Guidelines on the Voluntary Acceptance by Banks of New Design Series (NDS) Banknotes from the General Public for Replacement or Exchange with New Generation Currency (NGC) Banknotes
The Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. M-2017-036, providing guidelines for banks on the voluntary acceptance of New Design Series (NDS) banknotes from the public for exchange with New Generation Currency (NGC) banknotes. The deadline for this exchange is set for December 29, 2017, although the period for banks to exchange NDS banknotes lapsed on June 30, 2017. Banks can still act as agents for their clients to exchange NDS banknotes with the BSP, following their internal operational rules. Any NDS banknotes exchanged must be submitted to the BSP by the specified deadline, adhering to existing guidelines on cash deposits.
November 10, 2017
BSP MEMORANDUM NO. M-2017-036
| TO | : | All Banks |
| SUBJECT | : | Guidelines on the Voluntary Acceptance by Banks of New Design Series (NDS) Banknotes from the General Public for Replacement or Exchange with New Generation Currency (NGC) Banknotes |
Pursuant to Circular No. 977 dated 27 October 2017, a new deadline was established for the replacement or exchange of NDS Banknotes with the BSP 1 from the general public (including banks) not later than 29 December 2017 (last working day of the year).
The period of exchange or replacement of NDS banknotes with banks as authorized agent banks, however, has already lapsed on 30 June 2017 in accordance with BSP Circular No. 959 dated 25 April 2017. The foregoing notwithstanding, a bank, in the performance of other banking services under Section 53 of Republic Act No. 8791, may act as agent of its clients in exchanging NDS banknotes with BSP. Said NDS exchange may be undertaken according to the banks' internal rules for its operationalization. Should a bank undertake NDS exchange with its clients, such bank shall likewise surrender all NDS banknotes to the BSP 1 on or before 29 December 2017. This shall be made in accordance with the guidelines on cash deposits under Paragraph (h)(1)(a) of Appendix 80 of the Manual of Regulations for Banks, 2 as amended by Circular No. 931 dated 09 December 2016.
For guidance. ETHIDa
(SGD.) NESTOR A. ESPENILLA, JR.Governor
Footnotes
1. BSP Cash Department, Regional Offices, and Branches.
2. Guidelines and Procedures Governing Currency Deposits and Withdrawals of Banks for Credit to and Debit from their Demand Deposit Accounts with the BangkoSentral.