Is printing the images of Vietnam's cash on New Year's red envelopes against law regulations? How much is the penalty for such a violation?
Who is authorized to issue money in Vietnam?
Pursuant to the provisions of Article 17 of the Law on the State Bank of Vietnam 2010 as follows:
Article 17. Issuance of banknotes and coins
1. The Slate Bank is the sole agency entitled to issue banknotes and coins of the Socialist Republic of Vietnam.
2. Banknotes and coins issued by the Stale Bank arc lawful means of payment on the territory of the Socialist Republic of Vietnam.
3. The State Bank shall ensure the sufficient supply of, and an appropriate ratio between, banknotes and coins for the national economy.
4. Banknotes and coins issued for circulation shall be recorded as "debit" of the national economy and balanced by "credit" of the State Bank.
Article 18. Designing, printing, minting, preservation, transportation, distribution and destruction of money
1. The State Bank shall design the denominations, sizes, weights, designs, patterns and other characteristics of banknotes and coins, and submit them to the Prime Minister for approval.
2. The State Bank shall organize the printing, minting, preservation, transportation, distribution and destruction of money.
Accordingly, the only agency competent to issue banknotes and coins of the Socialist Republic of Vietnam is the State Bank.
Is printing the images of Vietnam's cash on New Year's red envelopes against law regulations? How much is the penalty for such a violation? (Image from the internet)
Is printing the images of Vietnam's cash on New Year's red envelopes against law regulations?
Pursuant to Article 23 of the Law on the State Bank of Vietnam 2010 stipulates as follows:
Prohibited acts
1. Making counterfeit money: transporting, storing and circulating counterfeit money;
2. Illegally destroying money;
3. Refusing to receive or circulate money issued by the State Bank which are qualified for circulation.
4. Other prohibited acts as prescribed by law.
Accordingly, the prohibited acts in issuing Vietnamese currency are:
- Making counterfeit money: transporting, storing and circulating counterfeit money;
- Illegally destroying money;
- Refusing to receive or circulate money issued by the State Bank which are qualified for circulation.
- Other prohibited acts as prescribed by law. At the same time, based on Article 3 of Resolution 130/2003/NQ-TTg as follows:
The following acts are strictly prohibited
1. Producing, transporting, storing, circulating, selling or buying counterfeit money.
2. Ruining Vietnamese money in any form.
3. Duplicating Vietnamese money for any purposes without written consents of the State Bank.
4. Refusing to receive and/or circulate money issued by the State Bank within the Vietnamese territory.
Thus, the following acts are strictly prohibited
- Selling or buying counterfeit money
- Ruining Vietnamese money in any form.
- Duplicating Vietnamese money for any purposes without written consents of the State Bank.
- Refusing to receive and/or circulate money issued by the State Bank within the Vietnamese territory.
Accordingly, the printing of money on New Year's red envelopes is understood as the act of duplicating Vietnamese money for any purposes without written consents of the State Bank of Vietnam. This is a prohibited act.
What are the penalties for printing images of Vietnam's cash on New Year's red envelopes?
Pursuant to Article 31 of Decree 88/2019/ND-CP (amended by Clause 20, Article 1 of Decree 143/2021/ND-CP) as follows:
Violations against regulations on protection of Vietnam’s cash
1. A warning shall be issued for committing one of the following violations:
a) failing to promptly report a competent authority when detecting counterfeit money of a new type;
a) failing to promptly report a competent authority when detecting signs of storing, using and/or transporting counterfeit money;
c) Arranging persons who have yet to train in skills of distinguishing between the real and counterfeit money or in professional money assessment to seize counterfeit money or temporarily seize suspected counterfeit money;
d) failing to turn over counterfeit money to competent authorities as prescribed by law.
2. A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed for committing one of the following violations:
a) failing to confiscate detected counterfeit money;
b) failing to impound money which is suspected of being counterfeit money;
c) failing to make records or failing to seal and punch counterfeit money according to SBV’s regulations on handling of counterfeit money and suspected counterfeit money when confiscate counterfeit money or impound suspected counterfeit money.
3. A fine ranging from VND 10,000,000 to VND 15,000,000 shall be imposed for sabotaging or destroying Vietnam's cash against law regulations.
4. A fine ranging from VND 40,000,000 to VND 50,000,000 shall be imposed for photocopying, printing or using design, a part of or all images, elements or patterns on Vietnam's cash against law regulations.
5. Additional penalties:
All exhibits and instrumentalities used for committing any of the administrative violations prescribed in Clauses 2, 3 and 4 of this Article shall be confiscated and turned over to competent authorities.
6. Remedial measures:
a) Enforced sealing and punching of counterfeit money according to SBV’s regulations on handling of counterfeit money and suspected counterfeit money if the violation prescribed in Point c Clause 2 of this Article is committed
b) Enforced destruction of all exhibits and instrumentalities used for committing any of the violations prescribed in Clause 4 of this Article;
c) Enforced transfer of benefits illegally obtained from any of the violations prescribed in Clause 4 of this Article to state budget.
Accordingly, the act of printing money on New Year's red envelopes will be penalized as follows:
- A fine ranging from VND 40,000,000 to VND 50,000,000 shall be imposed for photocopying, printing or using design, a part of or all images, elements or patterns on Vietnam's cash against law regulations.
- Additional penalties: All exhibits and instrumentalities used for committing any of the administrative violations shall be confiscated and turned over to competent authorities.
- Remedial measures:
+ Enforced destruction of all exhibits and instrumentalities used for committing any of the violations prescribed in Clause 4 of this Article;
+ Enforced transfer of benefits illegally obtained from any of the violations prescribed in Clause 4 of this Article to state budget.
Note: The above fine level is the fine level applicable to individuals; the fine level for organizations committing the same violation is equal to 02 times the fine level for individuals.
Thus, for the act of using lucky money bags printed with Vietnamese money, individuals may be fined up to 50 million VND; Organizations can be fined up to 100 million VND.
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