BSP pushes drive on clean banknotes, coins 0 SHARES Share it! Share TweetBy Lee C. ChipongianThe Bangko Sentral ng Pilipinas (BSP) has stepped up its campaign to disseminate its Clean Note and Coin Policy (CNCP) to all Filipinos to discourage misdeeds that deface, mutilate and destroy the country’s currency, both banknotes and coins. Charging the banks a service fee improves circulation of new or fit banknotes as well as retire unfit notes, or “dirty money” — these are banknotes that are mutilated and hardly recognizable as legal tender. Unfit notes are banknotes that do not qualify as fit notes while mixed banknotes are deposits which is a combination of fit and unfit notes in a bundle. Banks are also “enjoined” to accept unfit notes from the depositing public while they should also bring in non-mutilated coins “without handling fees or charges” and then to re-circulate such coins.

Source: Manila Bulletin April 09, 2019 13:52 UTC