Non-acceptance of mutilated currency notes

The Central Bank of Sri Lanka (CBSL) says that the news widely spreading on non-acceptance of mutilated currency notes by the CBSL will be further clarified by tomorrow and that there is no reason for the public to panic.. Speaking to Sunday Observer, Central Bank governor, Indrajith Coomaraswamy stated that this was a policy adopted sometime back and that the Central Bank had decided to extend its deadline till December 31, 2017 which originally stood at June 30, 2017.

On further inquiry Sunday Observer learns, according to highly placed sourced within the CBSL that the rationale behind this policy is mainly to discourage persons from scribbling and mishandling notes, and that persons who engage in such activity should be dissuaded. “Printing currency notes are not an easy or a cheap task. The costs on printing, handling and the high security involved in the process makes it very costly. Therefore we must ensure that people should not be indiscipline in handling cash and should be more careful and responsible.” The source said.

It was further revealed that this will not be strictly enforced on where currency notes have worn out due to usage and other natural causes.

News based on a CBSL statement issued yesterday was rife that it will not accept mutilated, altered and defaced currency notes after December 31. It further referred to the offence under the Monitory Law; “Mutilation, alteration or defacement of currency notes is an offence under the Monetary Law Act No 58 of 1949, and is punishable by imprisonment or a fine or both.

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