Expected to grant gold import quota before December 15 every year

The State Bank has just issued a Draft Circular guiding Decree 24 on gold trading activities, amended and supplemented by Decree 232.

Customers transact at a gold store of DOJI Gold and Gemstone Group, on Cau Dat Street, Gia Vien Ward. Photo: TRUNG KIEN

Accordingly, before December 15, the State Bank will grant limits on the export and import of gold bars and raw gold to businesses and commercial banks.

Specifically, the unit wishing to participate in the production of gold bars must submit a dossier including an application, documents proving charter capital, internal regulations on production processes, and documents on post-inspection remedies (if any) to the State Bank. Within 5 working days, the State Bank will review and present the reasons for granting or not granting a license.

No later than November 15th of each year, licensed enterprises and commercial banks must submit documents on their gold import and export limit needs to the State Bank.

The Governor will establish a Council to develop and adjust the limits on gold bar exports, gold bar imports, and raw gold imports. Members include leaders from the Foreign Exchange Management Department, the Monetary Policy Department, the Financial Monetary and Financial Stability and Forecasting and Supervision Department, and the Credit Institution Management and Supervision Department.

The Council advises the Governor in deciding and adjusting the total limit and allocation to each enterprise and commercial bank, based on monetary policy targets and gold supply and demand in each period, the scale of foreign exchange reserves, and the export and import situation of gold bars and raw gold.

In addition, the Circular also stipulates that businesses and banks licensed to trade in gold bars must connect and provide listed prices to the State Bank by the end of this year at the latest.

These units must also connect information including trading volume, transaction value... with the State Bank. Parties that are allowed to produce, export and import gold bars and raw gold must provide additional information on input materials, production time, output products... to the State Bank. The deadline for connecting information is no later than March 31 of the following year.

PV

Source: https://baohaiphong.vn/du-kien-cap-han-muc-nhap-vang-truoc-ngay-15-12-hang-nam-522120.html