Central Bank notes without the markings "Ang Bagong Lipunan" are No Longer Legal Tender but may be Exchanged at Par and Without Charge in the Central Bank and All Commercial Banks, Savings Banks, Development Banks, and Rural Banks up to February 28, 1974

January 28, 1974 REVENUE MEMORANDUM CIRCULAR NO. 07-74 SUBJECT : Central Bank notes without the markings "Ang Bagong Lipunan" are No Longer Legal Tender but may be Exchanged at Par and Without Charge in the Central Bank and All Commercial Banks, Savings Banks, Development Banks, and Rural Banks up to February 28, 1974 TO : All Collection Agents and others concerned There is quoted hereunder for your information and guidance Circular No. 398, series of 1974, of the Governor of the Central Bank, as follows: "CIRCULAR NO. 398 Series of 1974 "ON THE EXCHANGE OF THE CURRENCY NOTE ISSUE OUTSTANDING AS OF JULY 1, 1973 WHICH HAVE NOT BEEN SURRENDERED FOR REPLACEMENT ON OR BEFORE JANUARY 2, 1974 "Pursuant to the provisions of Sections 1 and 2 of Presidential Decree No. 168, as amended by Presidential Decree No. 378, the following rules and regulations governing the exchange of the currency note issue of the Central Bank outstanding as of July 1, 1973 which have not been surrendered for replacement on or before January 2, 1974 are hereby promulgated: "SECTION 1. The currency note issue of the Central Bank outstanding as of July 1, 1973 which have not been surrendered for replacement with "Ang Bagong Lipunan" series on or before January 2, 1974 are no longer legal tender but they may be exchanged at par and without charge in the Central Bank and in all commercial banks, savings banks, development banks and rural banks which are hereby authorized to exchange the aforementioned old currency notes up to February 28, 1974. "SECTION 2. Provincial, City and Municipal Treasurers are also hereby authorized to exchange the aforementioned old currency notes up to February 21, 1974 only . They shall deposit or exchange said notes in their possession in the Philippine National Bank or any of its branches and agencies, or in any other authorized agent bank not later than February 28, 1974. "SECTION 3. After February 28, 1974, all such currency notes which have not been exchanged with 'Ang Bagong Lipunan' series shall cease to be a liability of the Central Bank and shall be considered demonetized. "SECTION 4. On February 28, 1974, all the aforementioned authorized agent banks, including their branches and agencies, shall make available the services of at least one teller until 12:00 midnight of said date for the purpose of exchanging old currency with 'Ang Bagong Lipunan' notes. Immediately thereafter, they shall make a list or inventory of all the aforementioned old currency notes in their possession as of February 28, 1974 and advise the Central Bank by telegram giving the total amount in words and figures. They shall transmit said list or inventory (categorized by English or Pilipino series and denominations) the following day (March 1, 1974) in a sealed envelope to the Cash Department, Central Bank, Manila. "SECTION 5. The above-named authorized agent banks shall ship (through their respective head offices) to the Central Bank of the Philippines, Manila, or directly to any of its regional offices (in case of provincial banks/branches/agencies) the currency notes appearing in the aforesaid list of inventory for deposit or exchange not later than March 15, 1974. "FOR THE MONETARY BOARD: "(SGD.) G. S. LICAROS Governor "January 25, 1974" In view of the categorical declaration in the above-quoted Circular that the currency notes issued by the Central Bank which have not been surrendered for replacement with the "Ang Bagong Lipunan" series on or before January 2, 1974 are no longer legal tender , such Central Bank notes cannot be accepted for the payment of internal revenue taxes. Consequently, in the audit of accounts, the Central Bank notes without the "Ang Bagong Lipunan" mark may constitute a shortage of the accountable officer. In view of the foregoing, all Regional Directors are hereby instructed to advise all Collection Agents in their respective jurisdiction to take immediate steps to have the demonetized notes exchanged in the Central Bank or in commercial banks, savings banks, development and rural banks up to February 28, 1974, and with the provincial, city and municipal treasurers up to February 21, 1974 only. Please be guided accordingly. cdta MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5