Regulations on Monitoring and Counting Money during Currency Destruction

Circular 07 stipulates the supervision of daily money transfer and receipt from the Destruction Council's vault to the Counting Team as regulated.

Supervising the compliance with regulations and processes for counting and sorting out money that is not suitable for circulation or has been suspended from circulation. Any cases detected during counting, such as excess, shortage, mixed denominations, counterfeit money, or money that meets circulation standards, must be documented and handled according to the regulations of the State Bank. To be specific:

- During the day, money that the Counting Team has not fully counted or has counted but has not yet transferred to the Destruction Team must be sealed, bearing the signatures of all required parties as regulated, and returned to the Destruction Council's vault.- At the end of the day, the Team Leader (or Vice Team Leader) of the Counting Supervision Team must confirm the actual counting results on the record prepared by the Destruction Council.

Additionally, Circular 07 stipulates that during the supervision process, if necessary, the supervising official has the right to request a re-count of the money counted during the day. For types of money that are not subjected to 100% counting for destruction, if the counting results reveal excess, shortage, mixed denominations, or any standard circulation money on the total amount counted for destruction that exceeds the regulated ratio, the supervising official must report to the Supervisory Council and request the Destruction Council to increase the counting ratio for the money type with many mistakes.

See details at Circular 07/2017/TT-NHNN effective from January 01, 2018.

-Thao Uyen-

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