Regulations to be Complied with in the Money Destruction Mechanism

05:43, 11/07/2024

On July 31, 2017, the State Bank of Vietnam issued Circular 07/2017/TT-NHNN specifying the regulations that must be followed in the money destruction mechanism.

According to Circular 07, it is stipulated that when conducting the destruction of money, the following rules and regulations must be adhered to:

- Supervise the implementation of rules, regulations, and professional procedures in the process of money destruction.- Monitor individuals performing their duties when entering and leaving the money destruction area. They must wear badges, wear pocketless uniforms, and use labor protection equipment provided by the Destruction Council; personal belongings are not allowed in the workplace. For those not involved in the money destruction process, written permission from the competent authority is required to enter or leave.- Oversee the opening of books for monitoring the money destruction process; supervise the monthly inventory check of the Destruction Council's warehouse during the money destruction process.- Ensure the sealing of the counting room and the cutting room during breaks if money is being stored.

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

-Thao Uyen-

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