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Sri Lanka’s Central Bank to stop making payments to defaced notes

Sri Lanka’s Central Bank to stop making payments to defaced notes

COLOMBO: Sri Lanka’s Central Bank said it will not make payments to mutilated, altered or defaced currency notes after the end of this year. The Central Bank advises thebpublic to refrain from such practices and also requests the public to exchange such currency notes through banks. If not, holders of these currency notes will have to suffer the loss of face value of such notes.

Mutilation, alteration or defacement of currency notes is an offence under the Monetary Law Act and is punishable by imprisonment or a fine or both. Under the law, no claim in respect of the willfully mutilated, altered notes shall be entertained and such notes shall be retained by the Central Bank.