Permit to collect Chinene yuan (CNY) in cash
|To regulate the collection of Chinese yuan in cash
|What is it
|Who should apply
Enterprises dealing in the sale of duty-free goods or the provision of services exclusively for foreigners in border areas and border gate economic zones
|Where to apply
|Validity of the License and application fee
|Application conditions and documents
The dossier shall include:
|How long it will take to process the application?
|15 working days
|Inspection Agencies of the State Bank of Vietnam and its branches in provinces.
|Penalties range from 5.000.000 VND to 20.000.000 VND. See Article 8 of Government’s Decree No. 202/2004/ND-CP of December 10, 2004 on sanctioning violations in the monetary and banking fields
|Legal texts regulating this license
Law on State Bank of Vietnam No.01/1997/QH10 of December 12, 1997
The Law No. 10/2003/QH11 of June 17, 2003 on amending and supplementing a number of articles of the Law on State Bank of Vietnam
Decision No. 689/2004/QD-NHNN of June 7, 2004 of the Governor of the State Bank on promulgating the regulation on payment for goods and service trading and exchange on border areas and border gate economic zones between Vietnam and China
|Other useful information
|The enterprises, which are granted by the State Bank the permits to collect CNY in cash from the sale of goods and/or provision of services, must remit the collected CNY amounts into bank accounts within 7 working days as from the date the collect such CNY amounts in cash (except for the CNY amount permits permitted to be left in their funds).