Banks to face fine for anomalies related to mutilated notes

Staff Correspondent | Published: 00:33, Jan 12,2018 | Updated: 01:21, Jan 12,2018

 
 

Bangladesh Bank on Thursday threatened banks to fine if it finds more than 10 per cent reintroduction-worthy currency notes among the currency notes which the banks provide to the central bank as mutilated for crashing.
The central bank’s department of currency
management issued a circular in this regard on Thursday.
BB settles the claims of mutilated currency notes under the Bangladesh Bank (Note Refund) Regulations—2012 and destroys the mutilated currencies afterwards.
It has been observed that the banks provide obsolete currency notes including fragmented, built-up, fake and less currency notes in Bangladesh Bank’s Guarantee Volt, the BB circular said.
Such irregularities hamper the overall crashing process of mutilated currency, resulting in wastage of time and labour and hindering the objective of the process as well, it said.
To get rid of the problem and for smooth operation of the activity, banks will have to pay 1 per cent penalty for such malpractices or irregularities.
Besides, if less number of currency notes and obsolete currency notes were found among the mutilated notes, it would be mandatory for banks to pay fine as per the BB specified rules considering the value and number of currency notes.
For such irregularities of the banks, the central bank also decided to check 5 per cent of the currency notes worth Tk 5 that would be provided by the banks to crash, 20 per cent of the currency notes worth Tk 10 and 25 per cent of the currency notes worth Tk 20.

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