A fund managing officer is checking quality of monies Basically, the circular contents are of no difference from Decision No. 24/2008/QD-NHNN dated August 22, 2008 of SBV; however, the circular rules out fees of such exchanging during collection.Particularly, notes being torn, damaged, corroded, and faulty by printing and casting shall be exchanged for qualifed notes without any fees and amount limitation.Thus, the Decision No. 24 coming into force from and on January 20, 2014, those whom concerned shall be released as far as checking of notes is concerned.Ms. H., a financial officer of a professional organization (requested for anonymity), residing at Phu Hoa Ward of Thu Dau Mot City tells her story of monthly visit to Provincial Treasury to draw cash to pay for salary and bonuses to employees.The occasions were when she discovered disqualified cash notes in circulation but was discouraged to exchange at the banks due to challenging procedures.Occassionally, she had to exchange the affected notes by her own to offset the payments.By the end of 2011, she gathered all the affected notes through years totally at VND 100 million and came to a commercial bank to request for exchanging; however, she was turned down by the reason that they were too busy to count the damaged and torn notes. At SBV, she had to pay VND 35,000 to get such amount exchanged for qualified notes.SBV has been long determined on exchanging disqualified notes in circulation with qualified ones and armed the rights of exchanging at Treasuries; however, due to low encouraging policies, both the public and banks have been sharing the burden of getting their affected notes exchanged.“We have to service a large amount of customers daily, thus, we would have no time for verification of the torn or damaged notes and offer customers with the exchanged ones. All are of sentiment,” said a fund manager of a bank.Under recent survey and investigation of SBV, monies in Vietnam are easily contaminated and of low use life due to protection awareness let alone fires or accidents.The charge of 4% of total value of the affected notes to be exchanged has been very troubling to local people. Therefore, the Circular No. 25 has satisfied the needs of users.Under SBV conditions, the affected notes should meet certain criteria to be exchanged for new ones based on remaining areas of the notes in comparison with the same value notes.Such exchange should be free of charge, paperwork, and amount limitation.As for the affected notes failing to meet SBV criteria, verification shall be made upon customer request.Reported by Thanh Hong – Translated by Vi Bao
Relief for users and banks
Instead of paying 4% of the note being exchanged for not qualified for circulation, from January 20, 2014 on, those individuals and organizations having demands of exchanging torn and damaged notes shall be offered free exchanging for qualified ones at stalls of State’s Bank of Vietnam (SBV). This is a good piece of news to the public.SBV just issued Circular No. 25 to rule on collection of disqualified notes in circulation. A fund managing officer is checking quality of monies Basically, the circular contents are of no difference from Decision No. 24/2008/QD-NHNN dated August 22, 2008 of SBV; however, the circular rules out fees of such exchanging during collection.Particularly, notes being torn, damaged, corroded, and faulty by printing and casting shall be exchanged for qualifed notes without any fees and amount limitation.Thus, the Decision No. 24 coming into force from and on January 20, 2014, those whom concerned shall be released as far as checking of notes is concerned.Ms. H., a financial officer of a professional organization (requested for anonymity), residing at Phu Hoa Ward of Thu Dau Mot City tells her story of monthly visit to Provincial Treasury to draw cash to pay for salary and bonuses to employees.The occasions were when she discovered disqualified cash notes in circulation but was discouraged to exchange at the banks due to challenging procedures.Occassionally, she had to exchange the affected notes by her own to offset the payments.By the end of 2011, she gathered all the affected notes through years totally at VND 100 million and came to a commercial bank to request for exchanging; however, she was turned down by the reason that they were too busy to count the damaged and torn notes. At SBV, she had to pay VND 35,000 to get such amount exchanged for qualified notes.SBV has been long determined on exchanging disqualified notes in circulation with qualified ones and armed the rights of exchanging at Treasuries; however, due to low encouraging policies, both the public and banks have been sharing the burden of getting their affected notes exchanged.“We have to service a large amount of customers daily, thus, we would have no time for verification of the torn or damaged notes and offer customers with the exchanged ones. All are of sentiment,” said a fund manager of a bank.Under recent survey and investigation of SBV, monies in Vietnam are easily contaminated and of low use life due to protection awareness let alone fires or accidents.The charge of 4% of total value of the affected notes to be exchanged has been very troubling to local people. Therefore, the Circular No. 25 has satisfied the needs of users.Under SBV conditions, the affected notes should meet certain criteria to be exchanged for new ones based on remaining areas of the notes in comparison with the same value notes.Such exchange should be free of charge, paperwork, and amount limitation.As for the affected notes failing to meet SBV criteria, verification shall be made upon customer request.Reported by Thanh Hong – Translated by Vi Bao
A fund managing officer is checking quality of monies Basically, the circular contents are of no difference from Decision No. 24/2008/QD-NHNN dated August 22, 2008 of SBV; however, the circular rules out fees of such exchanging during collection.Particularly, notes being torn, damaged, corroded, and faulty by printing and casting shall be exchanged for qualifed notes without any fees and amount limitation.Thus, the Decision No. 24 coming into force from and on January 20, 2014, those whom concerned shall be released as far as checking of notes is concerned.Ms. H., a financial officer of a professional organization (requested for anonymity), residing at Phu Hoa Ward of Thu Dau Mot City tells her story of monthly visit to Provincial Treasury to draw cash to pay for salary and bonuses to employees.The occasions were when she discovered disqualified cash notes in circulation but was discouraged to exchange at the banks due to challenging procedures.Occassionally, she had to exchange the affected notes by her own to offset the payments.By the end of 2011, she gathered all the affected notes through years totally at VND 100 million and came to a commercial bank to request for exchanging; however, she was turned down by the reason that they were too busy to count the damaged and torn notes. At SBV, she had to pay VND 35,000 to get such amount exchanged for qualified notes.SBV has been long determined on exchanging disqualified notes in circulation with qualified ones and armed the rights of exchanging at Treasuries; however, due to low encouraging policies, both the public and banks have been sharing the burden of getting their affected notes exchanged.“We have to service a large amount of customers daily, thus, we would have no time for verification of the torn or damaged notes and offer customers with the exchanged ones. All are of sentiment,” said a fund manager of a bank.Under recent survey and investigation of SBV, monies in Vietnam are easily contaminated and of low use life due to protection awareness let alone fires or accidents.The charge of 4% of total value of the affected notes to be exchanged has been very troubling to local people. Therefore, the Circular No. 25 has satisfied the needs of users.Under SBV conditions, the affected notes should meet certain criteria to be exchanged for new ones based on remaining areas of the notes in comparison with the same value notes.Such exchange should be free of charge, paperwork, and amount limitation.As for the affected notes failing to meet SBV criteria, verification shall be made upon customer request.Reported by Thanh Hong – Translated by Vi Bao
