Law

Man fined VND90 million for selling US$100 note

SGGP
The People’s Committee of Can Tho city on September 4 made a decision to impose a fine of VND90 million (US$3,857) on a man for selling US$100 note to a jewelry shop ineligible for buying foreign currency.

Besides the fine on Mr. Nguyen Ca Re, the people’s committee also penalized the shop VND180 million, seized the note together with the exchange money of VND2.26 million.
Commenting on the case, lawyer Nguyen Van Duc from Can Tho city Lawyers Delegation said that the city People’s Committee decision is not wrong. Article 24 of Decree 96 clearly stipulates that violators of forex regulations will be penalized VND20-100 million beside other auxiliary fines.
However, Mr. Duc said that the decree should be amended to suit the reality.
Seizure of the note and the exchange money is deterrent enough to Mr. Re. In fact, he was unable to require the shop’s owners to present papers proving they are eligible for buying foreign currency.

By TUAN QUANG – Translated by Hai Mien

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