Man fined $4,000 for exchange of $100

VietNamNet Bridge – Police in the southern city of Can Tho plan to propose less harsh punishments on foreign currency exchanges at unlicensed organisations after a citizen was fined VND90 million (US$4,000) for trading a $100 banknote at a local jewellery shop.

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A citizen has been fined VND90 million (US$4,000) for trading a $100 banknote at a jewellery shop. -- Photo laodong.vn


The incident occurred late last year when electrician Nguyen Ca Re, in Can Tho’s Ninh Kieu District, brought a $100 banknote that he had received as a present to Thao Luc Jewellery Shop to exchange into Viet Nam dong. After receiving nearly VND2.3 million in exchange, Re was detained by local police for illegal exchange of foreign currency. The money was confiscated.

In early September this year, the city People’s Committee fined Re VND90 million. Both Re and the shop were fined for illegal foreign currency trading at an organisation not entitled for such operations.

“My monthly income is as an electrician is just nearly VND4 million ($180). The fine is beyond my capacity. I don’t know how to get money to pay the fine,” Re told the media.

Speaking at a press conference on Wednesday on the case, Senior Lieutenant Colonel Tran Van Duong - chief of staff and spokesman of Can Tho City Police, said given Rê’s situation, he can request to mitigate the fine or propose the postponement or exemption of the fine.

“Re can submit his request to the city People’s Committee for consideration and settlement in accordance with the law,” Duong said.

As for the fine of Thao Luc Jewellery Shop, Duong said police had acted according to regulations. There were no complaints and the shop paid on time, he said.

The shop was fined VND295 million ($13,100) for the purchase and sale of foreign currency at organisations not allowed to exchange foreign currency, VND70 million for trading goods of unknown origin, VND15 million for producing goods without announcing standards and VND30 million for producing goods of high quality inconsistent with the announced standards.

Police also confiscated the $100, 20 diamonds and 19,910 artificial granite stones worth nearly VND550 million.

Duong said police of Can Tho City will report to the Ministry of Public Security and to recommend fines be more appropriate for buying and selling foreign currencies in places where they are not allowed.

In addition, the city police will also work with the State Bank of Viet Nam to educate people on regulations on foreign currency trading.

Source: VNS

Can Tho, exchange of $, fined, Vietnam economy, Vietnamnet bridge, English news about Vietnam, Vietnam news, news about Vietnam, English news, Vietnamnet news, latest news on Vietnam, Vietnam
 
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