Buying and selling gold from 20 million VND must be transferred: Calculated by day or by transaction?

The State Bank is finalizing a draft amendment to Decree 24/2012/ND-CP of the Government regarding the management of gold trading activities.

A notable new point in the draft decree is that the drafting agency added regulations related to payment when buying and selling gold.

According to the draft, gold transactions worth VND20 million or more must be conducted through the payment accounts of customers and gold trading enterprises, at commercial banks or foreign bank branches.

Proposal to buy or sell gold from 20 million VND must be transferred. Photo: Minh Hien

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

The current price of SJC gold bars is 12.15 million VND/tael (selling). Thus, if you buy nearly 2 taels, the transaction will have to be transferred.

Commenting on this issue, the Ministry of Public Security said that it is necessary to clearly stipulate the value of 20 million VND for each transaction or the total transaction value each day to avoid "circumventing the law" by dividing transactions (under 20 million VND).

Based on comments from the Ministry of Public Security, the State Bank has finalized this regulation to be stricter in the direction of stipulating that the 20 million VND level is a same-day transaction.

Specifically, the draft stipulates: Payments for buying and selling gold worth VND20 million or more per day by a customer 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"./.

Source: https://baonghean.vn/buy-and-sell-gold-from-20-million-dong-phai-chuyen-khoan-tinh-theo-ngay-hay-tung-luot-giao-dich-10302206.html