The central bank has revised note refund regulations after 36 years considering massive changes in security features of notes and peoples mentality. From now on, Bangladesh Bank (Note Refund) Regulations -1976 is repealed and all commercial banks are asked to settle claim of charred, damp, deformed and decomposed notes under the revised regulations, said a BB circular on Tuesday.

The revised regulations may be called the "Bangladesh Bank (Note Refund) Regulations – 2012 with immediate
effect, it said.

It also reads that the BB board made the regulations prescribing the circumstances in, and the conditions and limitations, subject to which the value of any mutilated or imperfect note may be refunded as of grace.

On general provisions in relation to all claims, the revised regulations says no claim in respect of a note alleged to have been lost, stolen or wholly destroyed shall be entertained.

No claim in respect of a note shall be entertained by the prescribed officer unless such a note is identified as a genuine note. No claim in respect of a note which has been deliberately cut,  torn, defaced, altered or dealt with in any other manner, not necessarily by the claimants, enabling the use of the same for making of a false claim under the regulations or otherwise to defraud the bank or  the public shall be entertained.

On disposal of mutilated note, no claim in respect of a mutilated note shall be entertained unless the single largest piece of the note presented is more than 50 per cent.

On disposal of obliterated, mismatched, altered and damp notes: a claim in respect of an altered, mismatched or fully obliterated note shall be rejected.

News: The Daily Independent/Bangladesh/12-12-12