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Advisory on the Acceptance by Banks from the Public of Unfit Notes for Exchange/Deposit

05.27.2014

The Bangko Sentral ng Pilipinas (BSP) clarifies the reported misinformation being spread around that banks will no longer accept unfit currency notes.

Please be advised that BSP Circular No. 829 dated 13 March 2014, Section 20 provides that “Currency notes and coins considered unfit for circulation shall not be recirculated but may be presented for exchange to or deposited with any bank.” Therefore all banks are mandated to exchange or accept for deposit any unfit currency notes from the public. The BSP shall ensure sufficient new notes to allow the banks to carry out this mandate.

The public is also advised of the following characteristics of notes considered unfit for circulation:

(a) Contain heavy creases which break the fiber of the paper and indicate that disintegration has begun; or

(b) Badly soiled/contaminated and/or with writings even if they have proper life or sizing; or

(c) Present a limp or raglike appearance and/or they can not sustain their upright position when held at the mid portion of one of the shorter borders.

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