Lao

Legal Document

Title: Decision on Procedures for Importation and Exportation of Gold Bars No. 609/BOL
Type: Decision
Issuing Agency: Bank of Lao PDR
Responsible Agency: Bank of Lao PDR
Issuing Date : 26-06-2012



INDEX

Section I - General Provisions

Article 1. Purpose
Article 2. Definition of Terms
Article 3. Scope of Application

Section II - Rights and Requirements for Importation or Exportation of Gold Bars

Article 4. Rights and Requirements for Importation or Exportation of Gold Bars

Section III - Gold Bars Import and Export Licensing Procedures

Article 5. Application for Importation or Exportation of Gold Bars
Article 6. Gold Bars Import and Export License
Article 7. Fees and Charges
Article 8. Provision of Documents upon Actual Importation or Exportation

Section IV - Final Provisions

Article 9. Implementation
Article 10. Effectiveness


LAO PEOPLE’S DEMOCRATIC REPLUBIC
PEACE INDEPENDENCE DEMOCRACY UNITY PROSPERITY

Bank of Lao PDR        No. 609/BOL
Vientiane Capital, date 26 June 2012

Decision
on Procedures for Importation and Exportation of Gold Bars

The Governor of the Bank of Lao PDR hereby issues the following Decision:

Section I
General Provisions

Article 1. Purpose

This Decision sets out procedures for the importation and exportation of gold bars through the non-automatic import or export licensing procedure.The purpose of utilizing this licensing system is to ensure the national financial stability. Top

Article 2. Definition of Terms

In this Decision, “gold bar” means gold in a form of bar, used as means for international setllement and defined under the Lao PDR’s Customs Nomenclature of 7108.12.10. Top

Article 3. Scope of Application

This Decision applies for the import and export of gold bar in Lao PDR. Top

Section II
Rights and Requirements for Importation or Exportation of Gold Bars

Article 4. Rights and Requirements for Importation or Exportation of Gold Bars

Any individual, entity and organization located in or outside Lao PDR has the rights to import or export gold bars in accordance with relevant laws and regulations of the Lao PDR. Top

Section III
Gold Bars Import and Export Licensing Procedures

Article 5. Application for Importation or Exportation of Gold Bars

The import and export of gold bars shall obtain an import or export license from the Department of Monetary Policy, Bank of Lao PDR by submitting the following documents:

  1. Application for import or export license;
  2. Copy of the following documents:
  • Valid Enterprise Registration Certificate or Concession Registration Certificate (for enterprises located in the Lao PDR); or
  • Valid entreprise registration certificate issued by the competent authority of the relevant country (for enterprises located outside the Lao PDR).

Any documents in foreign langauge shall be accompanied with its Lao translation as certified by the Notary Office of Lao PDR. Top

Article 6. Gold Bars Import and Export License

The issuance, modification and term of gold bars import and export licenses shall follow the Decree on the Goods Import Licensing Procedures No.180/PM, dated 07 July 2009. The import and export license of gold bars is not transferable.

The consideration for issuance the import or export license of gold bar depends on consideration of the Department of Monetary Policy, the Bank of Lao PDR. Top

Article 7. Fees and Charges

Importers or Exporters shall pay fees and charges for issuance the import or export license according to the regulation set out for each period by relevant authority. Top

Article 8. Provision of Documents upon Actual Importation or Exportation

Upon actual importation and exportation, importers or exporters shall provide the following documents to the customs authority:

  1. Gold Bars import or export license as issued under this Decision; and
  2. Other required documents as per customs regulations. Top

Section IV
Final Provisions

Article 9. Implementation

Department of Monetary Policy, Bank of Lao PDR shall coordinate with relevant authorities to implement this Decision accordingly and effectively. Top

Article 10. Effectiveness

This Decision shall be effective 30 days after the date of signature. Top

The Governor of the Bank of Lao PDR,

[Signed and sealed]
Somphao FAISITH