Burning and printing Vietnam’s cash are strictly prohibited

The act of burning money is considered an act of destroying Vietnam's cash, which shall be administratively sanctioned in accordance with Clause 3 Article 31 of the Decree No. 88/2019/NĐ-CP of the Vietnam’s Government on protection of Vietnam’s cash: A fine ranging from VND 10,000,000 to VND 15,000,000 shall be imposed for sabotaging or destroying Vietnam's cash against law regulations.

Moreover, according to Clause 4 Article 31 of the Decree No. 88/2019/NĐ-CP: A fine ranging from VND 40,000,000 to VND 50,000,000 shall be imposed for photocopying, printing or using design, a part of or all images, elements or patterns on Vietnam's cash against law regulations.

Thus, any act of printing Vietnam’s cash shall be imposed an administrative fine of up to VND 50,000,000.

In addition to the 02 above-mentioned acts, according to Article 31 of the Decree No. 88/2019/NĐ-CP, other violations against regulations on protection of Vietnam’s cash and corresponding penalties are as follows:

- A warning shall be issued for committing one of the following violations:

+ failing to promptly report a competent authority when detecting counterfeit money of a new type;

+ failing to promptly report a competent authority when detecting signs of storing, using and/or transporting counterfeit money;

+ arranging or appointing persons who are not yet trained in skills of distinguishing between the real and counterfeit money to perform tasks of a treasury officer or cashier;

+ failing to turn over counterfeit money to competent authorities as prescribed by law.

- A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed for committing one of the following violations:

+ failing to confiscate detected counterfeit money;

+ failing to impound money which is suspected of being counterfeit money;

+ failing to make records or failing to seal and punch counterfeit money according to regulations of the State Bank of Vietnam on handling of counterfeit money and suspected counterfeit money when confiscating counterfeit money or impound suspected counterfeit money.

More details at the Decree No. 88/2019/NĐ-CP of the Vietnam’s Government, effective from December 31, 2019.

Phuong Thanh

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