Banks to accept ‘unfit’ peso bills—Bangko Sentral
THE Bangko Sentral ng Pilipinas (BSP) said all banks will accept ‘unfit’ peso bills from the public either for exchange or for deposit. BSP Circular No. 829 dated March 13, 2014, Section 20 provides that “Currency notes and coins considered unfit for circulation shall not be re-circulated but may be presented for exchange to or deposited with any bank.”
Among the characteristics of notes considered unfit for circulation are: (a) Contain heavy creases which break the fiber of the paper and indicate that disintegration has begun; (b) Badly soiled/contaminated and/or with writings even if they have proper life or sizing; and (c) Present a limp or rag-like appearance and/or they cannot sustain their upright position when held at the mid portion of one of the shorter borders. (PIA/ VHS)
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