Vietnam: What are the regulations on supervising the tally of money ineligible for circulation according to the provisions of Circular 19/2023/TT-NHNN?
- What are the regulations on supervising the tally of money ineligible for circulation in Vietnam according to the provisions of Circular 19/2023/TT-NHNN?
- What is the organizational structure of the Council for supervising money destruction in Vietnam in Circular 19/2023/TT-NHNN?
- Who are the members of the Council for money destruction of the State Bank of Vietnam?
What are the regulations on supervising the tally of money ineligible for circulation in Vietnam according to the provisions of Circular 19/2023/TT-NHNN?
Under the provisions of Article 12 of Circular 19/2023/TT-NHNN, the supervision of the tally of money ineligible for circulation in Vietnam shall be carried out as follows:
- Supervise the daily delivery and receipt of money at the Team for tallying defective money according to regulations on money destruction of the State Bank of Vietnam.
- Supervise the implementation of the pre-destruction tally; supervise and certify cases of surplus, deficit and mix, counterfeit money, and money eligible for circulation detected in the money tally stage.
- At the end of the day, the Team Leader (or Deputy Leader) of the Tallying Supervision Team shall confirm the actual tally results on the minutes prepared by the Destruction Council. The amount of money that has not yet been tallied within the day or that has been tallied but has not yet been delivered to the Team for shredding must be sealed, and fully signed by the Team Leader (or Deputy Leader) of the Tallying Supervision Team and the Team Leader (or Deputy Leader) of the Team for tallying defective money and sent back to the warehouse of the Destruction Council.
- During supervision, the supervisor is entitled to request a retally of the money tallied during the day to ensure the accuracy of the piles of money that have been tallied.
- For defective money that is not subject to full tally, have the tally results detect cases of surplus, deficit, and mix or total amount of money eligible for circulation out of the total amount of money tallied at the end of each destruction as decided by the Governor exceeding the ratios specified in Article 11 of Circular 19/2023/TT-NHNN, the working group reports to the Supervisory Council for proposing the Destruction Council to increase the tally rate for money with heavily erroneous.
What is the organizational structure of the Council for supervising money destruction in Vietnam in Circular 19/2023/TT-NHNN?
Under the provisions of Circular 19/2023/TT-NHNN, the Council for supervising money destruction in Vietnam includes:
(1) The Supervisory Council for destruction of money not eligible for circulation in Vietnam
(2) The Supervisory Council for destruction of damaged printed or cast money in Vietnam
Accordingly, the Supervisory Council for destruction of money not eligible for circulation in Vietnam is organized into the Northern Destruction Supervisory Body and the Southern Destruction Supervisory Body;
The Supervisory Council for destruction of damaged printed or cast money in Vietnam is organized according to the printing and casting establishment.
The composition of the above two Councils is organized according to the provisions of Article 5 of Circular 19/2023/TT-NHNN as follows:
(1) The composition of the Supervisory Council for destruction of money not eligible for circulation includes:
+ Chairman of the Supervisory Council: Director of Internal Audit Department;
+ 01 Vice Chairman of the Supervisory Council is the Deputy Director of the Internal Audit Department, directly in charge of the Northern Destruction Supervisory Body;
+ 01 Vice Chairman of the Supervisory Council is the leader of the Management Department in Ho Chi Minh City, directly in charge of the Southern Destruction Supervisory Body;
+ 01 member is the leader of the Administration Department, participating in the Northern Destruction Supervisory Body;
+ 01 member is the leader of the State Bank of Vietnam of Ho Chi Minh City, participating in the Southern Destruction Supervisory Body;
+ 01 member is a departmental leader under the Department of Internal Audit and also a secretary of the Supervisory Council and secretary of the Northern Destruction Supervisory Body;
+ 01 member is a departmental leader of the Administration Department in Ho Chi Minh City and also a secretary of the Southern Destruction Supervisory Body.
- The composition of the Supervisory Council for destruction of damaged printed or cast money includes:
+ Chairman of the Supervisory Council: leader of the Internal Audit Department;
+ The members include:
01 departmental leader of the Internal Audit Department is a secretary of the Supervisory Council;
01 Department-level leader under the Administration Department.
- - The Supervisory Council meets periodically or irregularly at the request of the Chairman of the Supervisory Council. Members of the Supervisory Council work on a part-time basis and are accountable to the Chairman of the Supervisory Council for assigned tasks.
Who are the members of the Council for money destruction of the State Bank of Vietnam?
Under Article 6 of Circular 03/2020/TT-NHNN as follows:
Council for money destruction
1. On a yearly basis, Governor of State Bank of Vietnam shall decide to establish Council for money destruction, consisting of:
a) Chairman: Director General of Department of Issuance and Treasury;
b) 1 Standing vice Chairman: Deputy Director General of Department of Issuance and Treasury shall be directly in charge of northern destruction body;
c) 1 Vice Chairman: Deputy Director General of Department of Finance – Accounting;
d) 1 Vice Chairman: Director General of Sub-department of Issuance in Ho Chi Minh City shall be directly in charge of southern destruction body;
e) Members shall consist of heads and/or vices of Department of Issuance and Treasury; Deputy Director General, heads and/or vices of Sub-department of Issuance and Treasury in Ho Chi Minh City. In which, 1 member shall act as secretary of Council for money destruction and 2 members shall act as secretaries at northern and southern destruction bodies.
2. Specialized teams shall assist the Council for money destruction; 4 specialized teams shall be established at each destruction body as specified in Article 10 of this Circular.
Thus, every year, the Governor of the State Bank of Vietnam shall decide to establish the Council for money destruction, consisting of:
- Chairman: Director General of Department of Issuance and Treasury;
- 1 Standing vice Chairman: Deputy Director General of the Department of Issuance and Treasury shall be directly in charge of the northern destruction body;
- 1 Vice Chairman: Deputy Director General of Department of Finance – Accounting;
- 1 Vice Chairman: Director General of Sub-department of Issuance in Ho Chi Minh City shall be directly in charge of the southern destruction body;
- Members shall consist of heads and/or vices of Department of Issuance and Treasury; Deputy Director General, heads and/or vices of Sub-department of Issuance and Treasury in Ho Chi Minh City. In which, 1 member shall act as secretary of the Council for Money Destruction and 2 members shall act as secretaries at the northern and southern destruction bodies.
Circular 19/2023/TT-NHNN will take effect from February 11, 2024.
LawNet