The Central Bank sets the conditions for the confiscation of damaged and invalid banknotes

The Central Bank sets the conditions for the confiscation of damaged and invalid banknotes



25/04/2018

Economy News _ Baghdad

The Central Bank of Iraq, on Wednesday, the conditions for the confiscation of banknotes damaged and non-negotiable.

The bank said in a statement received "the economy news" a copy of it, "The banknotes damaged and non-negotiable is confiscated and inform the party that submitted the confiscation decision," noting that "the right of those whose cash papers were rejected and confiscated to submit a request to the Governor of the bank or authorized to review the the decision".

The bank added that "the terms of the banknotes that are considered damaged and which are confiscated from the design of the banknote is unclear or distorted or the appearance of the external appearance changes, including the written or the decree or printed or stamped on it or placed on the adhesive.

"Another condition is if the paper loses more than 50 percent of its area and if there is evidence to convince the bank that the paper parts have been completely destroyed, they will be partially or fully compensated," he said.

"The banknotes will be confiscated if these securities are cut into pieces more than 6 pieces, or if the banknotes perforated four holes in one banknote."

He demanded that "the bank of the banking system to confiscate these damaged banknotes and hand them to the Central Bank with knowledge of its source from the customer," stressing that "the bank bears the responsibility of the legal consequences."
The current Iraqi currency consists of seven categories, including 250 dinars, 500 dinars, 1,000 dinars, 5,000 dinars, 10,000 dinars, 25,000 dinars and 50,000 dinars. The coins were withdrawn by the bank for non circulation by the public.

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