BB asks banks to accept deformed notes

DHAKA, JAN 16: The Bangladesh Bank will take necessary action against commercial banks in case of indifference in changing deformed notes. Although there are posted sign in the commercial banks for changing deformed notes, some banks refuge to change such notes. The warning came after it revised note refund regulations in December last year after 36 years considering massive changes in security features of notes and peoples mentality.

“From now on, if any branch of a bank showed indifference to accept charred, damp, deformed and decomposed notes, necessary actions will be taken against errant bank and their officials concerned,” said the BB in a circular issued Wednesday.

The BB also asked to take steps required to follow its guidelines outlined earlier. Every bank will have to hang notice on acceptance of deformed or charred notes in a place so that people can read it easily, it said.  

Bangladesh Bank (Note Refund) Regulations -1976 is repealed and all commercial banks are asked to settle claim of charred, damp, deformed and decomposed notes under the revised regulations, said a BB circular on Tuesday.

Under the revised regulations called the “Bangladesh Bank (Note Refund) Regulations, the BB says no claim in respect of a note alleged to have been lost, stolen or wholly destroyed shall be entertained. 

No claim in respect of a note shall be entertained by the prescribed officer unless such a note is identified as a genuine note.

No claim in respect of a note which has been deliberately cut,  torn, defaced, altered or dealt with in any other manner, not necessarily by the claimants, enabling the use of the same for making of a false claim under the regulations or otherwise to defraud the bank or  the public shall be entertained.

On disposal of mutilated note, no claim in respect of a mutilated note shall be entertained unless the single largest piece of the note presented is more than 50 per cent.

On disposal of obliterated, mismatched, altered and damp notes: a claim in respect of an altered, mismatched or fully obliterated note shall be rejected.

Source:- www.theindependentbd.com