How is the Delivery and Transportation of Counterfeit Money Conducted?

The State Bank of Vietnam, credit institutions, and foreign bank branches shall carry out the delivery and transportation of counterfeit money pursuant to the regulations in Circular 28/2013/TT-NHNN. Specifically:

- Credit institutions and foreign bank branches must submit all counterfeit money that they have collected to the branch of the State Bank in the locality or the Transaction Office on a monthly basis, except for new counterfeit money submitted under the regulations in Clause 4, Article 9 of Circular 28/2013/TT-NHNN. The delivery of counterfeit money shall be done by note/piece and must be recorded in a report (as per Appendix 3).- The State Bank branches and Transaction Office are responsible for verifying the authenticity of each counterfeit note submitted by credit institutions and foreign bank branches.

- In case genuine money is found among the submitted counterfeit money, the State Bank branches and Transaction Office shall make a record (as per Appendix 5) and provide a written request to the submitting entity to compensate customers with equal value and report the results within 30 working days.- Genuine notes marked “Counterfeit Money” and punched with holes will have one corner cut by 1/8 of the note’s area by the State Bank branches and Transaction Office. The notes will be exchanged for equal value (credited) to the submitting entity (without any exchange fee for uncirculated standard money) and packed, delivered similarly to uncirculated standard money in accordance with State Bank regulations.

- The State Bank branches and Transaction Office must submit counterfeit money to the Central Cash Vault or the State Bank branch of Binh Dinh province at least once every 6 months (if any), combined with the transportation of money to and from the State Bank. The delivery must be carried out in sealed bundles, envelopes, and bags, and must be recorded in a report (as per Appendix 3).

For new counterfeit money, credit institutions and foreign bank branches must submit to the local State Bank branch or the Transaction Office within 2 working days from the date of confiscation. The submission of new counterfeit money by the State Bank branches and Transaction Office shall be carried out as requested by the Issuing and Treasury Department. The method of transporting new counterfeit money is decided by the Director of the Transaction Office and the local State Bank branch, ensuring safety and promptness.

Details can be found in Circular 28/2013/TT-NHNN effective from January 20, 2014.

Thu Ba

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