Three enterprises fined for violating foreign currency trading rules

November 25, 2011 | 11:19

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Bank inspectors in Hanoi have fined two companies and a university for violating regulations in foreign currency trading and payments.

>> Monetary, banking fines raised

Ngoc Long Gold Trading Company on Xa Dan street in Dong Da district was fined VND100 million ($4,800) for illegally trading over $12,000, which was confiscated by the authorities. Ngoc Long was also asked to sell $10,000 to a foreign currency licenced unit.

My Phuong Gold Trading private Company on Cat Linh street was fined VND50 million ($2,400) after selling $1,000.

The two companies were asked to sell their foreign currency to licenced commercial banks.

While FPT University was fined VND500 million ($24,000) for charging tuition fees in US dollars thus violating the government’s decision. The university has been forced to announce collection of school fees in VND.

The fines are in accordance with government Decision 95/2011/ND-CP on banking and monetary violations that took effect last month.

SGGP

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