Exchanging small change at temples and pagodas will be fined from 20 to 40 million VND.

At a press conference on small denomination money on January 21, Deputy Governor of the State Bank Dao Minh Tu said that the Government has just issued Decree 96 on penalties for unauthorized activities, including the exchange of small change.

Illustrative photo. (Photo: Thuy Ha/Vietnam+)

“Accordingly, the activity of exchanging small bills is not allowed, so if discovered, the fine will be from 20 to 40 million VND. This is a new point this year and a strong enough measure to deter violations,” said Mr. Tu.

The State Bank also plans to closely coordinate with market management and relevant agencies to conduct inspections and handle violations during the upcoming Tet holiday to ensure the use of Vietnamese currency in accordance with its inherent functions.

Recently, the Ministry of Culture, Sports and Tourism issued Official Dispatch No. 71/BVHTTDL-VHCS to localities, directing the continued strengthening of management and rectification of the circulation and use of small-denomination Vietnamese currency in the area, especially at religious sites and festivals.

According to a survey conducted during the 2014 festival season, the use of small denomination money in temples, pagodas, and festival sites has initially had positive changes. The phenomenon of placing offerings at altars, throwing money, and dropping money has decreased compared to previous years. The practice of exchanging money for profit has been somewhat rectified.

The State Bank affirmed that the restriction on the issuance of new small-denomination banknotes into circulation has made the rate of small-denomination banknotes returning to the banking system after the festival much lower than in previous years, contributing to reducing the overload at bank vaults; facilitating the work of preserving, counting and selecting banknotes as well as ensuring the needs of treasury safety./.

According to VNA