Exchange badly damaged banknotes at BNM, public advised
WE refer to the letters “Allow banks to accept faded or torn currency” ( The Star, Sept 28) and “All banks should accept torn, faded notes” ( The Star, Oct 3).
Banknotes will inevitably deteriorate over time as they go into circulation. In this regard, the public are urged to exchange the unfit and mutilated notes with new banknotes and coins.
The Guidelines on Quality Standards for Malaysian Currency (Guidelines) was issued in 2008 by Bank Negara Malaysia (BNM) as part of the efforts to maintain the integrity and quality of Malaysia’s currency in circulation.
The public are allowed to exchange or deposit the unfit Malaysian notes at any branch of commercial banks and Bank Negara Malaysia’s regional offices and branches nationwide.
Unfit banknotes that are damaged through use will be replaced with the equivalent value, subject to meeting specific conditions and criteria as described in the guidelines.
In some cases, commercial banks may not be able to assess banknotes which are badly damaged due to fire, water, chemical or other causes. This may require further examination and valuation by the Central Bank.
The public are advised to exchange these badly damaged banknotes for new ones at BNM’s headquarters and any of its regional offices in Penang and Johor Baru and branches in Kuala Terengganu, Kuching and Kota Kinabalu.
The public can also send a request for exchange to BNM by attaching the unfit or mutilated banknotes to the following address:
Jabatan Pengurusan dan Operasi Matawang, Bank Negara Malaysia, Jalan Dato’ Onn, 50480 Kuala Lumpur (u.p. Seksyen Perbankan dan Perkhidmatan Pelanggan).
All requests sent via mail shall be the responsibility of the applicant until the contents of the mails are opened and verified by BNM. There is no charge for this service.
For further information, please visit our website: (a) Guidelines on Quality Standards for Malaysian Currency
http://www.bnm.gov.my/documents/currency/ bnm_quality_std_for_malaysian_currency.pdf
(b) Guidelines and Procedures for Assessment of Mutilated Notes and Defaced Notes
http://www.bnm.gov.my/documents/currency/ guidelines_mutilated_notes.pdf (c) The Malaysian Currency http://www.bankinginfo.com.my/_system/ media/downloadables/malaysian_currency.pdf SHARIFFUDDIN KHALID Director Strategic Communications Department Bank Negara Malaysia