07:50 | 23/07/2024

How is the management of serial numbers on newly printed money during the money delivery and receipt process regulated according to Circular 01/2024/TT-NHNN?

How is the management of newly printed money series regulated during the process of transferring and receiving money according to Circular 01/2024/TT-NHNN? - question from Ms. M.K (Yen Bai)

How is the management of newly printed money serial numbers during the handover and receipt process regulated under Circular 01/2024/TT-NHNN?

On March 29, 2024, the State Bank of Vietnam promulgated Circular 01/2024/TT-NHNN governing the management of newly printed money serial numbers of the State Bank of Vietnam. Newly printed money is defined according to new regulations as money sealed at the printing and minting facility according to the packaging standards prescribed by the State Bank.

Pursuant to Article 6 of Circular 01/2024/TT-NHNN, the management of newly printed money serial numbers during the handover and receipt process is regulated as follows:

- During the handover and receipt of newly printed money

+ The printing and minting facility hands over newly printed money to the State Bank (Issuance and Treasury Department); the handover and receipt of newly printed money among Central Treasury warehouses; the handover and receipt of newly printed money between Central Treasury warehouses, the Transaction Office, and State Bank branches; the handover and receipt of newly printed money among State Bank branches.

+ The party handing over the newly printed money must prepare a serial number list of the money types as prescribed in point c, clause 1, Article 6 of Circular 01/2024/TT-NHNN, attached to a handover report or dispatch note.

+ The receiving party is responsible for checking and reconciling the content of the list with the actual handover receipt;

+ If any discrepancies are found, the receiving party must notify the handing-over party for unified adjustment, ensuring consistency with the actual handover receipt;

+ When transferring newly printed money from the Issuance Reserve Fund to the Operational Issuance Fund at State Bank branches and vice versa, the warehouse clerk of the handing-over party must prepare a serial number list of the money types as prescribed in point c, clause 1, Article 6 of Circular 01/2024/TT-NHNN.

+ The warehouse clerk of the receiving party is responsible for checking and reconciling the content of the list with the actual handover receipt;

+ If any discrepancies are found, the receiving party must notify the handing-over party for unified adjustment, ensuring consistency with the actual handover receipt;

+ The serial number list prepared by the warehouse clerk of the handing-over party must accurately reflect the following elements: handing-over party, receiving party, type of money, quantity, serial range, year of production, package, bundle, or other packaging specifications as prescribed by the State Bank.

This list shall be prepared in two copies, each party keeps one copy.

- Responsibilities for monitoring, managing, and storing newly printed money serial information

+ Both the handing-over and receiving parties are responsible for monitoring, managing, and storing the serial information of the newly printed money bags, packages, and bundles that have been handed over and received at their unit;

+ When the Transaction Office or State Bank branch issues newly printed money in sealed bags to credit institutions, foreign bank branches, the State Treasury, and other entities, the handing-over party is responsible for managing and storing the serial information of the newly issued money for these units.

How is the management of newly printed money serial numbers during the handover and receipt process regulated under Circular 01/2024/TT-NHNN?

How is the management of newly printed money serial numbers during the handover and receipt process regulated under Circular 01/2024/TT-NHNN? (Image from the Internet)

What are the principles of serial management during the money printing process from May 14, 2024?

Pursuant to clause 2, Article 5 of Circular 01/2024/TT-NHNN, the principles of serial management during the money printing process at the printing and minting facility are as follows:

- The printing and minting facility implements the serial printing of notes in accordance with the principles of serial printing during the money printing process;

+ In case defective notes are detected after the serial printing stage, the printing and minting facility must use substitute notes with a supplementary serial range;

+ The principles for using substitute serial ranges are implemented as prescribed by the printing and minting facility according to clause 2, Article 9 of Circular 01/2024/TT-NHNN;

- The printing and minting facility organizes the storage and management of serial information for each type of money (including supplementary serial ranges) ensuring accuracy and completeness of details recorded on the seals of bags, packages, bundles of newly printed money, or other packaging specifications prescribed by the State Bank, including details such as the printing and minting facility, type of money, serial range, and year of production.

The serial range documentation is stored at the printing and minting facility in accordance with the provisions set forth by the printing and minting facility in clause 2, Article 9 of Circular 01/2024/TT-NHNN.

Thus, the use of substitute serial ranges and the storage of serial range documentation are implemented according to the management, usage, and storage regulations of serial ranges during the production process at the printing and minting facility, as promulgated by the printing and minting facility and submitted to the State Bank (Issuance and Treasury Department) within 10 days from the date of issuance of the regulations.

When does Circular 01/2024/TT-NHNN take effect?

According to Article 10 of Circular 01/2024/TT-NHNN, the contents are as follows:

Effective Date

1. This Circular takes effect from May 14, 2024.

2. Decision 28/2007/QD-NHNN dated June 21, 2007, of the State Bank on Promulgating Regulations on the management of new money serial numbers, expires from the effective date of this Circular.

Thus, Circular 01/2024/TT-NHNN will take effect from May 14, 2024.

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