Regulatory Alerts2015-05-28
Regulation on Compensation for Mutilated Banknotes and Coins
The Maldives Monetary Authority issued Regulation No. 142R2015/ to establish procedures for compensating holders of mutilated or soiled banknotes and coins. The regulation defines compensation tiers based on the percentage of the note remaining, offering full value for over 66%, half value for 40-66%, and no compensation for less than 40%, with specific provisions for fire or natural disaster damage. It mandates that claims be submitted using an official form with supporting documentation and personal details, while explicitly excluding counterfeit, withdrawn, or illegally obtained currency from compensation.
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