Regulations on Selecting Money Unfit for Circulation

05:41, 11/07/2024

This is one of the provisions stipulated in Circular 07/2017/TT-NHNN issued by the State Bank of Vietnam on July 31, 2017, specifically regulating the supervision of the destruction of money that does not meet circulation standards, suspended money, and the destruction of defective printed bills.

The supervision of sample counting and selection of money that does not meet circulation standards, and the suspension of the circulation of money before destruction is regulated as follows by Circular 07:

- The Supervisory Council shall conduct supervision of sample counting and selection of money in the Treasury of the Destruction Council on the first day of the destruction period;- If the sample selection of money has an overage or shortage ratio not exceeding 0.01% in terms of value, or the number of banknotes meeting circulation standards does not exceed 0.5% in quantity, the Supervisory Council shall allow the destruction of the money.- In cases where the sample selection of money exceeds the aforementioned ratios, the Supervisory Council shall make a record and suggest the Destruction Council continue to carry out sample counting and selection of non-standard money and suspended money in the treasury of the Destruction Council (the additional count volume is decided by mutual agreement between the two Councils). If the sample selection of money still exceeds the specified ratio, the Supervisory Council shall recommend that the Destruction Council temporarily halt the destruction process and simultaneously report and seek guidance from the Governor.

See details in Circular 07/2017/TT-NHNN effective from January 1, 2018.

-Thao Uyen-

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