Tighter control over fake money

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Báo Dân Trí English - 85 month(s) ago 48 readings

Tighter control over fake money

>> State Bank steps up fight against counterfeit money

Joss paper money, usually meant for ritual burning, may be subject to new laws to make it more distinguishable from real money.

Very close to the real thing

Currently, a wide range of joss paper money looks very much like real bank notes. These fake notes are sold nationwide, and many people find it's not easy to distinguish it from actual currency.

Authorities in Hanoi are in the process of drafting requirements that joss paper money must be different from real Vietnamese and foreign bank notes in specific ways.

This move is in response to the State Bank of Vietnam (SBV)’s request to tighten control over production of joss paper money in order to prevent any possible counterfeiting activities.

In the future, joss paper notes may not be able to include images, colours or details that are the marks of actual VND or other foreign currencies. They will also need to have dimensions with a 3cm difference - larger or smaller - than real notes.

All joss paper production facilities in Hanoi will be required to have licences that designate the types of products they produce.

These false notes, made for burning, would only be one colour and printed on one side.

The regulation may also require that the addresses of the paper products be printed on the notes themselves.

In the past 7 years, according to some estimates, around VND400 bilion (USD19.17 million) has been spent on such joss paper products every year. The increase in spending on these products is likely to a general rise in the standard of living.

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