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THE
GOVERNMENT
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SOCIALIST
REPUBLIC OF VIET NAM
Independence - Freedom – Happiness
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No. 87/1998/ND-CP
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Hanoi, October 31, 1998
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DECREE
ON THE ISSUE,
WITHDRAWAL AND REPLACEMENT OF PAPER MONEY AND METAL MONEY
THE GOVERNMENT
Pursuant
to the Law on Organization of the Government of September 30,1992;
Pursuant to the Law on the Vietnam State Bank No. 01/1997/QH10 of December 12,
1997;
In order to supply enough paper money and metal money to the economy; ensure
smooth circulation; protect the currency in circulation; ensure the legitimate
interests of organizations and individuals in the use of paper money and metal
money;
At the proposal of the Governor of the State Bank,
DECREES:
Chapter I
GENERAL PROVISIONS
Article 1.-
This Decree provides for the issue, withdrawal and replacement of paper money
and metal money.
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Article 3.-
In this Decree the following terms are construed as follows:
1. "Cash money" are the paper money
and metal money issued by the State Bank;
2. "Money already declared in
circulation" are the various kinds of money paper and metal money of which
the State Bank has announced the issue after the Government allows their
circulation;
3. "Money not yet declared in
circulation" are the various kinds of paper money and metal money which
have been printed, cast and stored at the money stores of the State Bank but
not yet allowed to circulate;
4. " Money suspended from circulation"
are the paper money and metal money which have no circulation value after the
State Bank has announced their retrieval and withdrawn from circulation;
5. " Money not qualified for
circulation" are the paper money and metal money in circulation but which
are torn or damaged as stipulated by the State Bank.
Chapter
II
ISSUE OF MONEY
Article 4.-
The State Bank shall base itself on the plan of annual increased money supply
already ratified by the Government; the need of payment in cash of the economy;
the need of replacement of money not qualified for circulation; money suspended
from circulation to determine the quantity and structure of the various kinds
of cash that need to be issued into circulation according to the above needs.
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The Issuing Reserve Fund is preserved and
managed at the central money stores of the State Bank and the money stores of
the branches of the State Bank in the provinces and cities directly under the
Central Government.
The Issuing Profession Fund is preserved and
managed at the money stores of the State Bank transaction service and the money
stores of the branches of the State Bank in the provinces and cities directly
under the Central Government.
Article 6.-
The sources of the Issuing Reserve Fund include:
1. Newly printed or cast money taken from the
money printing and casting factories;
2. Money withdrawn from circulation, including
the kinds of money not qualified for circulation and money suspended from
circulation taken from the Issuing Profession Fund.
Article 7.-
The sources of the Issuing Profession Fund include:
1. Money taken from the Issuing Reserve Fund;
2. Money withdrawn from circulation, including
money not qualified for circulation and money suspended from circulation.
Article
8.- The State Bank issues money into circulation and withdraws money from
circulation through the treasury, payment services and other professional
activities of the State Bank in service of customers.
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1. The State Bank has the duty to meet the need
of collecting and spending cash for the credit institutions and the State
Treasury on the basis of the balance of the deposits account at the State Bank;
2. Credit institutions and the State Treasury
have the duty to meet the need of timely, accurate and safe payment in cash to
customers.
Article
10.- The State Bank guides and inspects the credit institutions and the
State Treasury in the selection and classification of money by the standard of
the money in circulation.
Article
11.- Basing himself on the need in cash of the economy and the need of
monetary stability, the Governor of the State Bank shall propose the Prime
Minister to decree an announcement on the circulation of new kinds of money to
be issued.
The announcement of the issue of the new kinds
of money is provided for in Article 17 of this Decree.
Article
12.- The State Bank shall study and propose to the Prime Minister:
1. The structure and nominations of the money
newly issued in conformity with the price platform and habit of cash use of the
population;
2. The point of time and form of issue,
withdrawal and replacement of money in conformity with the need of the monetary
policy.
Article
13.- The Governor of the State Bank shall issue and inspect the
implementation of:
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2. The regime of accountancy, statistics and
information and report on the issue of money in conformity with the
prescriptions of the legislation on accountancy and statistics.
Chapter
III
WITHDRAWAL AND REPLACEMENT OF MONEY
Article
14.- The State Bank shall regularly organize the replacement of torn and
damaged money as stipulated in Article 16 of this Decree; educate and guide the
people in the sense of preserving and protecting the Vietnamese currency,
detecting and preventing acts banned under Article 29 of the Law on the Vietnam
State Bank.
Article
15.- The State Bank shall provide for torn and damaged and otherwise
unqualified for circulation, publicly announce these criteria, and guide and
inspect the Transaction Service of the State Bank and the Branches of the State
Bank, the credit institutions and the State Treasury in replacing torn and
damaged money for organizations and individuals as prescribed in Article 16 of
this Decree.
Article
16.- Money that are torn off or damaged shall be changed according to the
following regulations:
1. Money of organizations and individuals that
are torn off or damaged in the process of circulation shall be changed or
remitted to the accounts at the Transaction Service of the State Bank, the
Branches of the State Bank in the provinces and cities directly under the
Central Government, credit institutions and the State Treasury in a convenient
manner, without restriction in quantity, irrespective of the place of
residence, without having to pay fees and without requiring any procedures or
paper whatsoever.
2. For the money that are torn off or damaged by
fire, moldiness, termite destruction or mouse biting, the owner must send an
application explaining the reason to the State Bank, credit institutions or the
State Treasury so that replacement may be considered as provided for by the
State Bank. The owners who are allowed to change the money must pay a fee as
prescribed by the State Bank in conformity with the prescriptions of the State
on charges and fees.
3. For the money that are damaged by writing,
drawing, cutting, tearing or deforming, if it is judged free from sabotage
activities, they shall be considered for change as stipulated in Item 2 of this
Article; if it is suspected that the damage is caused by sabotage acts, the
State Bank, the credit organizations and the State Treasuries shall temporarily
confiscate them and coordinate with the police office to investigate and
handle.
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1. The policy of the Government to replace part
or all the kinds of money in circulation;
2. The form, procedures and time of issuing new
kinds of money; the time-limit for the withdrawal of the kinds of money which
are suspended from circulation uniformly in the whole country;
3. Characteristics, denominations, color, size,
weight of each kind of new money to be issued together with its specimen;
4. The rate of change of the new money compared
with the money suspended from circulation, if any.
Article
18.- The State Bank shall report to the Prime Minister and at the same time
send a report to the Ministry of Finance on the issue, withdrawal and
replacement of different kinds of money periodically in each quarter, each year
or unexpectedly.
Chapter
IV
RESPONSIBILITY OF THE CONCERNED MINISTRIES AND PEOPLE'S COMMITTEES OF
VARIOUS LEVELS
Article
19.- The Ministry of Finance shall have:
1. To inspect the execution of the statute on
the specialization of issuing, withdrawing and replacing money as prescribed in
this Decree.
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Article
20.- The Ministry of Public Security shall have:
1. To direct the police at various levels to
assume the prime responsibility and coordinate with the State Bank of the same
level to investigate and conclude on the acts of destroying money, forging,
transporting, storing and circulating faked money in order to handle them
according to law.
2. To organize the evaluation of objects
suspected to be forged money or destroyed money when requested.
Article
21.- The People's Committees at various levels shall have:
To direct the specialized branches to carry out
education and mobilization of the people in the sense of preserving and
protecting the Vietnamese currency and fighting against the acts of destroying
money, forging, transporting, storing and circulating forged money.
Chapter V
REWARDS AND HANDLING OF VIOLATIONS
Article
22.- Each year, the State Bank shall consider or ask the competent
authority to consider achievements to the units or individuals with outstanding
records in the implementation of this Decree.
Article
23.- Units or individuals that violate this Decree shall, depending on the
character and extent of the violation, be disciplined, subject to
administrative sanctions, pay compensation for the damage or be examined for
penal liability as prescribed by law.
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IMPLEMENTATION PROVISIONS
Article
24.- This Decree takes effect 15 days after its signing. The earlier
regulations which are contrary to this Decree are now annulled.
Article
25.- The Governor of the State Bank, the Minister of Finance and the
Minister of Public Security shall, within the ambit of their respective
functions and duties have to guide and inspect the implementation of this
Decree.
Article
26.- The Ministers, the Heads of the ministerial level agencies, the Heads
of the agencies attached to the Government and the Presidents of the People's
Committees of the provinces and cities directly under the Central Government
shall have to implement this Decree.
THE GOVERNMENT
Phan Van Khai