Gail Alexander
Concerns galore!
On the eve of today’s issue of the new polymer $100 note, a range of public concerns emerged yesterday - including robberies of people doing changeover transactions and about businesses refusing to accept the “old” $100 notes before the cutoff date.
“I had to call the Finance Minister (yesterday) about one business which erected a sign saying they wouldn’t accept the ‘old’ $100 notes after a certain time,” said UNC MP Roodal Mooonilal who found the sign.
“People cannot choose to do that on their own. The Minister said he’d look into it as it was serious and would address this,” he added.
The Central Bank yesterday announced details of today’s start of the $100 note changeover. Notes will be issued to the public today at banks. The deadline for the changeover is December 31. The Bank also announced changeover to polymer bills of the other currencies - $1 to $20 bills- will be done from March 2020.
However, among groups voicing concern yesterday, the San Juan Business Association (SJBA) stated Government “hasn’t addressed, nor communicated their thought processes with common, law-abiding citizens.”
Moonilal added, “The major issue is inconvenience, hysteria and the ‘rush’ expected from (today) to change notes in the narrow timeframe. The elderly especially are concerned.”
“There’s also deep concern about businesses refusing to accept the ‘old’ $100 note before Central Bank’s deadline. That’s adding to the hysteria. I got a photo of one such occurrence which I sent to the Finance Minister when I spoke to him (yesterday) Government should create an offence preventing people from refusing the note outside of official guidelines.”
He added, “ Pensioners called me with queries about handling their modest savings. An 89-year-old also sought help for someone to take her to the bank.”
The SJBA yesterday called on National Security Minister Stuart Young to implement systems to protect innocent citizens visiting financial institutions with large volumes of cash.
UNC Senator Kadijah Ameen added, “Farmers, vendors, even fishermen are concerned not only about losing precious productivity time to go to banks, but also about robberies. Some farmers have been robbed near Macoya market.”
“Even if polymer comes into force after December 31, the Government should have allowed a three-month after that for deposits only of ‘old’ bills,”
UNC MP Ganga Singh also cited robbery risk for those undertaking transactions, “I’m also being bombarded with queries how the changeover works. An NLCB vendor who keeps a certain sum on hand to meet customers’ demand, was unsure how to function. Changeover information has been a ‘drip-drip’ process. Also, changeover of the other currency bills next year - back to back with this - will be difficult for people,”
Information flow was so murky UNC’s Rudy Indarsingh said, some elderly people took their cremation funds to the bank to change it last Friday and the bank refused. UNC’s Bhoe Tewarie said some grocery store owners felt the changeover deadline should have been after Christmas.
After San Juan Business Association advised business owners to be on the look-out for “unscrupulous persons” trying to get rid of their counterfeit bills in the Christmas spending, police officials yesterday explained some culprits may try to invest “dirty money’” in items with long term return value - jewellery, high-end electronics, phones, equipment, furniture, paintings, vehicles.
Police also noted those trying to “launder” large sums at some businesses - paying a small commission out of their overall sum. Public Utilities Minister Robert Le Hunte didn’t answer calls on whether utilities would accept payments in the ‘old” notes if people didn’t immediately have polymer.
Meanwhile the executive director of Republic Bank Limited, Derwin Howell said yesterday that persons living abroad or who are in hospital and are unable to meet the December 31st deadline, will be given a three-month window to change the currency. However, this will only be done at the Central Bank with credible proof of reason why the person did not meet the deadline.