Circular on the supervision of the destruction of money of the State Bank of Vietnam will take effect on February 11, 2024

Circular on the supervision of the destruction of money of the State Bank of Vietnam will take effect on February 11, 2024

On December 28, 2023, the Governor of the State Bank of Vietnam issued Circular 19/2023/TT-NHNN on the supervision of the destruction of money by the State Bank of Vietnam.

Circular 19/2023/TT-NHNN regulates the supervision of the destruction of money, including:

- Money unfitted for circulation, suspended circulation money, counterfeit money, money illegally destroyed (hereinafter referred to as money unfitted for circulation) of the State Bank of Vietnam (hereinafter referred to as the State Bank);

- Damaged printed money, damaged cast money, damaged printing paper, damaged cast metal money (hereinafter referred to as damaged printed and cast money) at printing and minting facilities.

Circular 19/2023/TT-NHNN applies to:

- The Supervisory Board of the Destruction of Money Unfitted for Circulation, the Supervisory Board for the Destruction of Damaged Printed and Cast Money of the State Bank (hereinafter referred to as the Supervisory Board).

- The Destruction Board of the Destruction of Money Unfitted for Circulation, the Destruction Board for Damaged Printed and Cast Money of the State Bank (hereinafter referred to as the Destruction Board).

- Relevant units of the State Bank; printing and minting facilities and organizations and individuals related to the work of destroying money, supervising the destruction of unfit for circulation money, damaged printed and cast money.

The purpose of supervising the destruction of money is to:

- Ensure that the work of destroying money is carried out in accordance with the provisions of law and of the State Bank.

- Ensure the safety of assets and state secrets in the work of destroying money.

- Ensure objectivity and transparency in the work of destroying money.

Circular 19/2023/TT-NHNN takes effect on February 11, 2024 and will terminate the effectiveness of Circular 07/2017/TT-NHNN.

Circular on the supervision of the destruction of money of the State Bank of Vietnam will take effect on February 11, 2024 - Source: Internet

Who are included in the Supervisory Board of the Destruction of Money Unfitted for Circulation and Damaged Printed and Cast Money in Vietnam?

According to Article 5 of Circular 19/2023/TT-NHNN, the composition of the Supervisory Board is as follows:

[1] Composition of the Supervisory Board of the Destruction of Money Unfitted for Circulation:

- Chairperson of the Supervisory Board: Director of the Internal Audit Department;

- 1 Vice-Chairperson of the Supervisory Board: Deputy Director of the Internal Audit Department, directly responsible for the Northern Disposal Monitoring Cluster;

- 1 Vice-Chairperson of the Supervisory Board: Leader of the Management Department in Ho Chi Minh City, directly responsible for the Southern Disposal Monitoring Cluster;

- 1 member is the leader of the Management Department, participating in the Northern Disposal Monitoring Cluster;

- 1 member is the leader of the State Bank of Vietnam Ho Chi Minh City branch, participating in the Southern Disposal Monitoring Cluster;

- 1 member is the leader of the department level in the Internal Audit Department, concurrently acting as the Secretary of the Supervisory Board and Secretary of the Northern Disposal Monitoring Cluster;

- 1 member is the leader of the department level in the Management Department in Ho Chi Minh City, concurrently acting as the Secretary of the Southern Disposal Monitoring Cluster.

[2] Composition of the Supervisory Board for the Destruction of Damaged Printed and Cast Money:

- Chairperson of the Supervisory Board: Leader of the Internal Audit Department;

- Members include: 1 leader of the department level in the Internal Audit Department, concurrently acting as the Secretary of the Supervisory Board; 1 leader of the department level in the Management Department.

What are the responsibilities and powers of the Supervisory Board in Vietnam?

According to Article 6 of Circular 19/2023/TT-NHNN, the responsibilities and powers of the Supervisory Board are as follows:

- To organize the implementation of the supervision of the destruction of money.

- To identify and address deficiencies in the destruction process and propose timely measures to address them; to report to the Governor to suspend or terminate the destruction process in the event of a violation that poses a risk of loss or loss of assets during the destruction process.

- To coordinate with the Destruction Board to organize a preliminary review, summary, evaluation, and report to the Governor on the results of the implementation of the work of destroying money and supervising the destruction of money.

- To coordinate with the Organization Department to consider forms of rewards for collectives and individuals with outstanding achievements or disciplinary measures for cases of violations of regulations in the work of supervising the destruction of money.

- To direct and organize the implementation of the preservation and storage of records and documents on the supervision of the destruction of money.

Best regards!