Regulatory Alerts2008-09-02
Regulation (NAP) - Procedural Regulation for Dobra Banknote Deposits
The Central Bank of São Tomé and Príncipe issued this Permanent Application Regulation to standardize the compilation, verification, and recording procedures for Dobra banknote deposits by commercial financial institutions. The regulation mandates strict sorting criteria, defines bundle and thousand formations, and establishes automatic credit or debit adjustments for counting discrepancies. Non-compliance with these procedural requirements results in the mandatory return of deposited amounts, ensuring precise control and harmonized operations within the National Financial System.
| Banco Central of S. T. P. | N A P <br> PERMANENT APPLICATION REGULATION | CODE |
|---|---|---|
| EO 99 | ||
| PROPOSER(S) | EFFECTIVE DATE | ISSUANCE DATE |
| D.E.T | 09/09/2008 | 02/09/2008 |
Subject: Regulation (NAP) - Procedural Regulation for Dobra Banknote Deposits
Considering that the current process in which Dobra Banknote Deposits are handled at the Central Bank exhibits certain limitations regarding verification and control;
There being a need to harmonize the procedures related to banknote compilation, by commercial banks operating within the National Financial System;
Considering that it is important to regulate the entire process of receiving, verifying, and recording amounts to be deposited at the Central Bank of São Tomé and Príncipe.
In these terms, the Central Bank of São Tomé and Príncipe determines:
Article 1. Recipients
All financial institutions supervised by the Central Bank, operating in São Tomé and Príncipe, are recipients of this regulation.
Article 2. Subject Matter
This NAP covers the process of compiling, verifying, and recording amounts to be deposited with the Central Bank of São Tomé and Príncipe, by financial institutions and other institutions authorized by the Central Bank.
| Reviewed | Revocation Data: |
|---|
| Banco Central of S. T. P. | N A P <br> PERMANENT APPLICATION REGULATION | CODE |
|---|---|---|
| EO 99 | ||
| PROPOSER(S) | EFFECTIVE DATE | ISSUANCE DATE |
| D.E.T | 09/09/2008 | 02/09/2008 |
Article 3. Compilation
In the banknote compilation process, financial institutions must observe the following:
- Separation of banknotes by denomination;
- Separation of torn banknotes and those showing greater signs of wear;
- Grouping according to a uniform criterion for forming bundles;
- Grouping of thousands according to the condition of the bundles.
Article 4. Formation of Bundles and Thousands
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A bundle consists of one hundred (100) banknotes, and a thousand is formed by a total of ten (10) bundles.
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Bundles must be properly identified; for valid purposes, a strap containing the financial institution's identification and a signature from the Cashier, Verifier, or Treasurer is considered valid.
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Thousands must be properly strapped to facilitate the preliminary verification process.
Article 5. Formation of Deposits
Deposits with the Central Bank of São Tomé and Príncipe shall be validated after full verification of bundles and thousands, subject to compliance with the aforementioned provisions.
| Reviewed | Revocation Data: |
|---|
| Banco Central of S. T. P. | N A P <br> PERMANENT APPLICATION REGULATION | CODE |
|---|---|---|
| EO 99 | ||
| PROPOSER(S) | EFFECTIVE DATE | ISSUANCE DATE |
| D.E.T | 09/09/2008 | 02/09/2008 |
Article 6. Discrepancies
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The excess amount resulting from the banknote counting process shall be credited to the corresponding deposit account.
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The total shortfall amount resulting from the banknote counting process shall be debited from the corresponding deposit account.
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The provisions in points 1 and 2 are processed automatically and communicated to interested parties through the issuance of a Credit or Debit Note.
Article 7. Non-Compliance
Non-compliance with this Permanent Application Regulation entails the return of the total amount to be deposited.
Article 8. Entry into Force
This Permanent Application Regulation enters into force on the date of its publication.
Central Bank of São Tomé and Príncipe, September 02, 2008.
| Reviewed | Revocation Data: |
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