Regulatory Alerts2016-01-11
Added · Updated
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
The Department of Currency Management of Bangladesh Bank directs all scheduled banks to accept all types of coins and paper notes from customers regardless of their denominated value. This directive aims to resolve public inconvenience caused by branches failing to properly accept coins, thereby ensuring normal and fair transactions. Non-compliance may result in penalties under the relevant sections of the Bank Company Act. This circular supersedes previous instructions and takes immediate effect.
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