Friday 10 April, 2020

Toy store says it will stop accepting $100 bills before Dec. 31

Reports have come in that some stores have already begun to refuse old $100 bills in anticipation of the December 31 deadline.

Local toy store Island Hobbies issued a notice to social media on Monday night saying that it would stop accepting old $100 bills by December 15, as the currency would no longer be legal tender by December 31, 2019.

"Notice to all our customers: Due to the unfortunate circumstances to the retail industry at Xmas time concerning the short timeline to change to conventional TTD $100 to the new bill, we have no choice but to put a deadline to our establishment in accepting the old notes. Our shop especially remains very busy during the season and well into the new year and the ridiculous timeline is inadequate.

"Therefore, our cut-off in accepting the old $100 note is Sunday December 15, 2019. After which we will no longer be accepting the old note. We do apologise any inconvenience this may cause...it's an unrealistic inconvenience that has been forced down the throats of all citizens," the store said. 

 

(Photo: The new $100 bill was displayed by the Central Bank earlier this week. The new currency was scheduled to be issued to banks on December 10 ahead of the December 31 switchover. The old $100 bill would have no value from December 31, 2019.)

The development comes after government announced that the existing $100 bill would be replaced by a new polymer bill in an attempt to stop fraud, money laundering and other 

Some stores have issued other notices via social media indicating that they will not be accepting the old $100 bills. 

However, a representative from a local bank told Loop News that the currency is legal tender until December 31, and that the stores should no be refusing the money. 

Finance Minister Colm Imbert said while responding to an urgent question in Parliament on Tuesday that he is seeking legal advice on whether merchants can legally refuse the old $100 notes before they’re demonetised on December 31. 

He added that it is legal for the bill to be used in the interim and said he is in talks with the Central Bank to see what can be done to aid merchants in depositing their bills closer to the December 31 deadline.

"The existing $100 bill, the cloth paper note is legal tender and will be legal tender until December 31st. The issue is whether in a private transaction between a private company and a person, whether you can compel somebody to take a particular note,” he said.

 

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