DCM Circular No. 08: Receiving of notes and coins by scheduled banks irrespective of their denominated value and giving exchange value of torn up notes as per rules

Department of Currency Management (Issue Administration Branch) Bangladesh Bank Head Office Dhaka.

DCM Circular No. 08/2015 Date: 07/09/2015

Managing Director/Executive Directors All Scheduled Banks Operating in Bangladesh

Dear Sir,

Re: Acceptance of all types of banknotes of any denomination from customers by branches of scheduled banks, providing exchange value for torn notes, and context of metallic coin exchange.

Reference is invited to DCM Circular No. 01 dated 04/06/2015, Circular No. Ishita: 23(Policy)/2013-15 dated 14/01/2013, and the agenda of the Bankers' Committee meeting held on 21/07/2014.

Through the aforementioned circulars and agenda, instructions have been issued to all branches of scheduled banks to accept all types of banknotes of any denomination from the public, provide exchange value for torn and dirty notes, and supply metallic coins to the public.

However, it has been revealed from various newspaper reports, individual complaint letters, and complaints received via telephone that branches of scheduled banks are not accepting low-denomination notes from the public nor providing exchange value for torn and dirty notes. Furthermore, metallic coins are not being accepted from the public, and in many cases, metallic coins are not being distributed to the public. Consequently, the public is facing difficulties in the exchange of low-denomination notes, torn and dirty notes, and metallic coins, which is disrupting their normal economic transactions.

In the interest of maintaining normal and fair transactions for the public, instructions are hereby issued to ensure the acceptance of all types of banknotes of any denomination from them, the provision of exchange value for torn and dirty notes according to rules, and the acceptance and distribution of metallic coins.

If these instructions are violated, penal measures will be taken against the concerned banks in accordance with regulations.

These instructions shall be effective immediately.

Yours faithfully,

(Parimal Chandra Chakraborty) Deputy General Manager Phone: 9530232