Regulations on the delivery, transportation of counterfeit money in Vietnam from February 14, 2025

Regulations on the delivery, transportation of counterfeit money in Vietnam from February 14, 2025

The delivery and transportation of counterfeit currency in Vietnam are regulated as follows:

(1) Credit institutions and branches of foreign banks must submit the entire amount of counterfeit currency collected to the State Bank branch in the area or the Transaction Office on a monthly basis, except for new counterfeit currency types submitted as prescribed in clause (4). The delivery and receipt of counterfeit currency are conducted by piece (or sheet) and must be documented according to Form No. 04 in the Appendix issued with Decree 87/2023/ND-CP.

The transportation method for counterfeit currency is decided by the Chairman of the Members' Council, the Chairman of the Board of Directors, or the General Director (Director) of the credit institution or branch of the foreign bank, ensuring safety during the transportation process.

(2) The State Bank branch and the Transaction Office are responsible for verifying the authenticity of each counterfeit banknote submitted by credit institutions or branches of foreign banks.

In cases of discovering genuine currency among the counterfeit notes submitted, the State Bank branch and the Transaction Office shall draft a record according to the form in the Appendix issued with Circular 58/2024/TT-NHNN and issue a document requesting the submitting unit to reimburse the equivalent value to the customer and report the results within 30 days.

A genuine banknote marked "COUNTERFEIT" and punched will have the corner cut by the State Bank branch and the Transaction Office, redeem the equivalent value (credit) for the submitting unit (without a charge for exchanging unfit banknotes) and package, handle as with unfit banknotes according to State Bank regulations.

(3) The State Bank branch and the Transaction Office must submit counterfeit currency at least once every six months (if available) to the Central Cash Vault. This submission may coincide with the transfer of currency to and from the State Bank.

The delivery and receipt are conducted in sealed bundles, bags, and documented according to Form No. 04 in the Appendix issued with Decree 87/2023/ND-CP.

(4) For new types of counterfeit currency, based on the notification of new counterfeit currency types stipulated in point b, clause 1, Article 5 of Circular 58/2024/TT-NHNN, credit institutions or branches of foreign banks must submit them to the local State Bank branch or Transaction Office within 5 working days from the date of collection. The transportation method is implemented according to the provisions in clause (1).

Within 2 working days from the date of receiving the new counterfeit currency, the State Bank branch and the Transaction Office shall notify the Department of Issuance and Treasury.

(5) Based on the notification of new counterfeit currency types from the State Bank branch and the Transaction Office at point b, clause 1, Article 5, and clause 4, Article 9 of Circular 58/2024/TT-NHNN, the Department of Issuance and Treasury will consider and decide on the request for submission of new counterfeit currency types.

In case of a request, the State Bank branch and the Transaction Office shall carry out the submission of new counterfeit currency types as required by the Department of Issuance and Treasury; the transportation method for new counterfeit currency types is decided by the Director of the Transaction Office, or the State Bank branch, ensuring safety and promptness.

In case there is no request, the counterfeit currency will be stamped, punched, and submitted according to the provisions in clause (3).

Circular 58/2024/TT-NHNN is effective from February 14, 2025, and replaces Circular 28/2013/TT-NHNN.

>> CLICK HERE TO READ THIS ARTICLE IN VIETNAMESE