Press release on issuance of Circular No. 58/2024/TT-NHNN
On 31 December 2024, the Governor of the State Bank of Vietnam (SBV) issued Circular No. 58/2024/TT-NHNN providing guidance for the handling of counterfeit money and suspect counterfeits in the banking sector (hereinafter referred to as the Circular).
With the aim to improve the system of legal documents against counterfeit money, and for the protection of the Vietnamese currency, the Circular provides guidance for the handling of counterfeit money and suspect counterfeits in the banking sector, creating a legal basis for the banks, as well as other relevant organisations and individuals in detecting and handling with counterfeit money and suspect counterfeits, to ensure consistent implementation in accordance with the laws.
The Circular is composed of 3 Chapters with 17 Articles, regulating a number of key provisions as follows:
- Chapter I - General provisions, comprising of 3 Articles: The scope of application; The subjects of application; and The interpretation of some terms and terminology.
- Chapter II - Specific provisions, comprising of 11 Articles, stipulating the seizure of counterfeit money, temporary seizure of suspect counterfeits; the stamping, perforating; packaging, custody, delivery, and transport of counterfeit money; the examination of counterfeit money and suspect counterfeits by the State Bank of Vietnam; the use of the examination results; the custody of counterfeit money for research purposes for anti-counterfeiting by the State Bank of Vietnam; the information on counterfeit money; and the statistical reporting on counterfeit money.
- Chapter III – Implementation arrangements, comprising of 3 Articles: the responsibilities for providing guidance and overseeing the implementation; the entry into force; and the implementation arrangements.
The Circular shall take effect from 14 February 2025, and shall replace Circular No. 28/2013/TT-NHNN dated 5 December 2013 issued by the SBV Governor regulating the handling of counterfeit money and suspect counterfeits in the banking sector.
HP