Hanoi (VNA) - Credit cardholders will not be allowed to withdrawcash worth more than 5 million VND for domestic transactions and no more than 30million VND for foreign currency.

The State Bank of Vietnam (SBV) recentlyreleased a draft circular amending and supplementing Circular No19/2016/TT-NHNN on bank card operation.

Accordingly, for the withdrawal of cash by cards abroad, to limit the use ofcash as foreign currency spent for improper purposes that are not permitted bythe law, the draft stipulates that cash withdrawal transactions will besubject to a daily cap limit.

For a withdrawal of foreign currency ina foreign country, a card holder can withdraw a maximum amount of cash inforeign currency equivalent to 30 million VND (1,300 USD) per day.

For cash withdrawal at domestic cardaccepting units, each card holder can withdraw maximum 5 million VND inone day.

The draft also stipulates that in caseof issuance of credit card with security assets, the credit limit granted tothe cardholder shall not exceed 80 percent of the value of the security assets,which is valued at a maximum of 1 billion VND.

In case of credit card issuance withoutsecurity assets, the credit limit granted to a cardholder is VNĐ500 million.

These stipulations have no precedent,therefore credit institutions should review them carefully.

The draft also supplements regulationson the issuance of cards to foreigners to prevent the case where foreignersenter the country for a short period and then exit the country to carryout criminal activities by using the credit cards issued by institutions inVietnam.-VNA