Mua vàng ngày Thần Tài phải biết 4 điều này để không bị phạt Buy gold on the day of the God of Wealth, you must know these 4 things to not be penalized

1. Who can buy and sell gold bars?

Gold bars are gold stamped into pieces, stamped with letters, volume indexes, quality and symbols of enterprises and credit institutions that are permitted to be produced by the State Bank or produced by the State Bank in each period.

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Article 10 Decree 24/2012/ND-CP states:

The purchase and sale of gold bars by organizations and individuals may only be carried out at credit institutions and enterprises licensed by the State Bank to trade in gold bars.

Accordingly, enterprises and credit institutions that want to do business in buying and selling gold bars must satisfy the following conditions:

Enterprise

- Being an enterprise established and operating in accordance with the law.

- Having a charter capital of 100 billion VND or more.

- 2+ years of experience in gold trading.

- Having paid tax of gold business from 500 million VND/year or more in the last 2 consecutive years (certified by tax authorities).

- Having a branches in Vietnam from 03 provinces/ cities or more.

Credit institution

- Having a charter capital of 3,000 billion VND or more.

- Having registered gold business activities.

- Having a network of branches in Vietnam from 05 provinces and cities or more.

2. Remember to keep your gold sales receipt

When going to buy gold, the buyer should get the full invoice. This is a document certifying the buyer's transaction with the store. In addition, getting an invoice with the serial number (for gold bars) printed on the gold bar also helps buyers to sell gold more easily when needed. In case of buying fake gold, the invoice will also be the proof of transaction for the buyer.

3. How much is the fine for buying gold in the wrong place?

Currently, there are about 38 units to buy and sell gold bars licensed by the State Bank of Vietnam, including 22 banks and 16 enterprises: ACB Bank, VietinBank, BIDV, Agribank, Techcombank, TienPhongBank, Co., Ltd. Bao Tin Minh Chau, Phu Nhuan Jewelry Joint Stock Company (PNJ)…

In case of buying and selling gold bars with credit institutions or enterprises without business licenses, penalties will be imposed according to the provisions of Article 24 of Decree 88/2019/ND-CP as follows:

- Warning: First offense.

- A fine of between VND 10 - 20 million: Recidivism or repeated violations

Particularly, credit institutions and enterprises trading in buying and selling gold bars without a license will be fined from 300 million and 400 million VND  according to Point a, Clause 8, Article 24 of Decree 88/2019/ND-CP.

Thus, according to the above regulations, buying and selling gold bars at a credit institution or an enterprise without a business license to buy and sell gold bars will be fined up to 20 million VND (the fine level is drastically reduced compared to the provisions in Clause 1 of this Article). Point d Clause 2 Article 25 Previous Decree 94/2014/ND-CP).

Therefore, when buying gold bars, individuals and organizations need to check whether the intended place of purchase is eligible to do business in buying and selling gold bars. Especially when buying gold on God of Wealth day, people need to pay more attention to this to avoid possible regrets.

4.  Pushing the price of gold on the day of the God of Fortune, the seller was severely fined!

Clause 4, Article 12 of Decree 24/2012/ND-CP stipulates that enterprises and credit institutions trading gold bars are responsible for:

Publicly listing at transaction locations about the buying and selling prices of gold bars

Accordingly, if individuals selling gold do not publicly list the buying and selling prices of gold bars, they will be fined from 30 to 50 million dong, the violating organization will be fined twice as much, up to 100 million dong according to Clause 3, Article 24 Decree 88/2019/ND-CP.

The 10th day of the first lunar month is the Day of the God of Wealth. Although the price of gold is currently at a high level, many people still rush to buy gold on this day. In particular, taking advantage of the psychology of buying gold on the Day of the God of Fortune, many gold shops push the price of gold up to gain illicit profits.

In this case, according to Article 13 of Decree 109/2013/ND-CP, the person who acts to increase the price of gold "overly" on the day of the God of Wealth will be fined as follows:

 Viet Nam Law