Latest instructions on supervising the counting of money not eligible for circulation in Vietnam

Latest instructions on supervising the counting of money not eligible for circulation in Vietnam (Image from the Internet)

1. Latest instructions on supervising the counting of money not eligible for circulation in Vietnam

According to the provisions of Article 12 Circular 19/2023/TT-NHNN, the supervision of counting money not eligible for circulation in Vietnam is as follows:

- Supervise the daily delivery and receipt of money at the Money Destruction Counting Team according to the regulations on money destruction of the State Bank.

- Supervise the implementation of the counting of money for destruction. Supervise and confirm cases of surplus, shortage, mixed denomination, counterfeit money, and circulating standard money detected during the counting process.

- At the end of the day, the Head (or Deputy Head) of the Counting Supervision Team confirms the actual counting results on the minutes prepared by the Destruction Council. Uncounted money or money counted but not yet handed over to the Money Cutting Team must be sealed, with signatures from the Head (or Deputy Head) of the Counting Supervision Team and the Head (or Deputy Head) of the Money Destruction Counting Team, and returned to the Destruction Council's warehouse.

- During the supervision process, the supervising official has the right to request a recount of the money counted on the same day to ensure the accuracy of the counted bundles.

- For types of money destroyed without 100% counting, if the counting result reveals surplus, shortage, mixed denomination, or if the total amount of circulating standard money discovered exceeds the ratios specified in Article 11 of Circular 19/2023/TT-NHNN during each destruction batch, the supporting team reports to the Supervisory Council to suggest the Destruction Council increase the counting rate for the error-prone money type.

2. Instructions on supervising the counting and selecting the sample money not eligible for circulation before destruction in Vietnam

The supervision of counting and selecting the sample money not eligible for circulation before destruction in Vietnam is specified in Article 11 Circular 19/2023/TT-NHNN as follows:

- Conduct supervision of the sample count of money not eligible for circulation (excluding suspended money, counterfeit money, unlawfully destroyed money) in the Destruction Council's warehouse on the first day of the destruction batch, and prepare a Report on the sample counting results of money not eligible for circulation before destruction according to Form No. 02 in the Appendix issued with Circular 19/2023/TT-NHNN.

Form No. 02

- If the total amount of money sampled according to Clause 1, Article 11 of Circular 19/2023/TT-NHNN has a surplus, shortage, or mixed denomination rate not exceeding 0.01% by value and the total amount of circulating standard money does not exceed 0.5% by the number of notes of the sampled money, the Supervisory Council allows the destruction process to proceed.

In case the sampled amount of money has a surplus, shortage, or mixed denomination rate or the total amount of circulating standard money exceeds the specified rates, the Supervisory Council prepares a record and suggests the Destruction Council increase the sample count (the additional counting quantity is decided by both councils).

If the sampled amount of money still exceeds the specified rates, the Supervisory Council recommends the Destruction Council temporarily halt the destruction process and report to the Governor for instructions.

Vo Tan Dai

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