Central Bank amends rules for accepting damaged bills

Tashkent, Uzbekistan (UzDaily.com) -- The Central Bank of Uzbekistan has amended the list of damages, in the presence of which banknotes are considered fit or unfit for circulation in the implementation of foreign exchange transactions.

Norma.uz reported that the commercial banks cannot refuse to accept banknotes if they meet set requirements in the regulation.

The banks now should accept banknotes with abrasion and pollutions, glued tears not exceeding ¼ of the width (length) of the banknote, glued corners or pieces not exceeding 1 sq. m. cm, which are parts of this particular banknote, etc.

Earlier, the banks did not accept such bills. The current rules require banks to accept such banknotes for exchange to the national currency, replace them with the same undamaged bills, exchange, and carry out conversion operations. Moreover, their subsequent issuance to other customers on other transactions is prohibited.

The banks can refuse to accept banknotes if they are torn to pieces and glued, changed color or discolored, burned, exposed to chemical reagents and other cases.

Previously, old bills were accepted without a commission at the head office of the National Bank of Uzbekistan.

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