State Bank of Vietnam’s principle of supervision of money destruction

State Bank of Vietnam’s principle of supervision of money destruction 

According to the Circular, the principle of supervision of money destruction of the State Bank of Vietnam is as follows: 

- The supervision of money destruction shall be carried out at destruction places and facilities of the State Bank of Vietnam or based on decisions of the Governor of the State Bank of Vietnam. 

- The supervision of the destruction of money ineligible for circulation shall be carried out at the following stages: counting and sample selection before destruction, counting of money destroyed completely into scraps.

- The supervision of the destruction of defective printed and minted money shall be carried out at the stage of delivery of defective printed and minted money between printing and minting facility with the Destruction Council at the time of delivery, counting, and destruction (stamping or melting) into scraps.

Regulation on Money Destruction Supervision Councils

- Supervision councils shall be established by the Governor upon request by the Department of Personnel and Organization. 

- The Council for supervision of the destruction of money ineligible for circulation shall be organized into a Northern Destruction Supervision Cluster and a Southern Destruction Supervision Cluster; the Council for supervision of the destruction of defective printed and minted money shall be organized according to printing and minting facility.

- Composition of the Council for supervision of the destruction of money ineligible for circulation includes: 

+ President: Director of the Internal Audit Department; 

+ 1 Vice President: Vice Director of the Internal Audit Department directly in charge of the Northern Destruction Supervision Cluster; 

+ 1 Vice President: Head of the Administration Sub-Department in Ho Chi Minh City directly in charge of the Southern Destruction Supervision Cluster;

+ 1 member: Head of the Administration Department participating in the Northern Destruction Supervision Cluster;

+ 1 member: Head of the State Bank of Vietnam branch in Ho Chi Minh City participating in the Southern Destruction Supervision Cluster;

+ 1 member: Dean of a division of the Internal Audit Department cum secretary of the Supervision Council and the Northern Destruction Supervision Cluster;

+ 1 member: Dean of a division of the Administration Sub-Department in Ho Chi Minh City cum secretary of the Southern Destruction Supervision Cluster.

- Composition of the Council for supervision of the destruction of defective printed and minted money includes: 

+ President: Head of the Internal Audit Department; 

+ Members: 1 Dean of a division of the Internal Audit Department cum secretary of the Supervision Council; 1 Dean of a division of the Administration Department.

- Supervision councils shall hold periodic or irregular meetings according to requests from their Presidents. Members shall work under part-time regulation and take responsibility before the Presidents regarding assigned tasks.

- Supervision Council Assistants are the Teams supporting supervision councils according to Article 9 of Circular No. 19/2023/TT-NHNN.

Circular No. 19/2023/TT-NHNN comes into force as of February 11, 2024 and replaces Circular No. 07/2017/TT-NHNN.

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