Decree No. 95/2011/ND-CP dated October 20, 2011 of the Government amending, supplementing some articles of the Decree No. 202/2004/ND-CP of the Government on the punishment of administrative violations in the monetary area and banking activity

Fine of VND 500 million for listing prices of goods and land by foreign currency or gold

Engaging in foreign exchange activity without any license of the competent authority or after the license for foreign exchange activity has expired or been suspended; performance of foreign currency remittance, which are not a credit institution, without any license of the competent authority; export, import activities of foreign currency, gold without any permit from the State Bank; isting the prices, advertisements of goods, services and land use rights in foreign currency, gold not in compliance with provisions of applicable laws shall be subjected to a fine of VND 500 million instead of VND 70 million as in previous regulations.

This is a content of the Decree No. 95/2011/ND-CP amending, supplementing some articles of the Decree No. 202/2004/ND-CP of the Government on the punishment of administrative violations in the monetary area and banking activity.

Besides, lending, providing the finance leasing or making debt repayment domestically in foreign currency; remitting, carrying foreign currency out of and into Vietnam; making payment for goods and services in foreign currency with foreigners; buying, selling, making payment foreign currency not in consistence with provisions of applicable laws shall be subjected to the fine of VND 100 million.

The prominent point is that above violations were only subjected the maximum fine of VND 12 million and this fine is increased to VND 100 million after this Circular takes effect; this way is considered as a strong method of the Government to control tightly foreign exchange activities.

The Circular also supplement the fine of VND 100 million for all violation acts making payment for the prices of goods, services in gold and trading, buying or selling gold not in consistence with provisions of applicable laws.