Regulatory Alerts2023-06-20
Added
DCM Circular Letter No. 02: Display of notice regarding exchange of soiled and mutilated notes by the scheduled bank branches
The Department of Currency Management of the Bangladesh Bank directs all scheduled bank branches to immediately display a notice stating that soiled and mutilated notes are accepted at the counter or in a conspicuous location. This directive enforces compliance with Circular No. Issuance No: 23(Policy)/2013-15, following observations that most branches had failed to display the required notice, thereby depriving the public of the exchange service. Banks are instructed to use 20-point colored ink for the notice and to adhere to all other regulations outlined in the referenced circular.
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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.
Department of Currency Management (Issue Accounting Branch)
DCM Circular Letter No. 02/2023
Date: 06 Asharh, 1430 20 June, 2023
Managing Director / Chief Executive Officer All Scheduled Banks in Bangladesh.
Dear Sir,
Regarding the display of notice concerning the acceptance of torn, mutilated, and soiled notes at the branches of scheduled banks.
Reference is drawn to Circular No. Issuance No: 23(Policy)/2013-15 dated 14/01/2013 issued by this department on the subject matter mentioned above.
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Paragraph 1 of Appendix 'A' of the aforementioned circular instructs that a notice stating "Torn, mutilated, and soiled notes are accepted" must be displayed at a place easily visible to the public in every branch of the bank. However, it has been observed through various surprise inspections conducted by this department and based on customer complaints that most branches of scheduled banks are not displaying the relevant notice and are not complying with other instructions of the said circular. As a result, the public is being deprived of the facility to exchange torn, mutilated, and soiled notes from the branches of scheduled banks.
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In view of the above, you are hereby directed again to immediately display a notice in 20-point colored ink stating "Torn, mutilated, and soiled notes are accepted" at the front of the counter or at a place easily visible to the public in every branch of the bank, in accordance with the instructions of Paragraph 1 of Appendix 'A' of Circular No. Issuance No: 23(Policy)/2013-15 issued by this department on 14/01/2013, and to duly comply with the rules and regulations mentioned in the circular.
Yours faithfully,
(Signature)
(Md. Mokhsuduzzaman) Director (DCM) Phone: 9530090.
Phone: 88-02-9550448, 9554896, IP: 88-02-55662001-6, Fax: 88-02-9530479, www.bb.org.bd