Press Release on issuance of Circular No.03/2020/TT-NHNN
Hanoi, March 31, 2020 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 03/2020/TT-NHNN stipulating the disposal of damaged currency by the SBV.
The new Circular specifies the substances concerning the procedures and measures to enhance the security, safety, improve the quality, and the efficiency in the work of disposing damaged currency by the SBV.
The new Circular is composed of 7 Chapters and 33 Articles with the main substances as follows:
- The organization, duties and powers of the Currency Disposal Council.
- Specific regulations on disposal operations from the storage of damaged currency, which needs to be disposed, to the complete destruction into non-recoverable scrap.
- The measures to deal with situations of excess or shortage of damaged currency for disposal, inventory, book-keeping, data compilation and reporting.
- Responsibilities of the SBV entities; rights and responsibilities of the officials and employees involved in the disposal of damaged currency.
The new Circular takes effects from May 15, 2020, and shall replace Circular No.27/2012/TT-NHNN dated September 25, 2012.
Translated by Le Hang