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Central bank releases procedures on counterfeit cash
The State Bank of Viet Nam (SBV) yesterday released official procedures to deal with counterfeit money, to ensure the process is transparent and to clarify the responsibilities of relevant agents.
The process, regulated in Decision No 28/2008/QD-NHNN by the central bank, outlines procedures to seize, examine, mark, pack, transport and destroy counterfeit bills and coins uncovered in the banking system.
The procedures state that if a bank is in doubt of the legitimacy of a bank note or coin, it must base its actions on the regulations of the State Bank or the Ministry of Security.
If counterfeit money is found, the bank must document, seize, mark, and punch the bills with four holes.
If more than five items of counterfeit cash or coins are uncovered in one transaction, and the client does not accept to have their money seized, the bank must inform nearby police. The suspected notes or coins must not be returned to the client.
If the counterfeit bills are a new version that has not previously been identified by authorities, the bank must seize, document and inform the police without marking it.
Within two working days, the bills or coins must be sent to a local SBV branch. This branch is then responsible to send the new counterfeit to the Issue and Vault Department of the SBV.
The central bank (or branches of the central bank) must pack and seal the fake money. The cover of the package must be clearly marked in accordance with central bank regulations.
Individuals or institutions who want to have cash examined are asked to send a request to SBV branches or Issue and Vault Department branches.
Results will be sent back to the requester within five working days without a fee, and the relevant client must be notified.
VNN
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