Recently, the Ministry of Finance has just issued Circular No. 57/2024 guiding the management and use of deposits for mineral exploitation activities and waste burial activities at the Environmental Protection Fund. prescribed in the Law on Environmental Protection 2020 and Decree No. 08/2022/ND-CP.
Accordingly, Circular 57 includes a number of main regulations on deposit management, use of deposit money and disclosure of management and use of deposit money to the depositor.
Regarding deposit management, Circular 57 stipulates that the deposit recipient must deposit the entire deposit into a separate deposit account opened at a commercial bank. An escrow account is an account that is independent of other accounts at the deposit recipient's commercial bank and tracks details of deposits and interest arising from deposits of each project, organization, and individual. margin agent.
Deposits and interest arising from deposits are deposited by the deposit recipient at commercial banks of good quality and safe operations. This amount is decided by the Fund and is solely responsible for ensuring the principle of principal preservation, compensating for the cost of paying interest to the depositor and management costs for deposit receiving activities.
The deposit interest rate that will be paid to the depositor includes two main activities: mineral exploitation and waste landfilling, along with legal documents replaced or amended or supplemented (if any).
Regarding the use of deposits, the circular stipulates that the deposit recipient must return the deposit and interest arising from the deposit to the depositor or relevant competent authority according to the provisions of Clause 7, Clause 1 of this Article. 9 Article 37 and Clause 5 Article 76 of Decree No. 08/2022/ND-CP, documents replacing or amending and supplementing Decree No. 08/2022/ND-CP and internal regulations on management and use the collateral of the deposit receiving party.
At the same time, the deposit recipient is not allowed to use the deposit and interest arising from the deposit for lending and other purposes other than those specified in the Circular.
Publicizing the management and use of escrow money to the escrow party.
Every 6 months (before July 31 of the reporting year and March 31 of the year following the reporting year), the escrow recipient must send a Notice of escrow balance and escrow interest payable to the escrow party at the time of reporting. June 30 and December 31 of the reporting year and publicized on the website or at the depository's headquarters. For annual reports, the deposit receiving party must attach an audited financial report.
Along with that, the audit, inspection, and inspection of the management and use of deposit money by the deposit receiving party shall be carried out in accordance with the provisions of law.
