DCM Circular No. 01: Receiving of notes irrespective of their denominated value, payment of exchange value of mutilated notes and exchange of coins with the customers by the Scheduled Bank

DEPARTMENT OF CURRENCY MANAGEMENT
(Issue Administration Branch)
Bangladesh Bank
Head Office
Dhaka.
Ref No.: DCM.CIR.01

DCM Circular No. - 01/2016

Managing Director / Chief Executive
All Scheduled Banks Operating in Bangladesh

Dear Sir,

Re: Acceptance of all types of notes irrespective of their denominated value by the branches of Scheduled Banks from customers, payment of exchange value of mutilated notes, and exchange of coins.

Reference is invited to DCM Circular No. 12/2015 dated 12/11/2015 of this department on the subject cited above.

Through the aforementioned circular, instructions were issued to all scheduled banks to accept coins of value 1, 2, and 5 Taka, as well as paper notes, from their customers. However, it has been revealed through various letters, personal complaints, and phone calls that in many cases, the branches of scheduled banks are not properly accepting coins from their customers. Consequently, the general public is facing harassment in the exchange of coins, which is disrupting their normal financial transactions.

In the interest of maintaining normal and fair transactions for the general public, instructions are hereby issued to all scheduled banks to ensure the acceptance of all types of coins from their customers irrespective of their denominated value. If these instructions are violated and complaints raised in this regard are proven, the concerned bank will be penalized under the relevant sections of the Bank Company Act for violation of Bangladesh Bank's instructions.

In this context, the remaining instructions of DCM Circular No. 08/2015 dated 07/09/2015 and DCM Circular No. 12/2015 dated 12/11/2015 issued previously shall remain unchanged.

This instruction shall come into force immediately.

Yours faithfully,

(Parimal Chandra Chatterjee)
Deputy General Manager
Phone: 9530232
Date: 28 Poush, 1422
11 January, 2016