VietnameseDecision No. 24/2008/QD-NHNN dated August 22, 2008 of the State Bank of Vietnam promulgating the Regulation on collection and change of money unqualified for circulation
ATTRIBUTE
Decision No. 24/2008/QD-NHNN dated August 22, 2008 of the State Bank of Vietnam promulgating the Regulation on collection and change of money unqualified for circulation
| Issuing body: | State Bank of Vietnam | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 24/2008/QD-NHNN | Signer: | Dang Thanh Binh |
| Type: | Decision | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 22/08/2008 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking |
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THE STATE BANK OF VIETNAM ------------- | SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness ------------------- |
No. 24/2008/QD-NHNN | Hanoi, August 22, 2008 |
DECISION
ON THE ISSUANCE OF THE REGULATION ON THE WITHDRAWAL AND EXCHANGE OF MONEY NOT QUALIFIED FOR CIRCULATION
THE GOVERNOR OF THE STATE BANK
- Pursuant to the Law on the State Bank of Vietnam in 1997 and the Law on the amendment, supplement of several Articles of the Law on the State Bank of Vietnam in 2003;
- Pursuant to the Decree No. 52/2003/ND-CP dated 19 May 2003 of the Government, providing for the functions, duties, authorities and organizational structure of the State Bank of Vietnam;
- Pursuant to the Decree No. 87/1998/ND-CP dated 31 October 1998 of the Government on the issuance, withdrawal and replacement of paper money, coins;
- Upon the proposal of the Director of the Issuing and Vault Department,
DECIDES:
Article 1. To issue in conjunction with this Decision the Regulation on the withdrawal and exchange of money not qualified for circulation.
Article 2. This Decision shall be effective after 15 days since its publication in the Official Gazette and replace the Decision No. 1722/2004/QD-NHNN dated 31 December 2004 of the Governor of the State Bank on the issuance of the Regulation on the withdrawal and exchange of money not qualified for circulation.
Article 3. The Director of the Administrative Department, the Director of the Issuing and Vault Department, Heads of related units of the State Bank, the Director of the Banking Operation Department, General Managers of the State Bank branches in provinces, cities under the Central Government’s management, General Directors (Directors) of credit institutions, the State Treasury shall be responsible for the implementation of this Decision.
FOR THE GOVERNOR OF THE STATE BANK OF VIETNAM DEPUTY GOVERNOR Dang Thanh Binh |
REGULATION
ON THE WITHDRAWAL AND EXCHANGE OF MONEY NOT QUALIFIED FOR CIRCULATION
(issued in conjunction with the Decision No. 24/2008/QD-NHNN dated 22 August 2008 of the State Bank of Vietnam)
(issued in conjunction with the Decision No. 24/2008/QD-NHNN dated 22 August 2008 of the State Bank of Vietnam)
Chapter I.
GENERAL PROVISIONS
Article 1. Governing scope
This Regulation governs the withdrawal and exchange, package, delivery and receipt of money not qualified for circulation by the State Bank, credit institutions and the State Treasury.
Article 2. Money not qualified for circulation
1. Money not qualified for circulation shall be paper money (cotton money and polymer money), coins which are issued by the State Bank of Vietnam and being in legal circulation, but are torn to pieces, corrupted, and classified by the criteria provided for by the State Bank of Vietnam.
2. The State Bank of Vietnam shall publicly disclose the criteria of money not qualified for circulation as a basis for the selection, withdrawal and exchange of money not qualified for circulation.
Article 3. Responsibility for the withdrawal and exchange of money not qualified for circulation
The State Bank branches in provinces, cities under the central Government’s management (hereinafter referred to as SBV's branches), the Banking Operation Department, credit institutions, the State Treasury (hereinafter referred to as collecting - exchanging unit) shall be responsible for the withdrawal and exchange of money not qualified for circulation for organizations and individuals and publicly post up the regulations on the withdrawal, exchange of money not qualified for circulation, which are issued by the State Bank of Vietnam, at the transaction place.
Chapter II.
MONEY NOT QUALIFIED FOR CIRCULATION
Article 4. Classification of money not qualified for circulation
1. Money torn into pieces, corrupted due to the circulation process:
a. Paper money, of which colour is changed, of which designs, letters, digits are faded, which is wrinkled up, smeared, dirty, old; torn into pieces or patched up; looses the margin (the size of each edge of the note is not in excess of 10mm).
b. Coins, of which the picture, designs, letters, digits and the plated layer are worn out, corrupted partially or wholly.
2. Money torn into pieces, corrupted due to the preservation process
a. Paper money which is stained; holed, partially torn; fired or deformed due to contact with high heat source; of which printing paper, colour, security specifications are changed due to the chemical impact (for example detergent, acid, corrosive, etc); which contains the writing, is drawn, erased; which is decayed or deformed due to other reasons, but not due to acts of deterioration.
b. Coins, which are curved, deformed, of which format, designed picture is changed due to the impact of external force or high temperature; which are rusty due to contact with metal corrosive chemicals.
3. Money which contains technical error caused during the printing, coining process of the manufacturer, for example printing paper is rumpled causing the loss of picture or printing colour, which is printing ink-splattered and contains other mistakes during the printing, coining process.
Chapter III.
WITHDRAWAL AND EXCHANGE OF MONEY NOT QUALIFIED FOR CIRCULATION
Article 5. Selection of money not qualified for circulation
During the cash collection, payment process with organizations, individuals (hereinafter referred to as customers), the collecting-exchanging unit shall carry out the selection and withdrawal of money not qualified for circulation in accordance with provisions in Paragraph 1, Article 4 of this Regulation.
During the counting, delivery and receipt of cash among collecting-exchanging units, State Bank branches, Banking Operation Department, if detecting money torn, corrupted, due to the preservation process, in any bundle of money which is qualified for circulation, please to carry out the collection of fee under provisions in Article 8 of this Regulation and give debit advice of the fee for exchange of money not qualified for circulation to units whose name is on the seal.
Article 6. Exchange of money not qualified for circulation
1. For money that is not qualified for circulation as stipulated in paragraph 1 and paragraph 3, Article 4 of this Regulation, the collecting- exchanging unit shall be responsible for immediate withdrawal, exchange for customers who have demand without any requirement of document procedures and fee collection and the quantity is not limited.
2. For money that is not qualified for circulation as stipulated in paragraph 2, Article 4 of this Regulation, customers shall submit that money to the collecting-exchanging unit. The collecting-exchanging unit shall receive the money and consider the exchange of money in accordance with following conditions:
- Money torn, corrupted not due to act of deterioration;
- Where the bank note gets fired, is holed, torn partially, its remaining area must be equal to or larger than 60% of the area of the note of the same type, if it is patched up from 2 or 3 pieces of a original intact note, its area must be larger than 90% of the note of the same type and its lay-out must remain unchanged and its security elements are identifiable.
- For polymer money, which is fired or deformed, shrunk due to contact with high heat source, its remaining area must be at least equal to 30% of the note of the same time, its lay-out remains unchanged, and at least two of following security elements must be identifiable: the hidden picture in the small window; luminescent colourless ink, luminescence of two serial number lines; portrait of the President Ho Chi Minh.
Based on the conditions for exchange of money as stipulated in Paragraph 2 of this Article, the collecting- exchanging unit shall carry out the money exchange for customers and collect the fee for the exchange of money not qualified for circulation in accordance with provisions in Article 8 of this Regulation. If the conditions for money exchange are not fully satisfied, the collecting- exchanging unit shall return the money to customers and give a notice of the reason thereof.
Article 7. Appraising money which is not qualified for circulation
1. Where it is impossible to determine whether the money fully satisfies the conditions for exchange or not, credit institutions, the State Treasury shall, within a period of 3 working days from the receipt of the money from customers, deliver the money together with the request for the appraisal (under the form No. 02 attached) to the branches of SBV in the locality for carrying out the appraisal. Except for the Banking Operation Department, it shall deliver the money enclosed with the request for appraisal to the Issuing and Vault Department.
2. Within a period of 3 working days from the receipt of the request for the appraisal from the collecting- exchanging unit, the SBV’s branch shall give a written notice of the appraisal result and return all the money to the unit that has requested for appraisal. In case it is unable to appraise the money, the SBV’s branch shall, within a period of 10 working days from the receipt of the money and the request for the appraisal from the collecting- exchanging unit or request for the money exchange of customer, deliver all the money and the written request for the appraisal to the Issuing and Vault Department or Sub-Department of Issuing and Vault in Hochiminh city for appraisal.
3. Within a period of 5 working days from the receipt of the request for the appraisal from the SBV’s branch, the Banking Operation Department, Issuing and Vault Department, or Sub-Department of Issuing and Vault in Hochiminh city shall give a written notice of the appraisal result and return all the money to the unit that has requested for appraisal.
4. The unit that requests for appraisal shall decide on the mode of transport of money not qualified for circulation and take responsibility for security assurance during the transportation process.
Article 8. Fee for exchange of money not qualified for circulation
1. Fee for exchange of money not qualified for circulation in accordance with provisions in Paragraph 2, Article 6 of this Regulation shall be equal to 4% of total value of the money, not qualified for circulation, to be exchanged, and the minimum fee for each amount to be exchanged shall be 2,000 dong.
2. Fee for exchange of money not qualified for circulation already include value added tax and is recorded into income of the collecting- exchanging unit.
Article 9. Dealing with money corrupted, deformed and the reason thereof is suspected of act of deterioration
In case of detecting corrupted, deformed money which is not qualified for circulation, and the reason thereof is suspected of the act of deterioration, the collecting- exchanging unit shall draw up the minutes, temporarily seize the corrupted, deformed money and immediately deliver it to the Public Security Agency in the locality for inspection and appraisal. The conclusion made by the Public Security Agency shall be used as the basis so as the collecting- exchanging unit performs the money exchange for customers or deal with the corrupted, deformed money in accordance with provisions of applicable laws.
Chapter IV.
PACKAGE, DELIVERY, RECEIPT OF MONEY NOT QUALIFIED FOR CIRCULATION
Article 10. Package of money not qualified for circulation
1. After performing the withdrawal and exchange of money not qualified for circulation, the collecting-exchanging unit shall tally, count, preserve the money in accordance with current provisions of the State Bank of Vietnam for handing in to the Banking Operation Department, SBV's branch in the locality. The request for money exchange of customers shall be kept in the collecting-exchanging unit.
2. Upon collecting, receiving money not qualified for circulation from the collecting-exchanging unit, State Bank's branch, Banking Operation Department shall be responsible for examining the money, if the provisions on the condition of money exchange are satisfied, the State Bank's branch, Banking Operation Department shall carry out the package in accordance with current provisions on package, sealing up of cash of the State Bank of Vietnam.
In case of deformed money which is unable to package, the SBV’s branch, the Banking Operation Department shall carry out the package under the following mode: 100 sheets with the same denomination are packed into a small bag; 10 small bags are packed into a large bag, 10 large bags are packed into a sack. The money sack must be sealed up, leaded in accordance with current provisions
3. The package of money, which is fired or deformed due to contact with high heat source at the Central Vaults, shall be performed in accordance with the provision in Paragraph 2 of this Article.
4. If the money quantity is not sufficient for package by bundle (or bag), the collecting- exchanging unit shall pack, preserve them separately for convenience in counting, delivery and receipt.
Article 11. Delivery, receipt of money not qualified for circulation
1. The delivery, receipt of money not qualified for circulation between the collecting-exchanging units and SBV’s branches, the Banking Operation Department shall be performed on a periodical basis as stipulated by the General Manager of SBV’s branch, Director of the Banking Operation Department.
2. The delivery and receipt of money not qualified for circulation between the SBV’s branches, Banking Operation Department and the Central Vaults and the State Bank branch in Binh Dinh province shall be performed by sealed bundle with 10 sheaves, by sealed bag with 1000 sheets (or 1000 pieces).
Chapter V.
IMPLEMENTING PROVISIONS
Article 12. Dealing with violation
Collecting - exchanging units which violate provisions in this Regulation shall, depending on the nature, seriousness of violation, be subject to the discipline, administrative punishment, compensation for damage or prosecuted for criminal liability in accordance with provisions of applicable laws.
Article 13. Organization of implementation
The Issuing and Vault Department shall be responsible for providing guidance on and examining the implementation of this Regulation; the State Bank branches shall be responsible to inspect the withdrawal, exchange of money not qualified for circulation by collecting-exchanging units in the locality.
FORM NO. 01
REQUEST FOR THE EXCHANGE OF MONEY NOT QUALIFIED FOR CIRCULATION
The State Bank branches in provinces, cities, the Banking Operation Department, credit institutions, the State Treasury shall be responsible for withdrawal and exchange of money not qualified for circulation for organizations, individuals.
1. Name of customer
2. Identity card No. ……………….. issued by Public Security Agency………. on ……..
(other valid identity papers are acceptable)
3. Address:
4. Tel No.
5. List of money not qualified for circulation
Type of money | Number of sheets | Amount | Serial number |
Total |
(It is possible to list in a separate table if required)
6. Reasons:
7. Request the bank………….. to consider the withdrawal and exchange
Date……….
Customer | Teller | Controller | Head of the collecting-exchanging unit (Sign, clearly state the full name and seal) |
Note: the collecting-exchanging unit shall deliver 01 copy of the request with the signature of its head and seal
FORM NO. 02
REQUEST FOR APPRAISAL OF MONEY NOT QUALIFIED FOR CIRCULATION
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