The State Bank of Vietnam is seeking feedback on a draft amendment to Circular No. 25/2013 of the Governor of the State Bank of Vietnam on the collection and exchange of banknotes that do not meet circulation standards. According to the State Bank of Vietnam, after more than 12 years of implementation, the work of recovering, selecting, and classifying banknotes that do not meet circulation standards in the banking system has achieved many positive results. However, the implementation process still faces some difficulties and obstacles, particularly related to determining security features when considering the exchange of banknotes that do not meet circulation standards. In addition, the regulations on the form of displaying banknote samples at transaction points under the current Circular 25 are considered limited, causing difficulties for implementing units. Furthermore, the two-level banknote verification process in some cases also prolongs the processing time.
The State Bank of Vietnam amends regulations on exchanging torn or burnt banknotes.
PHOTO: NGOC THANG
The draft amendment revises several regulations, such as assigning regional State Bank branches and exchange units the responsibility of immediately collecting and exchanging money for customers in need, without quantity limits or paperwork requirements. This regulation applies to cases where money is damaged due to objective reasons or technical errors arising during the printing or minting process by the manufacturer. For banknotes that do not meet circulation standards and are lost during storage, customers will submit the banknotes to the regional State Bank branch or exchange unit for consideration. The draft also clarifies the conditions for exchange in such cases. Accordingly, banknotes that do not meet circulation standards must not result from acts of destruction. For banknotes that are burned, punctured, or partially torn, the remaining area must be at least 60% of the area of a banknote of the same denomination. In the case of banknotes being laminated, the laminated area must be at least 90% of the area of a banknote of the same denomination and must preserve the original layout and structure of a banknote (front, back; top, bottom; right, left), while still allowing the security features to be identified.
Notably, the draft adds a separate regulation for polymer banknotes that are burned or deformed due to exposure to high temperatures: the remaining area must be at least 30% of the area of a banknote of the same type and still retain the original layout of a banknote. Furthermore, at least two of the following security features must be identifiable: the hidden image in the small window, non-two-color fluorescent ink, fluorescent serial number, security thread, shimmering yellow strip, embossed portrait of President Ho Chi Minh , color-changing ink, positioning image, or watermark. If the conditions for exchange are not met, the exchange unit will return the banknote to the customer and inform them of the reason...
Source: https://thanhnien.vn/cat-giam-thu-tuc-doi-tien-bi-rach-bi-chay-185260516162115068.htm
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