Exchange mutilated currency notes before Dec. 31: CBSL

While requesting people to refrain from mutilation, alteration or defacement of Sri Lanka currency notes, the Central Bank of Sri Lanka (CBSL) advised people to exchange such currency notes from the nearest branch of Licensed Commercial Banks on or before December 31.

The CBSL in a statement said that it had drawn attention of the general public for implementation of its Clean Note Policy and regulation on the willfully mutilation, alteration or defacement of Sri Lanka currency notes.

It said that the Clean Note Policy had been introduced by CBSL aiming at maintaining the quality standards of the currency notes and thereby helping to distinguish between genuine notes and counterfeits.

“It is also expected through this policy to enhance image of the country and promote the efficiency of processing currency notes,” it said.

It said that willfully mutilation, alteration or defacement of Sri Lanka currency notes is an offence under the Monetary Law Act No. 58 of 1949, and is punishable by imprisonment or fine or both.

Under the Regulation E of the Monetary Law Act, no claim in respect of the willfully mutilated or altered notes shall be entertained and such notes shall be retained by CBSL. The holder of these currency notes will have to suffer the loss of face value of such notes.

However, CBSL informed the people that that currency notes that are not willfully mutilated, altered or defaced but damaged due to normal wear and tear during circulation can continue to be exchanged at CBSL and Licensed Commercial Banks as is the current practice.