Regulatory Alerts2023-02-16
Added
DCM Circular No. 01: Direct destruction of defective and non-circulating notes deposited in the vaults of Bangladesh Bank
Bangladesh Bank mandates the direct destruction of defective and non-circulating notes valued between 2 and 50 Taka deposited in its vaults to ensure clean currency circulation. The circular establishes a random sampling verification process for deposit bundles, requiring banks to pay proportional amounts for exchange-unfit or short-count notes identified during sampling. A 1% penalty is levied on the total value of notes deposited if the rate of re-circulable notes found in the sample exceeds 10%. This directive supersedes DCM Circular No. 02 dated January 11, 2018, and is effective immediately.
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