The Central Bank has advised that it will soon publish the stipulated guidelines to facilitate the exchange of the paper notes for the new polymer bills within the period of three months after the deadline date of December 31, 2019.
In an updated advisory issued yesterday, the Central Bank reiterated that it must be satisfied that the failure to present the notes for redemption prior to the deadline date resulted from circumstances beyond the control of the true owner of the notes or that there was some other good or sufficient reason for the failure to present the notes.
“Examples of what constitutes good and sufficient reason will be published in due course and would include specific situations of persons who provide acceptable evidence of being out of Trinidad and Tobago during the period December 9, 2019 and December 31, 2019, and thus unable to be physically present in the country during that period to deposit the paper notes or exchange the paper notes for the new polymer notes,” the bank said.
It also advised people what to do if they do not have a bank account and have more than $10,000 in $100 paper notes.
“You may exchange your paper notes for the polymer notes at the Central Bank on production of one form of identificationcation, proof of address and source of funds declaration during 8 am to12 noon from Monday December 9 to Wednesday December 11, 2019.
“On weekdays, from Thursday December 12 to Tuesday December 31, 2019 (except on public holidays i.e Wednesday December 25 and Thursday December 26) the hours will be 8 am to 3 pm,” the bank said.
It reminded members of the public that the paper note will cease to be legal tender on December 31, 2019.
“By the end of the year you should deposit the notes at a commercial bank or other deposit-taking financial institution, spend them, or exchange them for other denominations or for the new $100 polymer notes,” the Central Bank advised.