Three foreign currency regulations violators fined
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The State Bank of Vietnam yesterday imposed hefty fines on FPT University, Ngoc Long Gold Processing Co, and My Phuong Co for breaching violations on foreign currency management.
For illustration purposes only Photo: Tuoi Tre
Accordingly, Hanoi-based Ngoc Long Co was fine VND100 million for offending the regulation regarding trading and paying in foreign currency.
The company also had the traded sum of US$12,195 confiscated.
FPT University, a private information technology university headquartered in Hanoi, was also penalized for quoting its tuitions for some courses in US dollars.
The central bank imposed a VND500-million fine on the university, ordering it to stop listing, advertising, or announcing school fees in dollars.
Private gold trader My Phuong, located in Hanoi’s Dong Da District, was caught red-handed selling $1,000 to a customer.
For this violation on trading foreign currency, the company was fined VND50 million and asked to sell the confiscated money to a commercial bank licensed to trade the greenback.
October 21, the government issued a new decree which established higher fines for violations in the financial sector.
Accordingly, the penalties imposed on quoting prices of goods and services in foreign currencies were increased by 7 times, to VND500 million (US$24,300).
Making payments in foreign currencies or gold and other violations of gold trading regulations are now subject to a fine of VND50-100 million, while in the past these violations went without penalty.