Guidelines on the Voluntary Acceptance by Banks of New Design Series (NDS) Banknotes from the General Public for Replacement or Exchange with New Generation Currency (NGC) Banknotes

BANGKO SerurNaL NG PIUIPINAS OFFICE OF THE GOVERNOR MEMORANDUM NO. M.2017. 035 To ATt BANKS Subject Guidelines on the Voluntary Acceptance by Banks of New Design Series (NDS) Banknotes from the General Public for Replacement or Exchange with New Generation Currency (NGCI Banknotes Pursuant to Circular No. 977 dated 27 October 2O]-7, a new deadline was established for the replacement or exchange of NDS Banknotes with the BSP1 from the general public (including banks) not later than 29 December 2017 (last working day of the year). The period of exchange or replacement of NDS banknotes with banks as authorized agent banks, however, has already lapsed on 30 June 20L7 in accordance with BSP Circular No. 959 dated 25 April 20L7. The foregoing notwithstanding, a bank, in the performance of other banking services under Section 53 of Republic Act No. 879!, may act as agent of its clients in exchanging NDS banknotes with BSP. Said NDS exchange may be undertaken according to the banks' internal rules for its operationalization. Should a bank undertake NDS exchange with its clients, such bank shall likewise surrender all NDS banknotes to the BSP1 on or before 29 Decemb er 2Ot7. This shall be made in accordance with the guidelines on cash deposits under Paragraph (hXf Xa) of Appendix 80 of the Manual of Regulations for Banks,2 as amended by Circular No. 931dated 09 December 20j.6. For guidance. lO lttovember 2Ot7 1 BSP Cash Department, Regional Offices, and Branches 2 Guidelines and Procedures Governing Currency Deposits and Withdrawals of Banks for Credit to and Debit from their Demand Deposit Accounts with the Bangko Sentral. A. Mobini St.. Molote lO04 Mcniio, Philippines . (632) 524-701 I . www.bsp.gov.ph . [email protected]