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With effective campaign with 30 sec Adverts in 2012 Video in Sinhala and in 2017 Video in English CBSL had adverts at every cash counter. The public have been made to understand that any ink on the currency note is not acceptable. I was once held up in a supermarket queue with the customer arguing with the counter clerk about a Rs5000 note with ink. When I tendered an old Rs 20/- note (illustrated) to the Railway ticket counter it was returned to me with the statement "Don't you know that Banks don't accept even a little ink". Independent check on bundle of 1000 notes from a bank showed that about 5% of notes in circulation have some ink. Mostly from lazy cashiers who sign or write a total directly on note, rather than a slip of paper. I have been also told of significant defacement notes with a Political image. Any collector of Ceylon currency notes would have seen notes with multiple Post Marks stamped by Post offices, before around 1970. It is an old habit which CBSL is trying to break.
In mid March when I was given 50 high denomination notes from a bank teller, I decided to check and found that 3 of the notes had ink, and I had them replaced. I was told that the counting machines at the bank had been calibrated to CBSL guidelines, and if it went through the machine it was OK. I was clearly intrigued when they informed me of a document sent by CBSL to LCB (Local Commercial banks) with specifications. There was clearly a difference between what the public understood and what was legally acceptable. I found a Sinhala video online on how to remove ink from Currency Notes using a stain remover. Social Media was seeking solutions.
On March 19th I submitted to CBSL a RTI (Right To Information) to find out the specific details which had not been issued to public. On March 29th CBSL put advertisements in all the major newspapers saying "currency notes have been mistakenly marked in the form of a small dot or a line are not considered as willfully mutilated". The same day a CBSL Press release said "CBSL has decided to continue the service of exchange of willfully mutilated, altered and defaced currency notes from CBSL until further notice". Public were informed to submit such currency notes to the few CBSL Offices or send the same by registered post together with a duly completed application form.
However the Sri Lanka Post office website says "Currency notes may be sent in registered letters, the insurance of which is compulsory". The post office has discontinued rarely used Postal Insurance back in 2007. The PMG has informed me, that SLPost is now talking with CBSL to resolve this issue. I am not sure why the more extensive branch network of LCBs as a customer service can't be instructed to accept the notes with CBSL Form, accumulate and forward to CBSL through bank channels. Else who will pay the costs of Postage, Registration and Insurance, both ways.
Finally after Seven weeks, although it was acknowledged to send a
reply in two weeks, I got a reply on
9th May to my RTI with the statement that
The parameter/guidelines issued to LCBs to calibrate currency processing
machines to detect willfully mutilated, altered and defaced currency notes is
given below.
a. Currency notes defaced with drawings, words, numbers, signs or symbols
where the serial number, date, signature, value, or security feature of the
currency note has been altered in any significant way and/or;
b. Willfully mutilation, alteration and defacement in the currency note exceeds
the below area. All Denominations. In Watermark Area 10 x 10 mm. In Printed
area 15 x 15 mm
Clearly that amount of defacement is rarely seen on currency notes and I was
relieved that more than a "small dot or a line" will be accepted by LCB counting
machines. I don't need to look carefully through all the notes I get from a Cash
Teller or ATM. Although that maybe a safe practice as a close friend informed
me that he got a Fake Rs 1000 note from a Bank ATM, and only discovered when
it was declined at a local shop. That is lot worse than getting defaced currency.
A editeded version of this article Truth about defaced currency notes By Dr Kavan Ratnatunga appeared in the Business Times section of the SundayTimes of Sri Lanka on 2018 May 13th.