Bad news for those who mark their Euro Notes

Diskussjonijiet dwar is-Sit u dwar l-Ewro-tracking bil-lingwa Maltija

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Ewri
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Bad news for those who mark their Euro Notes

Postby Ewri » Sun Nov 02, 2008 3:24 pm

Following a period of public consultation which ended in September this year, the Central Bank of Malta has issued a new Directive to regulate the redistribution, sorting and reissue (i.e. ‘recycling’) of euro banknotes. As a result of this Directive, banks, financial institutions and professional cash handlers will not be able to reissue currency they receive from the public without first subjecting that currency to stringent authenticity and quality tests according to Eurosystem-wide standards.

Through this Directive the Bank is bringing into force measures to implement the Eurosystem banknote recycling framework, which is the common Eurosystem regime for the detection and withdrawal from circulation of counterfeit and soiled or damaged euro banknotes. The framework is binding on all banks and professional cash handlers within the Eurosystem, and aims to preserve public trust in the authenticity and quality of currency in use.

Central Bank of Malta Directive No. 10, issued under the Central Bank of Malta Act, primarily affects banks, financial institutions and other organisations that redistribute euro banknotes on a professional basis in Malta. It will enter into force on 1 January 2009. However, the Directive allows for a subsequent 12-month transitional period in order to permit organisations to make the necessary changes to their policies, procedures and equipment.

Directive No. 10 is available within the ‘Legislation’ section of the Central Bank of Malta’s website www.centralbankmalta.org.

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This has been already in place but is being reinforced as from next January. Some entities are already very stringent on the notes they put back into circulation, but this is going to include more financial businesses.

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Sharatan3
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Re: Bad news for those who mark their Euro Notes

Postby Sharatan3 » Sun Jan 18, 2009 3:33 pm

This means only one thing, NO MORE OLD (long time span) HITS!!! for us.

And also could mean that counterfeight notes can be integrated into the system much easier as it is much more difficult to fake a used note than a new one.

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maarsy
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Re: Bad news for those who mark their Euro Notes

Postby maarsy » Tue May 05, 2009 11:55 pm

some ppl make nice marks on there banknotes like small holiday scenes , it would be a larger crime if the bank takes them out to be destroyed than for someone to mark a note ( in a nice way that dusent ruin the note)


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