Which Agency Has the Authority to Seize Counterfeit Money and Temporarily Seize Suspected Counterfeit Money?

17:58, 10/07/2024

This is noteworthy content mentioned in Circular 28/2013/TT-NHNN issued by the Governor of the State Bank of Vietnam regulating the handling of counterfeit and suspected counterfeit money in the banking sector.

Currently, counterfeit currency refers to types of money that resemble Vietnamese currency but are not printed, minted, or issued by the State Bank of Vietnam.

Authority authorized to seize counterfeit money, Circular 28/2013/TT-NHNN

Source: Internet

According to the provisions of Circular 28/2013/TT-NHNN, the State Bank branches in provinces and cities under the Central Authority, the State Bank's Transaction Office, credit institutions, and branches of foreign banks upon detecting counterfeit money during cash transactions with customers must seize it in accordance with Article 5 of this Circular; upon detecting suspected counterfeit money, they must temporarily seize it in accordance with Article 6 of Circular 28.

Note:

- Personnel responsible for seizing counterfeit money and temporarily seizing suspected counterfeit money must be trained in the skills of identifying genuine and counterfeit money or must receive professional training in money verification.- Personnel responsible for verifying counterfeit and suspected counterfeit money at the State Bank must be trained and receive professional development in money verification.- It is strictly prohibited to return counterfeit or suspected counterfeit money to customers.

See additional related regulations in Circular 28/2013/TT-NHNN effective from January 20, 2014.

Thu Ba

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