What are the regulations on the management of defective money vault in Vietnam? On what basis is the assignment of defective money based?
What are the regulations on the management of defective money vault in Vietnam?
Pursuant to Article 13 of Circular 03/2020/TT-NHNN on management of defective money vault and preservation of defective money as follows:
- Management of defective money vault shall comply with management of money vault and cash preservation of State Bank of Vietnam for Central money vault.
- Individuals managing defective money vault
+ 3 following individuals shall participate in managing defective money vault at each destroying body: 1 member of the Council for destroying money, 1 accounting employee and 1 keeper of defective money vault.
+ Individuals managing defective money vault shall be decided by Governor of the State Bank of Vietnam.
+ Responsibilities of individuals managing defective money vaults
(1) The member of the Council for destroying money shall be responsible for organizing management and ensuring safety to assets and operation defective money vault; tasked with keeping keys to 1 lock pad of the outer doors of the money vault; directly unlocking and locking doors to supervise entry and exit and preserve assets in the defective money vaults; directly list and sign for confirmation on money records and records monitoring each type of asset, inventory records and vault access cards.
(2) Accounting employee shall be responsible for managing and supervising entry and exit and preserving assets in the defective money vault; tasked with managing and keeping keys to 1 lock pad of the outer doors of the money vault; directly unlocking and locking doors to allow asset entry and exit, preserving defective money vault; examining and comparing figures between accounting books and money records to ensure consistency; directly participating in inventory and signing for confirmation on money records and records monitoring each type of asset, inventory records and vault access cards.
(3) Keeper of the defective money vault shall be responsible for ensuring absolute safety for assets in the money vault; managing and keeping keys to 1 lock pad of the inner doors of the money vault; receiving and transporting defective money adequately and promptly according to legal and legitimate accounting books; recording each type of defective money, vault access cards and other documents; recording and preserving documents adequately, coherently and accurately; arranging and preserving assets in vault neatly and scientifically.
- In case an individual managing defective money vault takes a break according to policies, takes a business trip or study trip for less than 15 working days, Chairperson of the Council for destroying money (for northern destroying body) and Vice Chairperson of the Council for destroying money (for southern destroying body) shall consider and assign another individual as substitution. Governor shall decide in case of taking a break for 15 working days or more.
What are the regulations on the management of defective money vault in Vietnam? On what basis is the assignment of defective money based?
On what basis is the assignment of defective money based?
Pursuant to Article 14 of Circular 03/2020/TT-NHNN stipulating:
Extraction from Central money vault to Council for destroying money
1. Based on quantity and value of each type of defective money in Decision of Governor of State Bank of Vietnam and plans for receiving money of each destroying body, Department of Issuance and Treasury shall order transportation to enable Department of Finance – Accounting (for northern destroying body) and Agency for Accounting – Financial Affairs affiliated to Sub-department of Issuance of Treasury (for southern destroying body) and produce records of extracting defective money from the Central money vault to defective money vault.
2. Based on documents on extracting defective money, Central money vault shall produce records on money assignment and receipt and assign defective money to each destroying body.
Thus, based on documents on extracting defective money, Central money vault shall produce records on money assignment and receipt and assign defective money to each destroying body.
Which unit is responsible for assigning, receiving and preserving defective money in Vietnam?
Pursuant to Clause 1, Article 10 of Circular 03/2020/TT-NHNN stipulating as follows:
Tasks of specialized teams
1. Team for assigning, receiving and preserving defective money (hereinafter referred to as “Team 1”): Receive defective money from the Central money vault to store in defective money storage; transport to Team for tallying and Team for destroying money; preserve money sent by other specialized teams; receiving and storing money qualified for circulation selected from tallying defective money.
2. Team for tallying defective money (hereinafter referred to as “Team 2”): Receive money from Team 1, tally each note (piece) and deal with surplus, deficit, mix, counterfeit money and money qualified for circulation before transporting to Team for shredding; tally each note (piece) in case of surplus, deficit or stacks (bags) that are improperly sealed or packed which are discovered during assignment and receipt.
3. Team for shredding (hereinafter referred to as “Team 3”): Shred the defective money received from Team 1 and Team 2 by specialized devices and recall shredded materials.
4. Team for related affairs (hereinafter referred to as “Team 4”): Conduct administrative, accounting and inventory affairs; request purchase of materials serving destroying money.
5. Each specialized team shall have its own leader and second-in-command decided by Vice Chairperson of the money destroying body.
Thus, the unit responsible for assigning, receiving and preserving defective money is Team 1 - Team for assigning, receiving and preserving defective money.
How to deal with surplus of defective money in Vietnam?
Pursuant to Article 19 of Circular 03/2020/TT-NHNN stipulating as follows:
- During assignment and receipt of defective money, in case of discovering bags (boxes) with extra or less piles (bags), mixed with piles (bags) of other value or bags (boxes) are improperly packed, both parties shall promptly produce records under supervision of supervisory officials and deal with any surplus, deficit and mix (if any) according to applicable regulations and law of State Bank of Vietnam.
In case discovering a pile (bag) contains inadequate amount of stacks or bears inadequate seal, both parties shall promptly produce records under supervision of supervisory officials and transfer to Team 2 to tally notes (pieces) and deal with any surplus, deficit and mix (if any) according to applicable regulations and law of State Bank of Vietnam.
- On a monthly basis, based on records of tallying, schedules of total surplus and deficit of each province and central-affiliated city and State Bank of Vietnam’s Operation Office, Council for destroying money shall send schedules and records of surplus and deficit together with sealed packs (bags) with surplus or deficit money to State Bank of Vietnam of each province and central-affiliated city; send schedules of total surplus and deficit to Department of Finance – Accounting, determine amount differences in surplus or deficit to inform State Bank of Vietnam and State Bank of Vietnam’s Operation Offices of provinces and central-affiliated cities “Có” (suffice) or “Nợ" (debt).
- Dealing with surpluses and deficits in State Bank of Vietnam in provinces and central-affiliated cities, SBV’s Operation Offices, credit institutions and foreign banks’ branches with for each individual whose name is on the seal of piles (bags), packs (boxes) shall comply with applicable regulations and law of State Bank of Vietnam.
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