CB extends deadline for exchange of mutilated currency notes

The Central Bank of Sri Lanka (CBSL), considering the immense requests from the public and the difficulties that the public is facing in exchanging wilfully defaced currency notes at licensed commercial banks (LCBs), has decided to extend the time period for such exchange of currency notes at LCBs up to March 31, 2018.  

Mutilation, alteration or defacement of currency notes is an offence under the Monetary Law Act (MLA) No. 58 of 1949 and is punishable by imprisonment or fine or both.  Under the Regulation E of MLA, no claim in respect of the wilfully mutilated or altered notes shall be entertained and such notes will be retained by the CBSL.  
The holder of these currency notes will have to suffer the loss of the face value of such notes effective from April 1, 2018.  

Accordingly, the CBSL advises the public to refrain from such practices and requests the public to assist in preserving the value and integrity of the country’s legal tender by refraining from wilful mutilation, alteration and defacement of currency notes.