Circulation of Alleged Counterfeit 50-peso Notes, Guidance in the Identification of

November 13, 1974 REVENUE MEMORANDUM CIRCULAR NO. 66-74 SUBJECT : Circulation of Alleged Counterfeit 50-peso Notes, Guidance in the Identification of TO : Internal Revenue Officers and others concerned For your information, reference and guidance, there is quoted hereunder the Circular-Letter dated September 23, 1974 of Mr. Amado R. Brias, Senior Deputy Governor, Central Bank of the Philippines, as follows: "The Central Bank has been receiving information from various sources to the effect that there are counterfeit 50-peso "Ang Bagong Lipunan" notes in circulation. The alleged counterfeits are supposed to be unexchanged 50-peso notes, Pilipino series, wherein the "Ang Bagong Lipunan" mark were simulated. "There is reason to believe that the alleged counterfeit 50-peso notes may be genuine "Ang Bagong Lipunan" series. However, it is possible that such notes are suspected to be spurious on account of the dark appearance of the "Ang Bagong Lipunan" legend and design. In view of technical difficulties encountered in superimposed printing there are certain 50-peso Central Bank notes where said legend and design are overinked and the shifting of color from red to brown seems abrupt. "The serial numbers of demonetized 50-peso Central Bank notes, Pilipino series (without "Ang Bagong Lipunan mark") have only one prefix letter , from "A" to "Z", inclusive. Hence, if a suspected note bears a serial number with one such prefix letter, the same has been demonetized and the "Ang Bagong Lipunan" legend and design that may appear thereon have been simulated. "Such demonetized notes should be forwarded to the Cash Department, Central Bank of the Philippines, Manila, for further verification, after the corresponding receipt therefor has been issued to the bearer thereof. "Please be guided accordingly." In view of the foregoing, all officials and employees authorized to receive payment for internal revenue taxes are instructed NOT TO ACCEPT 50-peso notes which bear only one prefix letter. Any 50-peso note so accepted contrary to this instruction shall, henceforth, be the personal liability of the receiving official or employee and he shall be required to reimburse the corresponding amount. Please be guided accordingly. MISAEL P. VERA Commissioner of Internal Revenue TAN-1601-593-5