DCM Circular Letter No. 04: Avoid writing, stamping seal and stapling note packet in new and re-issuable Bank and Currency notes

Department of Currency Management Bangladesh Bank Head Office Dhaka. Ref No.: DCM Circular Letter No.- 04/2021 Date: 28 September, 2021 13 Ashwin, 1428

Managing Director/Chief Executive All Scheduled Banks operating in Bangladesh

Regarding avoidance of writing, stamping seal and stapling on new and re-issuable Bank/Currency notes.

Dear Sir,

1. Reference is invited to DCM Circular No.-01/2015 dated: 08 January, 2015 and DCM Circular No.-06/2019 dated: 9 September, 2019 on the subject mentioned in the heading.

2. Although the relevant circulars stipulate that after verifying the number of notes in each packet and banding the packet, a label/flap containing the name of the concerned bank branch, seal, signature and date of the note counter should be affixed, it has recently been observed that these instructions are being violated by directly writing numbers and dates, affixing branch seals, signatures and countersignatures, and stapling on the currency notes themselves. Consequently, the notes become unusable relatively quickly, customers are also suffering inconvenience, and the national exchequer is suffering loss. Such practices are among the major obstacles in implementing Bangladesh Bank's Clean Note Policy, which is highly undesirable.

3. Although it is mandatory that re-issuable (usable) notes be present in packets of currency/bank notes deposited with Bangladesh Bank by scheduled banks, in many cases damaged notes such as torn notes, folded notes, faded notes, stained notes, ink-marked notes, and glued notes are found. In addition, the following discrepancies/irregularities are also observed: a) Fewer notes than the counted quantity in the counted packet; b) Lower denomination notes present in packets of higher denomination notes; c) Two halves of different serial series of high-value notes being joined perfectly to create a re-issuable note packet; and d) Counterfeit notes present in packets of re-issuable notes.

4. In view of the above, you are once again instructed to refrain from writing, signing, stamping seal and stapling on notes during counting (except for 1000 Taka denomination notes), and to strictly ensure compliance with the provision of affixing a label/flap containing the name of the concerned bank branch, seal, signature and date of the note counter after verifying the number of notes in the packet and banding it. Furthermore, you are instructed to properly follow all rules and instructions mentioned in DCM Circular No. 3/2019, dated: 21-05-2019, DCM Circular No. 2/2016, dated: 31-01-2016, Circular No. Isha: 23(Policy)/2013-15, dated: 14-01-2013 and DCM Circular No. 14/2015, dated: 07-12-2015 regarding the deposit of currency notes/bank notes with Bangladesh Bank.

5. These instructions are issued under the powers conferred by Section 45 of the Bank Company Act-1991 (amended up to 2018).

Yours faithfully,

(Md. Rajab Ali) General Manager Phone: 953009