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good greeting ....
All licensed banks provide instructions and standards for the circulation and exchange of banknotes and counting and sorting mechanisms
Subsequently, in our circular numbered 9/2/20 and dated 1/15/2023 regarding unifying and updating the controls and instructions for the standards for the circulation of banknotes and their replacement, we attach to you the principles, standards and instructions that will be adopted in
Counting, sorting, and receiving and delivering banknotes, we hope to carry out. Please review and act accordingly, with appreciation
Escorts
- Instructions and standards for the circulation and exchange of banknotes and counting and sorting mechanisms.
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Instructions and standards for circulation and exchange of banknotes and counting and sorting mechanisms
The Central Bank of Iraq, in accordance with its amended Law No. 56 of 2004, is responsible for determining the denominations of Iraqi paper and metal currencies, their standards and shapes, printing paper banknotes, and minting coins. It is responsible for destroying and replacing them and identifying defective ones. It may refuse to replace those paper or metal currencies or They will be confiscated if the circumstances described in these instructions are met and that the Iraqi banknotes are homogeneous in their various denominations, have absolute discharge power and are accepted by the Central Bank of Iraq, its branches, banks, institutions and the public. Discriminating between their denominations by imposing a specific denomination on the public or refusing to receive a specific denomination is unlawful. It is acceptable and is considered a violation of the law. We ask all banks to adhere to the instructions and standards for trading banknotes
And their replacement and counting and sorting mechanisms, as shown below:
1 - Standards for currency trading
A- Negotiable banknotes
The banknote issued by the Central Bank of Iraq remains valid for circulation if it is exposed to any of the following:
First: If one or more tears occur in it, not exceeding (3) cm, and it is repaired with transparent adhesive tape on one side.
Or from two sides and it did not affect its features.
Second: If it is damaged, one of its corners will be cut within a limit of 2 cm without affecting its features.
Third: If it shows traces of handling and use, and has not been harmed or damaged that affects its shape, color, or size.
B. Non-negotiable banknotes
First: Banknotes are considered unfit for circulation if they meet one of the descriptions listed below, and their holder will be compensated
Its full value immediately upon submission to government and private banks and their branches, and the banks subsequently deposit it
With this bank or one of its branches, the corresponding amount is credited to their accounts without any fees.
1) If the banknote is worn out or damaged even though it is not torn and no parts of it are missing. (2) If the paper consists of two different parts (numbers) and its area is close to the area of the banknote
The original one is attached with adhesive tape.
(3) If the banknote is attached with one or more transparent adhesive tape along its length or width.
(4) If the banknote has cuts at more than one angle.
(5) If the banknote is defective in print (in terms of design, size, color, or other security marks).
carried by the real banknote).
(6) If it contains seals or writings that do not affect its external appearance.
(7) If the banknote loses less than 50% of its area.
Central Bank
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Second - Damaged banknotes as a result of burning, burial, or any other reason:
Damaged banknotes are received as a result of burning, burial, or any other reason not mentioned in the paragraph
(1/B First) exclusively by this bank and its branches according to the following mechanism:
1- Required documents
A- Civil status ID, unified card, department ID, and residence card. b. Confirmation from the police station or a judicial authority in the event that banknotes are damaged as a result of being exposed to a gunshot or
Contaminated with blood as a result of accidents.
C- Provide the source of funds as follows: -
Anything exceeding (10,000,000) dinars (ten million dinars) and up to (25,000,000) dinars (twenty-five million dinars), it is required to present the ID of the department if he is an employee, or a salary strip showing the amount of income and the length of service, or proof of the existence of a source of income that is compatible with the size of the amount to be exchanged, and the earner must submit Proof of his practice of his profession: a professional practice license from the competent sectoral authorities, or a rental contract for a shop, or an annual production or non-production car.
This proves the existence of a source of income commensurate with the size of the amount.
More than (25,000,000) dinars (twenty-five million dinars) and up to (100,000,000) dinars.
One hundred million dinars and requires submitting documents of ownership of real estate, shares, a sales contract, or any official documents
Prove the legitimacy of the source of these funds (company title deed, partnership, contracting or equipment contract) in a manner appropriate
The size of the amount offered
3/11 100%
+
2 - In the event that the required documents submitted are not satisfied due to their authenticity or lack of proportionality and the size of the amount provided, the applicant will be referred to the Legal Department for the purpose of submitting a written pledge under which he bears legal and criminal responsibility for the accuracy of the information provided and that these funds came from legitimate sources and are not linked to any
Illegal action or suspicious operations. Collecting a percentage (15%) of the value of damaged banknotes for the benefit of this bank, due to damage as a result of misuse, burial, burning or any other reason, with the exception of banknotes damaged as a result of circulation, which will be replaced.
Without commission 4 - In the event that it is not possible to recover damaged banknotes, it will be estimated by a committee formed for this purpose and issued.
The committee makes its decision within fifteen working days.
central bank
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2 - Confiscation of damaged banknotes:
The damaged banknotes that are not fit for circulation, described below, shall be confiscated, and their holder or the party that presented them shall be notified of the decision to confiscate them. Anyone whose banknotes have been rejected or confiscated has the right to submit a request to the Governor or whomever he authorizes through the General Director of Issuance and Treasury or the General Director of the Bank Branch to reconsider the issue.
The decision, and the decision of the governor or his authorized representative shall be final:
A- If changes were made to the external appearance of the banknote as a result of writing, drawing, printing or stamps
Or it contains an adhesive.
B If the banknote loses 50% or more of its area, and if there is evidence that convinces the Central Bank that
The missing parts of the papers have been completely destroyed, and they will be replaced partially or completely.
- Confiscation of counterfeit and perforated papers
A - The counterfeit papers shall be confiscated, and whoever was in possession of them shall be provided with a receipt supporting the receipt of these papers, by the cashier or a competent employee in the Central Bank of Iraq and its branches, and all banks and their branches, and the details shall be recorded: the number of counterfeit papers, their categories, the name of the depositing customer whose deposits appear, and his account number in Register before
cashier. B. The confiscated counterfeit papers shall be stamped with the counterfeit stamp bearing the name of the bank and branch and sent to the Central Bank
By an official letter containing the information in paragraph (a) above.
C - Banknotes with four holes per banknote that have leaked from the banknotes will be confiscated
The invalidated items prepared for destruction in our branch (Mosul) after terrorist gangs occupied the headquarters of the same branch in 2014, where holes were pasted for the purpose of promoting them, as shown in Appendix No. (1). The banking system must confiscate them.
And delivered to the Central Bank of Iraq.
- Mechanism for counting and sorting banknotes in banks
A: Banks must prepare counting and sorting centers with an area appropriate to the size of their deposits, and they must strive to acquire modern mechanization and update it continuously to ensure the counting and sorting of banknotes they receive from their customers, while employing qualified workers to do so, provided that we are provided with the preparation and types of machines used by the public administration and its branches.
B. Banks send their cash deposits to the vaults of this bank and its branches after counting and sorting them, and separating the damaged ones into good-quality packed bags that are sealed using sewing machines designated for sewing the bags. Additional tape must be placed when sewing to increase the durability of the bag, with an adhesive tape whose color matches the color of the category that was packed. Inside the bag, place an identification card on the bag describing its contents of banknotes, the name of the bank, the type and name of the person who packed the bag, and include the date of deposit, whether on the bag or the card.
Release time
3 (1003)
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It is preferable to fill each bag with the name of one cashier. It contains (40) bundles, and each bundle contains (1,000) papers that are tightly tied on both sides using machines designated for this purpose. Each bundle contains (10) bundles, and each bundle contains (100) papers. ) and two identification cards, the first (100) sheets and the last (100) sheets sealed with a seal bearing the name of the bank, the full name of one cashier, the type of denomination and the date, and in case
If there is more than one cashier's name in one bag, the differences will be recorded at the bank. C It is not possible to determine the name of a treasurer for discrepancies discovered in bank deposits if counting and sorting operations are carried out
In this bank it was done through comprehensive machines.
D. The packing of one bag (40 bundles) will take place in two patterns, as follows: - First: The denominations (1000, 50000, 250,500) dinars will be vertically (7) bundles for five rows, so the number will become (35) bundles, while the remaining five bundles will be Two of them are horizontal on both sides, and the remaining three are vertical in the middle, so the number becomes (40) ties.
Second: Denominations (25,000, 5,000, 10,000 dinars. The rule is (4) horizontal ties in two rows.
The height is 10 ties, so the total number of ties in the bag is 40.
H. - For regulatory purposes, banks must commit to informing the Central Bank of the date and amount of creations in the two currencies
central bank. K local and foreign).
Banks must open windows to replace damaged and damaged banknotes to the public, announce this through information signs and advertisements, organize a special register for the damaged currency, and deliver it to this bank.
And its branches, promoting circulation in small denomination banknotes, and supplying all bank branches with them. G - Banks deposit damaged banknotes received from their customers or from the general citizenry in any quantity, even if it is a single banknote, provided that it is well sorted and actually damaged, and sent in letters showing their condition and amounts according to a delivery schedule determined by the issuing department. And safes are exempt from fees for counting and sorting operations. If there are banknotes valid for circulation in your damaged deposits in large quantities, this is considered a banking violation for which the bank will be held accountable and fees will be charged.
Counting and sorting operations on the entire deposited amount.
H. Those authorized to visit this bank will be nominated by the Issuing and Treasury Department according to the electronic nomination form prepared for this purpose, provided that the time period for authorization is one year, to be renewed upon expiration of the period.
When the authorized person changes, we will be notified in an official letter. Correspondence with this bank shall be signed by the General Manager of government banks, the authorized director in relation to private banks, and the regional director in relation to the foreign branch or their representative in the event
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There is more to this article foudn on the CBI website,(11 pages). But, we can see they put out the instructions for a good reason. They'll be doing a lot of replacing of large notes with smaller notes!! imo ~ MM | | | |
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