Central Bank clarifies transition issues to polymer notes

The Central Bank of Trinidad and Tobago has issued a statement clarifying several issues related to the new polymer notes and the transition from the old ‘cotton’ notes.

The Central Bank said it will accept the cotton notes after the December 31st deadline for it’s tenure as legal currency “if it is satisfied that the failure to present the notes for redemption prior to the appointed 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.”

The official deadline is December 31st 2019.
Commercial Banks will be given what has been described as a ‘reasonable time’ to redeem old cotton notes collected from the public.

The Central Bank will also accept old cotton bills to facilitate the collection of taxes and other forms of revenue from government bodies for “a period to be determined.”

The release issued on Tuesday also assured that commercial banks will be allowed to accept old bills from merchants or organisations on January 2 and 3, but added that it would be in each merchant’s best interest to verify before the end of the period whether their respective banks will accept the bills. The Central Bank will not accept the bills from merchants or organisations after December 31 without good reason.

A facility will also be provided by the Central Bank to accept and exchange bills from persons who are incapacitated, out of the jurisdiction or unable for legal or other serious reason to deposit the bills within the stated deadline.