Do banks in Vietnam have to notify the Public Security when discovering at least 5 counterfeit banknotes in a transaction?
Do banks in Vietnam have to notify the Public Security when discovering at least 5 counterfeit banknotes in a transaction?
Based on Article 5 of Circular 58/2024/TT-NHNN on the seizure of counterfeit money:
Article 5. Seizure of Counterfeit Money
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- The State Bank branches, Transaction Offices, credit institutions, and foreign bank branches must promptly notify the nearest police authority for coordination and handling upon detecting any of the following cases:
a) Suspicion of storage, transportation, or circulation of counterfeit money.
b) New type of counterfeit money.
c) Possession of 5 counterfeit notes (or 5 counterfeit metallic pieces) or more in a transaction.
d) Customer’s non-compliance in recording and seizing counterfeit money.
- During the counting, sorting, or selection of money, after receiving sealed bundles or bags of cash within the banking sector as prescribed by the State Bank, upon discovering counterfeit money, units of the State Bank, credit institutions, and foreign bank branches shall handle it as if counterfeit money was discovered in cash transactions as stipulated in Clause 1 and points b, c of Clause 2 of this Article.
According to the above regulations, the State Bank branches, Transaction Offices, credit institutions, and foreign bank branches must promptly notify the nearest police authority for coordination and handling upon detecting any of the following cases regarding counterfeit money:
- Suspicion of storage, transportation, or circulation of counterfeit money
- New type of counterfeit money
- Possession of 5 counterfeit notes (or 5 counterfeit metallic pieces) or more in a transaction
- Customer’s non-compliance in recording and seizing counterfeit money
Thus, the State Bank branches, Transaction Offices, credit institutions, and foreign bank branches must notify the nearest police authority for coordination and handling upon detecting 5 counterfeit notes (or 5 counterfeit metallic pieces) or more in a transaction.
Do banks in Vietnam have to notify the Public Security when discovering at least 5 counterfeit banknotes in a transaction? (Image from the Internet)
What are regulations on packaging and preservation of counterfeit notes in Vietnam?
Based on Article 8 of Circular 58/2024/TT-NHNN regulating the packaging and preservation of counterfeit money:
Article 8. Packaging and Preservation of Counterfeit Money
- The State Bank branches and Transaction Offices are responsible for packaging and sealing counterfeit money. The sealing of counterfeit money shall be conducted as per the State Bank's regulations on sealing cash but must be stamped with "COUNTERFEIT MONEY" on the seal to distinguish it from genuine money.
- Packaging and sealing of counterfeit money
a) Counterfeit cotton and polymer notes: 100 notes of the same denomination and material are packed into 1 bundle; 10 bundles are packed into 1 batch (1,000 notes) and sealed.
b) Counterfeit metallic money: 100 pieces of the same denomination are packed into 1 small bag and sealed; 10 small bags are packed into one large bag (1,000 pieces) and sealed.
c) In cases where the quantity is insufficient to form a batch (or bag), the State Bank branches and Transaction Offices also conduct packaging, sealing, and clearly indicating the number of notes (or pieces) to facilitate handover.
- Counterfeit money is separately stored in the treasury of the State Bank system, credit institutions, and foreign bank branches.
Thus, counterfeit money is packaged and sealed as follows:
- Counterfeit cotton and polymer notes: 100 notes of the same denomination and material are packed into 1 bundle; 10 bundles are packed into 1 batch (1,000 notes) and sealed.
- Counterfeit metallic money: 100 pieces of the same denomination are packed into 1 small bag and sealed; 10 small bags are packed into one large bag (1,000 pieces) and sealed.
Note: In cases where the quantity is insufficient to form a batch (or bag), the State Bank branches and Transaction Offices also conduct packaging, sealing, and clearly indicate the number of notes (or pieces) to facilitate handover.
Which agency issues the currency of the Socialist Republic of Vietnam?
Based on Article 17 of Law on the State Bank of Vietnam 2010 regulating the issuance of banknotes and coins:
Article 17. Issuance of Banknotes and Coins
- The State Bank is the sole body that issues banknotes and coins of the Socialist Republic of Vietnam.
- Banknotes and coins issued by the State Bank are legal means of payment within the territory of the Socialist Republic of Vietnam.
- The State Bank ensures an adequate supply of the quantity and structure of banknotes and coins for the economy.
- Banknotes and coins circulated are considered liabilities to the economy and are balanced by the State Bank's assets.
According to the above regulations, the State Bank is the sole body that issues banknotes and coins of the Socialist Republic of Vietnam.
