Sri Lanka extends deadline for exchange of mutilated currency notes

Jan 01, 2018 (LBO) - Sri Lanka's Central Bank said it had decided to extend the time period for the exchange of currency notes at Licensed Commercial Banks (LCBs ) up to 31 March 2018. The bank made the decision after members of the public revealed their difficulties in exchanging wilfully defaced currency notes at LCBs and requested more time to do so. Mutilation, alteration or defacement of currency notes is an offence under the Monetary Law Act (MLA) No. 58 of 1949, and is punishable by imprisonment, a fine or both. Under the Regulation E of MLA, no claim in respect of wilfully mutilated or altered notes shall be entertained and such notes shall be retained by the Central Bank. The holder of these currency notes will have to suffer the loss of face value of such notes effective from 1 April 2018.