CBSL to not accept defaced currency notes from December

The Central Bank (CBSL) would not accept mutilated, altered and defaced currency notes from December 31, the CBSL said in a statement on Friday.

“The holders of these currency notes will have to suffer the loss of face value of such notes,” it said.

Under the Monetary Law Act (MLA) No. 58 of 1949 it warned that the mutilation, alteration or defacement of currency notes was an offence punishable by imprisonment or a fine or both.

The statement added that under the Regulation E of MLA, no claim in respect of the willfully mutilated or altered notes shall be entertained and such notes should be retained by the CBSL.

The CBSL advised the public to refrain from such practices and requested the public to exchange such currency notes with branches of licensed commercial banks before the deadline. (Thilanka Kanakarathna)