Regulation on Compensation for Mutilated Banknotes and Coins

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Regulation on Compensation for Mutilated or Soiled Banknotes and Coins

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Regulation Number: 142R2015/
Volume: 44 Number: 187 Date: 10 Sha'ban 1436 - 28 May 2015 Friday

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MALDIVES MONETARY AUTHORITY
Malé, Maldives

Regulation on Compensation for Mutilated or Soiled Banknotes and Coins

This is a regulation establishing the procedures to be followed in compensating for mutilated or soiled banknotes and coins.

1. Introduction
   (a)
   This regulation was drafted under the powers granted to the Maldives Monetary Authority under Articles 19 and 36 of Law No. 6/81 (Maldives Monetary Authority Law). (b) This regulation is titled "Regulation on Compensation for Mutilated or Soiled Banknotes and Coins". (c) This regulation shall come into force on the date it is published in the Government Gazette.

2. Commencement
   If the Authority determines that a banknote has been mutilated or soiled due to normal use and is not suitable for circulation, such a banknote may be compensated at the following rates:

3. Compensation for Mutilated or Soiled Banknotes Due to Normal Use
   (a)
   If the banknote submitted for compensation is at least 66 (sixty-six) percent of its original size, the full face value of the banknote; (b) If the banknote submitted for compensation is 40 (forty) percent of its original size, half of the face value of the banknote; and (c) If more than 40 (forty) percent of the banknote submitted for compensation is missing, no compensation shall be given for that banknote. (d)

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If the Authority determines that a banknote submitted for compensation is a banknote whose size cannot be determined, or whose face value and other written or drawn elements are such that it is not suitable for circulation, the face value of that banknote may be paid.

4. Compensation for Soiled Banknotes Due to Normal Use

5. Compensation for Mutilated or Soiled Banknotes and Coins Due to Fire or Natural Disaster
   If evidence is provided to the Authority that part of a mutilated or soiled banknote or coin has been lost due to a fire incident or a natural disaster, the face value of that banknote or coin may be paid.

6. Serial Number Must Be Known
   Except as provided in Article 5 of this regulation, a banknote submitted for compensation under this regulation may be compensated only if the serial number of that banknote is known.

7. Additional Cases for Compensation
   If it appears to the Authority that a banknote or coin submitted for compensation is mutilated or soiled for an acceptable reason, such a banknote or coin may be compensated.

8. Cases Where Compensation Shall Not Be Given
   (a)
   No compensation shall be given for counterfeit or illegally acted banknotes or coins.
   (b)
   No compensation shall be given for banknotes or coins that have been withdrawn or demonetized.
   (c)

9. Documents Required for Claiming Compensation
   (a)
   Claims for compensation for mutilated or soiled banknotes must be submitted to the Authority along with the form designated by the Authority. (b) When submitting a claim for compensation for mutilated or soiled banknotes under this regulation, the following information and documents must be submitted:
   (1) Name and address.
   (2) The reason for the mutilation or soiling of the banknote or coin submitted for compensation.
   (3) The banknote or coin submitted for compensation.
   (4) A copy of an official document or writing proving the identity of the person;

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(Example: National ID card, passport, visa)
(5)
If the banknote or coin submitted for compensation under Article 5 of this regulation, a letter from the relevant government department confirming that the incident occurred must be submitted. (c) The Authority may require additional information beyond the information and documents specified in paragraph (b) of this Article, and may request the submission of such additional information.

10. Transitional Provisions
    Banknotes and coins submitted for compensation when this regulation comes into force shall be compensated under the "Regulation on Compensation for Soiled Banknotes" which was in force starting from 1981.

11. Interpretation
    Unless the context otherwise requires:
    "Banknote" and "Coin" refer to banknotes and coins issued for use as currency under Law No. 6/81 (Maldives Monetary Authority Law). "Authority" refers to the Maldives Monetary Authority established under Law No. 6/81 (Maldives Monetary Authority Law). Upon the commencement of this regulation, the "Regulation on Compensation for Soiled Banknotes" is repealed.

12. Repealed Regulation

Times for Free Delivery of Gazette Notices, Press Releases, and Announcements 1.
2.
Wednesday and Friday - Every day from 12:30 to 1:00, and from 3:30 to 4:00 PM Thursday - From 11:00 to 11:30 AM, and from 3:30 to 4:00 PM Saturday - From 3:30 to 4:00 PM Every night of the week from 7:00 to 7:45 PM

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