The Bangladesh Bank on Tuesday asked the scheduled banks to follow the Bangladesh Bank (Note Refund) Regulations 2012, adding that the BB would take punitive action against the officials concerned of the banks if they fail to abide by the rules.
The BB in a circular asked the banks to repay full value of a note to clients through the cash counters if the single largest piece of a mutilated or charred note presented is more than 90 per cent of the note.
As per the new BB regulation, banks will pay 50 per cent value of a mutilated or charred note to the clients, if the single largest piece of the note presented before the bank is between 51 per cent and 75 per cent of the note.
The clients will get 75 per cent of its value, if the single largest piece presented is between 76 and 90 per cent of the note. No claim regarding a charred note will be considered unless the unburnt area of the note is more than 50 per cent of the note.
-With New Age input
