Most of the time we are in a great dilemma that what have we done with soil notes or mutilated banknotes if we have some. Because exchange of soil notes or mutilated banknotes in our country is not an easy process. Another reason is that actually we don’t have concrete knowledge or information on where and how we can exchange soil notes or mutilated banknotes.
Besides this bank officials are not enthusiastic to exchange soil notes or mutilated banknotes. They are tended to send you back by showing you lengthy rules for exchange of soil notes or mutilated banknotes. Some people are taking this opportunity they run their business of exchanging soil notes or mutilated banknotes all over the country especially found in Gulistan and bank area.
Read also: Why we found staples and seals on notes in Bangladesh?
Bangladesh bank, the central bank of our country under Bangladesh Bank (Note Refund) Regulations-2012 instruct all scheduled banks to exchange soil notes or mutilated banknotes. You can go to any of the Government, private, Foreign and specialized bank branches in our country for exchange. Moreover, Bangladesh Bank has 08 branches throughout the country where you can directly exchange your soil note or mutilated banknotes.
In this discussion, I’m trying to inform you about the rules and existing procedures for exchanging soil notes or mutilated banknotes in our country which will help you to sort out your confusion about these notes.
First of all, we know about notes;
Notes are typically divided into two types. These are:
01. Bank Notes: All legal notes and coins which is issued by Bangladesh Bank.
02. Government Notes: 2 taka and below notes which are issued by Finance Ministry and signed by Finance Secretary.
Further, these two types are divided into the following types;
01. Issue Notes.
02. Non issue note.
03. Soil note.
04. Damp Note.
05. Deformed/Decomposition Note.
06. Torn Note.
07. Charred Note.
08. Mutilated Note.
09. Build up Note/Mismatch Note.
10. Fake Note/Defective Note.
Now we briefly know about the above mentioned notes.
01. Issue Note: Issue notes are all notes which will be used by the counter for payment.
02. Non-issue note: Which means dirty or weak note. Bangladesh Bank instructs the other bank to pick these types of notes gradually from the market.
03. Soil Note: Dirty and weak notes which are not allowed to issue in the market but you can exchange them over the counter.
04. Damp note: Which is partially or fully weak and which can easily break or be torn when counted on.
05. Deformed/Decomposition Note: Which has been deformed or disfigured by anyway or by writing ink or other materials on the note.
06. Torn Note: The notes which are torn into one or many pieces but not divided into different pieces is termed as a torn note.
07. Charred note: A note which is burnt of having sign of burn partially or wholly.
08. Mutilated Note: Mutilated notes are those in which a portion is missing of composed of pieces of a note joined together.
09. Build up Note/Mismatch Note: When a note is prepared by joining different parts of different notes in such a way that it seems to be a real note. Bangladesh Bank gives instructions to destroy these types of notes when detected.
11. Fake Note/Defective Note: Fake Note/Defective Note are those which doesn’t have all security features provided by Bangladesh Bank.
Refund Regulations for soil notes or mutilated banknotes:
According to Bangladesh Bank (Note Refund) Regulations-2012-
01. Non-issue notes may refundable after confirming the genuineness of the notes.
02. Soil notes exchanged over the counter. After receiving this note, it should be sent to Bangladesh Bank. Bangladesh Bank will destroy these notes. Banks are instructed not to store these notes in branches.
03. Torn note is payable over the counters of the bank branches. Bank cash official is to receive torn notes and pay the exchange value.
04. Half value of a half note shall be paid if the number of the note is clearly identified in the half portion of the note and contains all the essential features.
05. No exchange value shall be paid against a charred note unless the unburnt area of the note is more than 50% presented with all the essential features and ensures genuineness of the note. Bangladesh Bank will dispose of these types of notes after collected from bank branches.
06. No exchange value shall be paid against mutilated notes unless the single largest piece presented more than 50% with all the essential features and ensures genuineness of the note. In that case, exchange value should be made in the following manner:
a) Full value shall be paid if the note is presented as having 90% area.
b) Partial value shall be paid if the note is presented having more than 50% area and less than or equal to 90% of the note.
| Serial No. | Area of the note of respective denomination | Payable value of the note of respective denomination |
|---|---|---|
| 01. | 51%-75% | 50% |
| 02. | 76%-90% | 75% |
Exchange value:
Exchange value of soil/mutilated banknotes may present in the following manner: –
| Types of Notes | Payable value of the note |
|---|---|
| Soil note | Full Value |
| Torn Note (with missing part existing more than 90%) | Full Value |
| Half Note | Claim/50% |
| Brunt note/ Charred Note (existing more than 50%) | Claim/Decided by Bangladesh Bank. |
| Mutilated Note (single largest piece presented must be more than 50%) | 01. Full value for more than 90% if presented.02. 75% value for more than 76% to 90% if presented.03. 50% value for more than 51% to 75% if presented. |
| Obliterate Note | No value will be paid. |
| Build up Note/Mismatch Note | No value will be paid. |
| Altered note | No value will be paid. |
Anyone can demand exchange value if he/she is able to present the specified part of the note. Earlier for getting exchange value for soil notes or mutilated bank notes we have to wait for months.
Now it is a matter of great happiness Bangladesh Bank arranges “Note Measurement Machine” to examine soil notes or mutilated bank notes. You can get it instantly from the head office of Bangladesh Bank or any branch of Bangladesh Bank. And gradually all banks are instructed for using this machine.
FAQs:
01. How do you exchange soiled notes?
Just go to any bank branches or Bangladesh Bank branches with your soil notes or mutilated bank notes you can get exchange value as per Bangladesh bank instruction but it may take time to pay the exchange value.
02. Will banks take torn money?
You can exchange your soil notes or mutilated bank notes at any of your local bank or Bangladesh Bank branches. But the real scenario is bank officials are not always interested to exchange it because of its process as well as this is not a beneficiary job for the bank.
03. Where can I exchange soiled notes?
Any bank branches are instructed to exchange soil notes or mutilated bank notes by Bangladesh Bank. And you can go to the Bangladesh Bank head office or any of the 08(Eight) branches of Bangladesh Bank throughout the country to exchange directly your soil notes or mutilated bank notes.
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