Gold transaction proposal from 20 million VND or more must be transferred

The draft amendment to Decree 24 adds regulations that payments for buying and selling gold worth VND20 million or more must be made via bank transfer.

The State Bank has just announced to collect opinions on the Draft amendment to Decree 24/2012/ND-CP on the management of gold trading activities.

In particular, the Draft amendment to Decree 24 adds the regulation: Payment for buying and selling gold worth 20 million VND or more must be made through the customer's payment account and the payment account of the gold trading enterprise opened at a commercial bank or foreign bank branch.

According to the State Bank, the addition of this regulation aims to ensure the requirement of customer information authentication but does not create additional obligations for customers because information authentication has been performed when customers open and use payment accounts at commercial banks and foreign bank branches. This regulation also aims to increase publicity and transparency in gold buying and selling transactions.

Gold transactions of 20 million VND or more must be transferred. (Photo: Cong Hieu).

Previously, the General Department of Taxation had proposed that the State Bank study and submit to competent authorities regulations requiring non-cash payments for gold trading transactions, and at the same time stipulate a mechanism to control related transactions.

The draft also stipulates that to be able to produce gold bars, businesses must have a minimum charter capital of VND1,000 billion, while banks must have VND50,000 billion. In addition, these units must be on the list of licensed entities to buy and sell precious metals, not violate the law, or if they do, have already corrected the violations.

Accordingly, the country currently has 38 organizations licensed to trade in gold bars, but only a few large enterprises such as PNJ, DOJI, SJC have the capital to participate in production. In the banking group, Vietcombank, BIDV, VietinBank, MB, Agribank , VPBank and Techcombank are the names that meet the charter capital requirements.

The draft amended Decree also adds clear regulations on the responsibilities of credit institutions and enterprises licensed to produce gold bars.

Accordingly, units are only allowed to produce the prescribed type of gold bars. At the same time, they must announce the applicable standards, weight and gold content according to the law; and be responsible for the product's compliance with the announced standards.

Manufacturing enterprises must also guarantee gold bar products for customers and are fully responsible before the law for the products they produce.

Source: https://baoquangninh.vn/de-xuat-giao-dich-vang-tu-20-trieu-dong-tro-len-phai-chuyen-khoan-3362442.html