State Treasury Rejects Responsibility to Sealed Assets

On July 27, 2012, the Ministry of Finance issued the Circular 122/2012/TT-BTC stipulating the management of rare valuable assets and valuable papers accepted and safeguarded by the State Treasury.

 

The State Treasury is not responsible for fully sealed assets as well as legitimate ownership of the assets of organisations, units and individuals depositing their assets at the State Treasury for safeguarding.

 

On September 15, the safeguard fee rate will be based into two types of assets: Rare precious assets and valuable papers. Specifically, the charge on the first type of assets equals 0.05 percent of asset value a month but the amount collected must be within VND100,000 and VND1 million a package a month. The charge on valuable papers is 0.04 percent of the papers value but the amount collected must be within VND80,000 and VND 500,000 a package a month.

 

In case the value of safeguarded assets is unidentified, the State Treasury and depositors agree on the free rate. Overdue fee rate equals 150 percent of normal rate on overdue days.

 

This circular takes effect on September 15, 2012.