The Government on October 20, 2011 issued Decree No. 95/2011/ND-CP amending, supplementing a number of articles of Decree No.202/ 2004/ ND-CP dated December 10, 2004 of the Government on administrative sanction in the monetary area and banking activity.
Accordingly, the Decree adjusted penalty ranges for number of administrative offences in currency and bank activities as follows:
1. A pecuniary penalty ranging from 50 million VND to 100 million VND shall be applied to the offences relating to :
- Payment, lending, leasing or debt settling in foreign currency
- Foreign currency trading and payment;
- Gold trading ;
2. A pecuniary penalty ranging from 300 million VND to 500 million VND shall be applied to such offences as :
- Carry out foreign exchange activities beyond authority;
- Importing, exporting foreign currency or gold without permit;
- Listing prices for advertising goods, services and land use right in foreign currency or gold.
3. Additional penalties comprised of confiscating all amounts in VND or foreign currency and gold related to the offences extended to most of above said offences
4.Regulations on penalties for trading or using gold of international standards shall be repealed by the Decree.
This Decree takes effect from the signing date.