Vietnam: From February 15, 2023, how to carry out the accounting and handover of counterfeit money from the vault of the State Bank branches, the Transaction Center to the central vault?
- What is counterfeit money? What are the regulations on the responsibility for seizure of counterfeit money in Vietnam?
- What are the principles of accounting for counterfeit money in Vietnam?
- From February 15, 2023, how to carry out the accounting and handover of counterfeit money from the vault of the State Bank branches, the Transaction Center to the central vault?
What is counterfeit money? What are the regulations on the responsibility for seizure of counterfeit money in Vietnam?
Pursuant to Circular 28/2013/TT-NHNN dated February 5, 2013 of the State Bank of Vietnam on handling of counterfeit money and suspected counterfeit money in the banking industry.
In Clause 1, Article 3 of Circular 28/2013/TT-NHNN, counterfeit money is the type of money made similarly with Vietnamese currency but is not printed, cast or issued or issued by the State Bank of Vietnam.
According to that, the responsibility for seizure of counterfeit money in Vietnam is specified in Article 4 of Circular 28/2013/TT-NHNN as follows:
Responsibility for seizure of counterfeit money and suspected counterfeit money in Vietnam
1. The State Bank branches of provinces and cities directly under the Central Government (hereafter referred to as branch of State Bank), the Transaction Center of State Bank (hereafter referred to as Transaction Center), credit institutions and branches of foreign banks, upon detecting counterfeit money in cash transaction with customers, must seize it under the provisions in Article 5 of this Circular; upon detecting the suspected counterfeit money, they must temporarily seize it under the provisions in Article 6 of this Circular;
2. The persons seizing counterfeit money or money suspected being counterfeit must be trained with skills to recognize real or counterfeit money or techniques of money verification;
The persons seizing counterfeit money and suspected counterfeit money of the State Bank must be trained with techniques of money verification;
3. Strictly prohibiting the return of counterfeit money or suspected counterfeit money to customers.
Thus, the responsibility for seizure of counterfeit money is carried out according to the above contents.
The State Bank branches of provinces and cities, the Transaction Center of State Bank, credit institutions and branches of foreign banks, upon detecting counterfeit money in cash transactions with customers, must seize it according to regulations.
Vietnam: From February 15, 2023, how to carry out the accounting and handover of counterfeit money from the vault of the State Bank branches, the Transaction Center to the central vault?
What are the principles of accounting for counterfeit money in Vietnam?
Pursuant to Circular 25/2022/TT-NHNN of Vietnam dated December 30, 2022 of the State Bank of Vietnam on regulations on accounting regime for delivery, transfer, issuance, withdrawal and destruction of cash at the State Bank of Vietnam.
Principles of accounting for counterfeit money are defined at Point d, Clause 1, Article 4 of Circular 25/2022/TT-NHNN of Vietnam as follows:
Principles in accounting for all kinds of money and reporting Debt, excess and lack of money detected in the tally
...
1. Value convention when accounting for import and export of currencies:
...
d) For suspected counterfeit money, counterfeit money:
- Counterfeit money: accounted for at the face value of each banknote or metal coin;
- Counterfeit money: accounted for at the conventional price of 1 dong for each banknote or piece of metal coin;
Thus, in accounting, counterfeit money is accounted for at the conventional price of 1 coin or piece of metal coin.
From February 15, 2023, how to carry out the accounting and handover of counterfeit money from the vault of the State Bank branches, the Transaction Center to the central vault?
The accounting for handover of counterfeit money with denomination of face value shall comply with the provisions of Article 17 of Circular 25/2022/TT-NHNN of Vietnam.
Specifically, the accounting contents for handing over counterfeit money are as follows:
(1) At branches of the State Bank, Transaction Center:
No. | Case | Accounting content |
1 | State Bank branches, Transaction Center send officers to deliver artifacts at the Central vault | Accounting department: - When issuing money: Based on the request for handing over counterfeit money to the approved central vault, the accounting department shall make an ex-warehousing note and account: Account 00100404 - Counterfeit money At the same time, based on the minutes of money delivery and receipt, the accounting department makes a debit note to the off-balance sheet account "money in transit", accounting: Dr 00100302 - Cash announced for circulation is in transit (monitoring book: Counterfeit money) - When receiving the minutes of money delivery and receipt sent by the Central vault, the accounting department shall make an accounting slip having an off-balance sheet account "money in transit", accounting: Cr 00100302 - Money announced for circulation is in transit (monitoring book: Counterfeit money) |
2 | Central vault sends officers to receive artifacts at vaults of State Bank branch: Bases for request to hand over counterfeit money to approved Central vault | Accounting department: Account 00100404 - Counterfeit money |
(2) At the Finance - Accounting Department:
No. | Case | Accounting content |
1 | State Bank branches, Transaction Center authorize officials to deliver artifacts at the Central vault | Based on the cash delivery and receipt minutes, the warehouse receipt, the accounting department shall: Dr. 00100404 - Counterfeit money At the same time, send 01 copy of the warehouse receipt and 01 copy of the money delivery and receipt record to the branch of the State Bank, the Money Transfer Exchange for use as a basis for finalization and monitoring of the money being transported; |
2 | Central Vault sends officers to receive artifacts at branches of SBV | Based on the minutes of money delivery and receipt, the warehouse receipt, the accounting department shall: Dr. 00100404 - Counterfeit money |
Thus, the accounting for handover and handover of counterfeit money from the vault of the State Bank branches, the Transaction Center to the central vault from February 15, 2023 is carried out according to the above contents.
Circular 25/2022/TT-NHNN of Vietnam officially takes effect on February 15, 2023.
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