How much is the penalty for buying and selling SJC gold bars against regulations?

The State Bank of Vietnam, Region 2 Branch, has just sent an official dispatch to relevant agencies in Ho Chi Minh City to disseminate regulations on gold trading and buying and selling.

Accordingly, the State Bank Branch Region 2 emphasized that people are only allowed to buy and sell SJC gold bars at credit institutions and enterprises licensed by the State Bank to buy and sell gold bars.

Gold trading enterprises (gold jewelry and fine art) that are not licensed to trade in gold bars and buy and sell gold bars with individuals and organizations are in violation of the provisions of Decree No. 24/2012 on gold market management and other relevant legal provisions.

See the list of licensed SJC gold bar buying and selling locations in Ho Chi Minh City here

The business of buying and selling gold bars without a license to buy and sell gold bars and buying and selling gold bars at credit institutions or enterprises without a license to buy and sell gold bars will be punished according to the provisions of Decree No. 88/2019 on administrative sanctions in the field of currency and banking.

So how does Decree No. 88/2019 on administrative sanctions in the banking and currency sector regulate these sanctions?

According to Article 24, Decree No. 88, buying or selling gold bars by credit institutions or businesses without a business license to buy or sell gold bars will be subject to a warning; a fine of 10 - 20 million VND if the violation is repeated or repeated...

People are only allowed to buy and sell SJC gold bars at licensed locations.

If a licensed credit institution or enterprise fails to publicly post the buying and selling prices of gold bars at the transaction location as prescribed, it will be fined from 30 to 50 million VND.

The highest penalty for violations in Article 24 is a fine of 300 - 400 million VND if trading in gold bars without a license. Exporting or importing raw gold without a license issued by a competent state agency. Other gold trading activities without a license issued by a competent authority as prescribed by law.

Additional penalties for some violations include confiscation of gold; revocation of the right to use the business license to buy and sell gold bars for a period of 6 to 9 months...

According to the State Bank of Vietnam, Branch 2, gold is a volatile financial asset, closely linked to many market factors. It is recommended that people consider and be cautious when buying gold and investing in gold to avoid risks due to fluctuations in gold prices. At the same time, it is necessary to comply with regulations on gold trading.

On the morning of May 16, SJC gold bar prices were listed by businesses at 118.5 million VND/tael for buying and 120.8 million VND/tael for selling, an increase of 1.4 million VND/tael compared to the end of yesterday.

The price of 99.99 gold rings and jewelry gold was also raised to 112.5 million VND/tael for buying and 115.5 million VND/tael for selling, an increase of 500,000 VND per tael.

Source: https://nld.com.vn/mua-ban-vang-mieng-sjc-trai-quy-dinh-bi-xu-phat-bao-nhieu-196250516104955096.htm