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Know the damaged currency that is not replaced by the central bank
The Central Bank of Iraq set special standards for the replacement of damaged or old currency. One of these criteria is that the banknote has lost part of it to not more than half of the banknote.
In addition to banknotes soiled with dust, fat, colors and oils. The banknotes containing the adhesive tape. Also the burned and buried banknotes. The defective banknotes are printed. The banknotes are composed of two parts and in different numbers.
The papers that are not exchanged and rejected by the Central Bank to be received and called the rejected, which are withdrawn and executed by the bank without compensation of the owner, unless there is convincing evidence that the missing parts were completely destroyed and then decide to provide compensation in whole or in part These papers are:
Papers that contain many writings and drawings and seals deliberately, which leads to the blurring of the features of the banknote.
The paper is cut into more than (6) parts.
If the coin loses more than (50%) of its surface or is distorted or perforated.
The central bank stressed the need for all banks to replace the damaged currency without commissions. In the event of non-compliance, the offending bank will bear all legal consequences. Which includes replacement of the damaged currency without payment of commissions in accordance with Article 63 of the Central Bank Law No. 56 of 2004 amending.
[You must be registered and logged in to see this link.]
Know the damaged currency that is not replaced by the central bank
The Central Bank of Iraq set special standards for the replacement of damaged or old currency. One of these criteria is that the banknote has lost part of it to not more than half of the banknote.
In addition to banknotes soiled with dust, fat, colors and oils. The banknotes containing the adhesive tape. Also the burned and buried banknotes. The defective banknotes are printed. The banknotes are composed of two parts and in different numbers.
The papers that are not exchanged and rejected by the Central Bank to be received and called the rejected, which are withdrawn and executed by the bank without compensation of the owner, unless there is convincing evidence that the missing parts were completely destroyed and then decide to provide compensation in whole or in part These papers are:
Papers that contain many writings and drawings and seals deliberately, which leads to the blurring of the features of the banknote.
The paper is cut into more than (6) parts.
If the coin loses more than (50%) of its surface or is distorted or perforated.
The central bank stressed the need for all banks to replace the damaged currency without commissions. In the event of non-compliance, the offending bank will bear all legal consequences. Which includes replacement of the damaged currency without payment of commissions in accordance with Article 63 of the Central Bank Law No. 56 of 2004 amending.
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