Paper Banknotes Ceased to be Legal Tender

The Bank of Papua New Guinea has warned that paper banknotes have ceased to be legal tender.

The K2, K5, K10, K20, K50 and K100 paper banknotes had been pulled from circulation since June 30, 2012, when replaced by polymer notes.

BPNG Governor Loi Bakani put out a notice warning that any paper banknotes do not have value anymore, and should not be accepted and used.

The warning has been put out after reports that K124 million in K100 paper money banknotes is now being circulated illegally throughout Asia and the Pacific.

“The bank is aware that there are paper banknotes in the hands of some people attempting to exchange them for polymer banknotes,” Mr Bakani said.

“The public is reminded again that banknotes (K2, K5, K10, K20, K50 and K100) made from paper ceased to be legal tender on June 30, 2012.

“Any paper banknotes do not have value anymore, and should not be accepted and used.

“There are attempts also to sell these paper banknotes in exchange for other foreign currencies (eg: American dollars and online services such as e-bay).

“The public is strongly advised not to accept them as they are no longer legal tender, and are of no use in Papua New Guinea,” he said.

“The public is advised to look out for various security features as detailed on the K50 and K100 posters before accepting them.

“If any of these security features do not appear on the banknotes given to you, do not accept it! Be alert and don’t be fooled by accepting any paper banknotes!”

All queries regarding this notice should be addressed to David Lakatani manager, currency department, on phone number 3227343 or email dlakatani@bankpng.gov.pg.

Post-Courier Online Gorethy Kenneth February 13, 2017, 2.30 am

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