The Bangladesh Bank has issued a clean note policy aiming to bring down the obsolete and defective notes, which are still in circulation, at minimum level.
Department of Currency Management (DCM) of the Bangladesh Bank issued the policy on Monday, enhancing the capacity of the central bank to detect defective notes and destroy obsolete notes.
DCM will conduct random surveys from time to time to determine a reasonable level of obsolescent and defective notes.
The policy also states that Security Printing Corporation determines the actual demand for new notes in the market. Initiatives will be taken to increase its note printing capacity as per the demand.
Efforts will be made to use sustainable, modern and high-quality paper, ink and security features in production of notes. Modern note sorting machines will be installed in all the offices of Bangladesh Bank in order to increase the capacity of note processing, said the policy.
The Bangladesh Bank as well as all the scheduled banks will take steps to increase public awareness about the use of bank notes. The central bank will also take initiatives through electronic and print media to encourage people to be more careful about the use of bank notes.
With an aim to increase the note shredding capacity, initiatives will be taken to develop infrastructure and install environment-friendly infrared or electrical furnaces or modern note shredding machines in each office of the Bangladesh Bank.
The objective of this policy is to ensure proper compliance with the instructions of the Bangladesh Bank regarding note sorting, packing, banding, putting flyleaf on note packets and stapling.
The policy said as per the Bangladesh Bank order, 1972, the central bank has the authority to issue and print new notes apart from its storage, transport, circulation, scrutiny, cancellation, and destruction of Illuminated notes.