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THE STATE BANK OF VIETNAM
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
24/2008/QD-NHNN
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Hanoi, August 22, 2008
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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:
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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)
Chapter I.
GENERAL PROVISIONS
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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
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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
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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
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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.
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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).
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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.
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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
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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……….
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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