Proposal to trade gold bars without a license will be fined 400 million

The act of buying and selling gold bars without a business license to buy and sell gold bars can be fined from 300-400 million VND.

This is a notable content in the third draft of the Decree regulating administrative sanctions for violations in the monetary and banking sector, which has just been announced by the State Bank.

Accordingly, the draft proposes a fine of 300-400 million VND for the act of buying and selling gold bars without a business license to buy and sell gold bars.

Similar penalties are also applied to the act of exporting or importing raw gold without a license issued by a competent state agency, as well as other gold trading activities without a license as prescribed.

Proposal to trade gold bars without a license will be fined 400 million. Photo: Minh Hien

In addition, the draft also mentions different levels of administrative sanctions, from warnings to fines, in which the penalty level will gradually increase in case of repeat offenses.

Specifically, a warning penalty will be imposed on the act of buying or selling gold bars with credit institutions or businesses without a business license to buy or sell gold bars or use gold as a means of payment.

Fines of 10-20 million VND for the following acts: buying or selling gold bars with credit institutions or businesses without a business license to buy or sell gold bars in case of recidivism or multiple violations; using gold as a means of payment in case of recidivism or multiple violations.

Fines of 30-50 million VND for one of the following acts: not publicly posting the buying and selling prices of gold bars, gold jewelry and fine arts at the transaction location; not notifying changes in the branch network or business location; producing gold jewelry and fine arts without announcing applicable standards or not labeling goods as prescribed.

Fines of 80-100 million VND for the following acts: trading in gold bars against regulations; carrying gold when illegally entering or exiting the country, except for administrative violations in the customs sector.

Fines of VND 140-180 million shall be imposed for one of the following acts: conducting business of buying and selling gold bars through authorized agents; failing to comply with regulations on gold status; exporting and importing gold jewelry, fine arts, raw gold in the form of powder, solution, solder flakes, gold salt and other types of gold jewelry that are not in accordance with the registered business content;

In addition, manufacturing and trading gold jewelry and fine arts without meeting the conditions; processing gold without registering in the business registration certificate or business household.

Fines of VND 200-250 million for one of the following acts: using imported raw gold not in accordance with the import license; conducting business of buying and selling gold bars through authorized agents in case of recidivism.

Fines from 250-300 million VND for the act of producing gold bars not in accordance with the law.

In addition to fines, this draft also mentions additional penalties for some violations such as: confiscation of gold for unlicensed gold bar trading; revocation of the right to use a business license to buy and sell gold bars for 6-9 months; revocation of the right to use a license to import raw gold for the production of gold jewelry and fine arts for 9-12 months.

The remedial measure is to request the competent authority to revoke the business license to buy and sell gold bars for violations.

Announcing a 'hotline' to manage the production of gold jewelry and fine art. The State Bank of Vietnam (SBV) Region 2 emphasized that the production of gold jewelry and fine art needs to be strictly controlled, transparent and in absolute compliance with the law.

 

Source: https://vietnamnet.vn/de-xuat-kinh-doanh-vang-mieng-khong-co-giay-phep-bi-phat-400-trieu-2401683.html