Conditions for the Exchange of Torn and Damaged Currency Due to Storage

Regarding damaged or deteriorated money due to improper storage conditions as specified in Clause 2, Article 4 of the Circular 25/2013/TT-NHNN, customers must submit the items to the State Bank of Vietnam branches, State Bank of Vietnam Transaction Office, or currency exchange units. These entities will receive and examine the exchange based on the following conditions:

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- The damaged or deteriorated money is not due to an act of destruction;- In cases where the banknote is burned, torn, or missing a portion, the remaining area must be equal to or greater than 60% of the original area of the same denomination; if the banknote has been taped back together, it must have a minimum area of 90% of the original area of the same denomination and maintain the original structure and layout of a banknote (front, back; top, bottom; right, left), while identification of security features is possible;- For polymer banknotes that are burned or shrunk due to exposure to high heat, the remaining area must be at least 30% of the original area of the same denomination and retain the original layout of the banknote, while recognizing at least two of the security features such as: the hidden image element in the small window, color-change ink, fluorescent serial number, security thread, IRIODIN element, portrait of President Ho Chi Minh.

Based on the exchange conditions, the State Bank of Vietnam branches, State Bank of Vietnam Transaction Office, or currency exchange units will exchange for customers. If the conditions for exchange are not met, the State Bank of Vietnam branches, State Bank of Vietnam Transaction Office, or currency exchange units will return the money to the customer and provide a reason. In cases where the conditions for exchange are not determined and require examination, customers must submit a request form for money exchange (according to Appendix No. 01 attached).

Additionally, Circular 25 also stipulates that for money that does not meet the circulation standards specified in Clause 1 and Clause 3 of Article 4 of Circular 25, the State Bank of Vietnam branches, State Bank of Vietnam Transaction Office, or currency exchange units are responsible for immediately collecting and exchanging for customers upon request, without limiting the quantity and without requiring paperwork.

See more related regulations at Circular 25/2013/TT-NHNN effective from January 20, 2014.

Thu Ba

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