Is trading money with fancy serial numbers illegal in Vietnam?
Is trading money with fancy serial numbers illegal in Vietnam?
According to Article 105 of the 2015 Civil Code, the provisions are as follows:
1. Assets are objects, money, valuable papers, and property rights.
- Assets include real estate and movable property. Real estate and movable property can be existing assets and future assets.
Based on Article 158 of this Code, ownership rights are defined as follows:
Ownership rights include the right to possess, use, and dispose of the property of the owner according to the provisions of the law.
The owner of money with a fancy serial number to be sold has the right to sell to an interested party for a higher price than the value of the bill. However, the purchase and sale of money with fancy serial numbers will be prohibited if such transactions involve counterfeit money, or are conducted with the intent to violate lawful provisions, etc.
Is performing cash exchange transactions against law illegal in Vietnam?
According to Clause 5, Article 30 of Decree 88/2019/ND-CP on violations of monetary and treasury management regulations:
- A fine ranging from VND 20,000,000 to VND 40,000,000 shall be imposed for any of the following violations:
a) Performing cash exchange transactions against law;
b) Failing to secure cash, valuable assets, and valuable papers during the lunch break as required by law;
c) Using and storing the keys of the money vault, money storage area, safe, or money containers in specialized vehicles not in accordance with the law;
d) Transporting cash, valuable assets, and valuable papers without using specialized vehicles and lacking written rules for transportation, protection, and safety measures for assets as authorized by competent entities;
đ) Not stipulating in writing the conditions and processes for receiving and returning assets to customers, and the responsibilities of related departments in ensuring the safety of assets in services such as asset management, storage, safe deposit box rental, and other treasury services.
According to Point b, Clause 3, Article 3 of the aforementioned Decree, the provisions are as follows:
b) The fines stipulated in Chapter II of this Decree are fines applied to individuals; the fine for organizations committing the same administrative violation is twice the fine for individuals.
At present, exchanging small denomination currency for profit is not conformable to the law. Therefore, individuals who conduct exchanges in non-compliant ways are subject to fines ranging from VND 20,000,000 to VND 40,000,000. If such actions are carried out by organizations, the fine ranges from VND 40,000,000 to VND 80,000,000.
Sincerely!
