News

SL currency notes damaged due to usage will continue to be accepted

19 June 2017 - 56   - 1


Sri Lankan currency notes that have not been wilfully mutilated, altered or defaced but damaged due to normal wear and tear will continue to be accepted at the Central Bank (CB) and commercial banks.
This is the current practice and it would continue to be maintained, the CB said on Monday issuing a clarification pertaining to its recent statement over mutilated notes and its acceptance.
There has been public concern after the banking regulator announced last week in advertisements that mutilated notes would not be accepted after December 31, 2017.
In issuing a clarification, the CB said there has been “misinterpretation of the facts contained in the newspaper advertisements in implementation of the Bank’s Clean Note Policy”. 
It said the Clean Note Policy was introduced to maintain the quality standards of the currency notes and thereby help to distinguish between genuine notes and counterfeits. It is also expected through this policy to enhance the image of the country and promote efficient and cost effective currency notes processing activities.
“Wilful mutilation, alternation or defacement of currency notes are offenses punishable under the Monetary Law Act. Moreover the CB has to increase its note printing to replace such willfully mutilated, altered or defaced currency notes requiring it to incur large amount of public funds which otherwise could have been spent for more meaningful purposes,” the statement said adding that the CB has no obligation to entertain claims in respect of deliberately mutilated, altered or defaced currency notes.
While no fresh currency notes will be issued in exchange of such wilfully mutilated, altered or defaced currency notes after December 2017, the CB said that currency notes that are not wilfully mutilated, altered or defaced but damaged due to normal wear and tear during circulation can continue to be exchanged at the CBSL and Licensed Commercial Banks as is the current practice. - ENDS -

 

  Comments - 1

  • kavan Ratnatunga Thursday, 22 June 2017 11:18 AM

    So after next year when you accept a bundle of Currency notes from the Bank or from anyone, you will need to check each note carefully to see if any are willfully Mutilated. What CBSL should do is to charge a handling fee of the cost of Printing which is around Rs4 on average, or say Rs20 for high denomination Notes to exchange such notes at CBSL counter. If I get a forged note then I suffer the total loss, but such forged notes are very small number in circulation. There are a very much higher percentage of notes in which some cashier has scribbled a total value of bundle. The Citizen can't be made responsible to carefully check every note they get in circulation.

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