State-funded organisations only allowed to use cash in four cases

13-Jun-2014 Intellasia | Thoi Bao Ngan Hang | 6:00 AM Print This Post

The State Bank of Vietnam (SBV) is taking comments on a draft Circular on the cash payment of state-funded organisations in Vietnam.

The central bank said that the Circular aims to limit the cash payments in the economy, contributing to the social cost saving related to the use of cash and step by step improving the management efficiency and the capital use of the state-funded organisations.

According to this Circular, state-funded organisations include State-guaranteed credit using organisations, State’s development investment credit using organisations and State’s other investment capital using organisations.

The draft circular specified the state-funded organisations are allowed to use cash for payments in following cases:

First, payments for purchases of agro-forestry and fisheries and materials for direct producers who do not have a payment account at a bank.

Second, payments for expense account, salary to employees who do not have a payment account at a bank.

Third, payments to perform the tasks of national defense and security related to State secrets.

Fourth, other payments with a value of less than 20 million dong for the same payment purpose, except cases being provided in Article 5 and 6 of Decree No 222/2013/ND-CP dated December 31, 2013 by the government on cash payments.

As expected, the Circular will take effect in 2014 and will replace the Circular No 01/2007/TT-NHNN dated March 07, 2007.


Category: Finance

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