New regulations on handling counterfeit money

The State Bank promulgated Circular 28/2013/TT-NHNN regulating handling counterfeit money, suspected counterfeit money in banking sector. This new circular was to supersede Decision 28/2008/QD-NHNN. Accordingly, handling of counterfeit and suspected counterfeit money has some new contents: people are responsible for seizing fake money, temporarily seizing suspected fake money have to be trained for skills to identify fake money, or money surveying. People act as surveyors of the State Bank have to be trained for professional competence of money surveying. Time limit for foreign-invested financial institutes to transfer suspected counterfeit money to the State Bank for surveying is increased by 5 working days (previously 3 days) from seizing day.The new Circular will take effect from January 20th 2014.Reported by T.Hong – Translated by Ngoc Huynh