Bangladesh Bank to remove damaged, torn notes from market
The clean note policy has been formulated to quickly retrieve and destroy such notes from the market and replace them with new ones to increase security, acceptability and improve the overall condition of notes in circulation
The Bangladesh Bank will release clean notes in the market after removing those which are damaged, torn, burnt, damp, rusty, heavily inked, heavily written, signed and fragmented.
The central bank's Department of Currency Management Division has announced to approve a policy in this regard through a circular.
According to Section-28 of the Bangladesh Bank Order, 1972, circulation of clean notes in the market is one of the responsibilities of the bank.
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The section states that the bank shall not reissue torn, mutilated or excessively soiled notes. To achieve this objective, the Bangladesh Bank formulates various policies or procedures from time to time.
As per such policy and procedure, the old, perishable and ineligible notes in circulation are duly destroyed and replaced with new notes.
According to the circular, the purpose of the new clean banknote policy is to ensure uninterrupted circulation in the market.
Besides that, the policy ensures taking steps to increase the stability of notes circulated and adequate supply of recyclable notes in the market.
The Bangladesh Bank's clean note policy has been formulated to quickly retrieve and destroy such notes from the market and replace them with new ones to increase security, acceptability and improve the overall condition of notes in circulation.
The circular also stated that 14 major goals and action plans have been added to the clean note policy.
