Selling gold without posting price, gold goods fined 50 million
Failure to publicly post the buying and selling prices of gold bars at the transaction location as prescribed will result in a fine of 30 - 50 million VND.
In Decree 88/2019/ND-CP just issued, the Government clearly states:
1. Warning penaltyfor one of the following violations: buying and selling gold bars with credit institutions or enterprises without a Business License to buy and sell gold bars; using gold as a means of payment.
2. Fine from 10 - 20 million VNDIf one of the following acts is violated: Buying or selling gold bars with a credit institution or enterprise 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.
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| Buying and selling gold bars in violation of the law will be severely punished. Illustrative photo |
3. Fine from 30 - 50 million VNDwith one of the following violations: Not publicly posting the buying and selling prices of gold bars at the transaction location as prescribed by law; violating the responsibilities of credit institutions and enterprises operating in the business of buying and selling gold bars when there are changes in the branch network and business locations of buying and selling gold bars as prescribed by law.
4. Fine from 80 - 100 million VNDwith one of the following violations: Trading in gold bars not in accordance with the provisions of law, except in prescribed cases; carrying gold when exiting or entering the country not in accordance with the provisions of law, except for administrative violations in the field of customs.
5. Fine from 140 - 180 million VNDIf one of the following acts is violated: Conducting business of buying and selling gold bars through authorized agents; not complying with legal 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 in the form of semi-finished products that are not in accordance with the registered business line as prescribed by law.6. Fine from 200 - 250 million VNDfor the act of using imported raw gold not in accordance with the license to import raw gold to produce gold jewelry and fine arts.
7. Fine from 250 - 300 million VNDfor the act of producing gold bars not in accordance with the provisions of law.
8. Fine from 300 - 400 million VNDwith one of the following violations: Trading in gold bars without a business license to trade in gold bars; exporting or importing raw gold without a license issued by a competent State agency as prescribed by law; conducting other gold trading activities without a license issued by a competent authority as prescribed by law.
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