Public Warned On Circulation Of Old Bank Notes

THE Bank of Papua New Guinea (BPNG) has strongly warned that K160 million in paper money it had designated to be destroyed had been hijacked, and some of it have found their way back to the country.
The bank said of the total amount, only K1 million has been recouped and now held in custody to be destroyed, while intense investigations are being carried out on the whereabouts of the rest.
The bank is also cautioning the public not be fooled by these old notes, which are illegal and cannot be used for business transactions.
With the national election in process and with large sums of cash in circulation, BPNG has urged members of the public to be wary and to report any sightings of these notes.
BPNG governor Loi Bakani said the demonitisation exercise had been undertaken by the Central bank to replace the paper money with the polymer or plastic notes.
Mr Bakani said the paper notes in denominations of K2, K5, K10, K20, K50 and K100 were sold to a recycling company in Europe in 2013.
They were loaded in a container for shipment to Europe but the container was hijacked.
He said the bank had yet to establish how this had happened.
“The border authority reported this was fake money that had come in from Indonesia. This is part of it. We have visited the boarder and we are also working with the banks and authorities on the Indonesian side on how best we can address this issue and get the money out of there.
“The unfortunate thing though is that some of it, mostly K20 and K100 are finding their way back into the country and people may think the polymer notes are fake money and won’t accept it. That is why awareness is vital.
“Because the paper money has been demonitised, it has no value and is not recognised as legal tender,” the governor said.
“The public is advised to check the serial numbers at the bottom of the bank notes. If you are receiving or are holding onto any of these paper notes with serial numbers that fall within the range of the serial numbers indicated, reject them outright.”
The serial numbers which will be published are as follows:
n K2, with a prefix’ of ABJ-AJS with numbers of a low 000001 and high of 003000;
n K10, with a prefix’ of AC-AY with numbers of a low 030000 and high 031000;
n K10, with a prefix’ of NBP-NES and numbers with a low 160000 and high of 173000;
n K20, with a prefix’ of BPNG with numbers with a low 0000001 and high of 3000000;
n K50, with a prefix’ of HTT-HUU with numbers with a low 080000 and a high of 090000; and
n K100, with a prefix of BPNG, with numbers of a low 0000001 and high of 6000000.
The governor said the demonitisation exercise had run for four years and those holding onto old notes had enough time to exchange them for polymer notes.
The time had lapsed and the bank would not be doing any exchanges because they are no longer legal tender.

 

 

http://postcourier.com.pg/public-warned-circulation-old-bank-notes/

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