Tuesday 7 April, 2020

Central Bank offers same day exchange of old $100s – with conditions

The Central Bank is offering an expedited same-day exchange of old cotton-based $100 bills to persons wishing to exchange up to $1000.

As per Act. No. 22 of 2019 Miscellaneous Provisions (Proceeds of Crime and Central Bank) 27A (6), the Central Bank said this will only be valid for a one time exchange per person.

Further, in the update to its guidelines on the redemption of the old $100 bills on Friday, the bank said, these exchanges will only be accommodated until January 31, 2020.

The Central Bank explained that individuals wishing to conduct this exchange must complete Form C and walk with valid identification.

Forms A, B, and C are available on the Bank’s website or can be collected at the Central Bank.

The cotton-based $100 bills ceased to be legal tender on December 31, 2019.

The Central Bank is accommodating the exchange of the old bills for the new polymer notes if they are presented three months after January 1, 2020.

But, this exchange will only be conducted if the Bank is satisfied that individuals failed to present the notes for redemption ahead of the appointed date due to circumstances beyond their control, or that there was “some other good or sufficient reason for the failure”.

These “sufficient” reasons include hospitalisation, being out of the country, incapacitation, or any other legal or “serious reasons”.

Individuals falling into this category should come to the Central Bank with valid identification, proof of address and source of funds, and evidence of their inability to convert the old bills by the December 31, 2019 deadline.

They will be required to sign a form (Form A or B) containing a statutory declaration verifying the information provided and confirming that they are aware that they can be prosecuted if they knowingly provide misinformation to mislead the Central Bank.

The Central Bank reminded such persons that all information provided will be subject to verification and follow up by law enforcement agencies. 

Citizens wishing to redeem their old bills may do so at the Central Bank on weekdays, between the hours of 9 am to 3 pm.

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