WEDNESDAY, 31,DECEMBER.2014 DEMONETIZATION PROCESS Following are the key periods and circumstances the public should know during the demonetization process___ 1). The public may continue to use the NDS banknotes until December 31, 2015. Thereafter, the NDS banknotes will no longer be accepted for payment transactions. 2). From January 1, 2015 to December 31, 2016, the public may exchange their old bills or the NDS banknotes at full face value with any authorized financial institutions like universal and commercial banks, thrift banks, and rural as well as cooperative banks. The public may also exchange NDS banknotes with the BSP or any of its regiobal offices/branches. 3). For government institutions holding in trust NDS series which could not be exchanged during the prescribed period, like banknotes used as evidence in a litigation case, they will need to request the BSP Cash Department, in writing, within the period of exchange for a special exchange arrangement. 4). For Filipinos abroad who have NDS banknotes which could not be exchanged within the prescribed period, they may register online starting October 1, 2015 to December 31, 2015 through the BSP website. These NDS banknotes may be exchanged with the BSP within a year from date of registration. 5). By January 1, 2017, NDS banknotes that have not been exchanged shall no longer have any monetary value, and are considered demonetized, BSP advised.
Posted on: Wed, 31 Dec 2014 01:00:05 +0000
Trending Topics
Recently Viewed Topics
© 2015