Bangladesh Bank has warned all the scheduled banks of taking punitive measures against them if they decline to receive mutilated notes from customers.
Banks will be fined if they violate the instruction about receiving mutilated notes and exchange of coins from the customers, said a central bank circular issued yesterday.
Earlier in November last year, the central bank had asked all the scheduled banks to receive coins and mutilated notes from their customers, paying them due exchange value.
The instruction came against the backdrop of allegations that the branches of scheduled banks are reluctant to receive coins and mutilated notes from clients.
As a result, people face harassment while regular financial transactions get interrupted, said the circular.
But banks did not pay any heed to Bangladesh Bank instruction. Under this circumstance, central bank included the option for imposing fine to put pressure on the banks.The circular advised the banks to receive coins of Tk1, Tk2 and Tk5 denominations, plus other notes from customers.
Every branch will keep at least 10,000 pieces of coins each of Tk1, Tk2 and Tk5 denominations in their collection.
