Money not qualified for circulation is stipulated in Article 4 of Circular 25/2013/TT-NHNN as follows:
1. Torn or damaged money due to circulation (objective causes):
- Paper money with changed color, faded images, patterns, letters, numbers; wrinkled, torn, smudged, dirty, old; torn or in pieces that can be glued back together but the bill is still intact;
- Metal coins are worn, rusted, partially or completely damaged in terms of images, patterns, letters, numbers and plating on the coin.
2. Torn or damaged money due to storage (subjective causes):
- Paper money with holes, torn parts; money that is taped; burned or deformed due to exposure to high heat sources; printing paper, color, security specifications of money changed due to the impact of chemicals (such as detergents, acids, corrosives, etc.); writing, drawing, erasure; money that is rotten or deformed for other reasons but not due to acts of destruction;
- Metal money is bent, warped, changed in format or design due to external force or high temperature; corroded due to contact with chemicals.
3. Money with technical errors due to the printing and minting process of the manufacturer such as folded printing paper causing loss of image or color, dirty printing ink and other errors in the printing and minting process.
Money with torn corners is not eligible for circulation. (Illustration photo)
According to the above regulations, money with torn corners is not eligible for circulation. People can exchange torn money for new money at banks.
Conditions for exchanging money that does not meet circulation standards
Article 6 of Circular 25/2013/TT-NHNN stipulates the conditions for exchanging money that does not meet circulation standards as follows:
- For money that does not meet the circulation standards specified in Clause 1 and Clause 3, Article 4 of this Circular, State Bank branches, State Bank Transaction Offices, and exchange units are responsible for collecting and exchanging money immediately for customers in need, without quantity restrictions and without requiring paperwork.
- For money that does not meet the circulation standards specified in Clause 2, Article 4 of this Circular, customers must submit the physical items to the State Bank branches, State Bank Transaction Offices, and exchange units. The units receive and consider exchanging according to the following conditions:
+ Torn or damaged money not caused by acts of destruction;
+ In case a banknote is burned, punctured, or torn, the remaining area must be equal to or larger than 60% of the area of the same type of banknote; if it is pasted, it must have a minimum area of 90% of the area of the same type of banknote and ensure the original, original layout of a banknote (front, back; top, bottom; right, left), and at the same time identify the security elements;
For polymer money that is burned or deformed and shrunk due to exposure to high heat, the remaining area must be at least 30% of the area of the same type of banknote and still retain the original layout of a banknote, and at least two of the following security elements must be identifiable: hidden image element in a small window, fluorescent colorless ink, fluorescent serial number, security thread, IRIODIN element, portrait of President Ho Chi Minh .
Based on the conditions for exchange consideration specified in this Clause, the State Bank branch, the State Bank Transaction Office, and the exchange unit shall carry out the exchange for the customer. If the conditions for exchange are not met, the State Bank branch, the State Bank Transaction Office, and the exchange unit shall return the money to the customer and notify the reason.
In case the conditions for exchange of banknotes are not yet determined and need to be appraised, the customer must have a request for exchange.
Thus, if the money is torn or damaged but meets the conditions for exchange, the money is not qualified for circulation, it can be exchanged at a State Bank branch, State Bank Transaction Office, or exchange unit according to the provisions of law.
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