QUOTE
Clean notes only
Posted on Sunday, October 22, 2006, @ 08:37:06 EDT
22 October 2006- Dirty, mutilated and old Ngultrum notes will be mopped out of circulation and replaced by clean and fit notes as part of the Clean Note Policy which will be launched soon say officials of the Royal Monetary Authority, the country’s ceNew Ngultrum notes of various denominations will be released next month to coincide with the Clean Note Policy. The De-La-Rue Currency, the Ngultrum currency printer in UK, has already consigned the Nu.5, Nu. 20 and Nu.50 notes to RMA, which will be put to circulation by next month.
A special feature of the new notes is a double coating of varnish, which prevents soiling from dirt, minimizes the risk of counterfeiting and increases the durability said RMA officials.
“The circulation of good clean notes reflects on the efficiency of the central bank and it also indicates a lot about the country,” said the currency officer of RMA. “In other countries the banks give significant focus on keeping only good notes in circulation.”
The RMA has invested Nu. 5.00 million in a note sorting machine for the purpose of sorting old notes. “As of now the sorting was done manually and we were unable to keep up with the money collected,” said an official. “We have tested the machine and we should be able to sort old notes for destruction and inject new notes into circulation at a very successful pace.”
As a preliminary measure to implement the policy RMA is in the process of issuing notifications to the public to avoid mutilation and defacement of currency notes. This would mean stapling, writing, drawing, cutting, tearing and folding of notes into various shapes. According to RMA officials such acts will now be penalised.
“It will be such a relief dealing with money bundles without the staples,” said Sonam Choden, proprietor of a business in Thimphu. “The staples are so troublesome, firstly it’s difficult to take them out and sometimes I cut my fingers trying to remove them.”
Denominations of Nu. 1 and Nu. 500 will also be released. “The Nu. 1 denomination is being re-introduced because most people are not using the coins of smaller denominations,” said the RMA currency officer.
By Passang Norbu
ntral
Posted on Sunday, October 22, 2006, @ 08:37:06 EDT
22 October 2006- Dirty, mutilated and old Ngultrum notes will be mopped out of circulation and replaced by clean and fit notes as part of the Clean Note Policy which will be launched soon say officials of the Royal Monetary Authority, the country’s ceNew Ngultrum notes of various denominations will be released next month to coincide with the Clean Note Policy. The De-La-Rue Currency, the Ngultrum currency printer in UK, has already consigned the Nu.5, Nu. 20 and Nu.50 notes to RMA, which will be put to circulation by next month.
A special feature of the new notes is a double coating of varnish, which prevents soiling from dirt, minimizes the risk of counterfeiting and increases the durability said RMA officials.
“The circulation of good clean notes reflects on the efficiency of the central bank and it also indicates a lot about the country,” said the currency officer of RMA. “In other countries the banks give significant focus on keeping only good notes in circulation.”
The RMA has invested Nu. 5.00 million in a note sorting machine for the purpose of sorting old notes. “As of now the sorting was done manually and we were unable to keep up with the money collected,” said an official. “We have tested the machine and we should be able to sort old notes for destruction and inject new notes into circulation at a very successful pace.”
As a preliminary measure to implement the policy RMA is in the process of issuing notifications to the public to avoid mutilation and defacement of currency notes. This would mean stapling, writing, drawing, cutting, tearing and folding of notes into various shapes. According to RMA officials such acts will now be penalised.
“It will be such a relief dealing with money bundles without the staples,” said Sonam Choden, proprietor of a business in Thimphu. “The staples are so troublesome, firstly it’s difficult to take them out and sometimes I cut my fingers trying to remove them.”
Denominations of Nu. 1 and Nu. 500 will also be released. “The Nu. 1 denomination is being re-introduced because most people are not using the coins of smaller denominations,” said the RMA currency officer.
By Passang Norbu
ntral
.... and - - - I collect Bhutan