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Effective from Jan 08 1960 - Dec 30 1959 To view other versions open the versions tab on the right
The Saudi Arabian Monetary Agency, with the approval of the Minister of Finance and subject to the rules of these regulations, shall decide:
a.
The denominations of paper notes and coins which should be changed or withdrawn from circulation for non–fulfillment of conditions which make them fit for circulation, the method of disposing them of and when they cease to be legal tender after a period of not less than one month if withdrawal is expedited in keeping with the public interest and in observance of paragraphs B and C of this Article.
b.
The conditions under which mutilated currency may be exchanged, subject to the condition that no payment shall be made for notes which have lost their features, or more than one-fifth* of their dimensions, or their two numbers or the two signatures affixed thereto in accordance with Article 8 of these regulations, and for coins which have lost their features or which are cut, filed, pierced, washed by chemical materials, marred or have been deshaped, unless it is definitely proved that whatever occurred to them was due to force majeure in which case the Courts have the right to judge indemnification for the loss when this is proved to them.
*The word one-fifth was corrected to two-fifth by Royal Decree no 17 dated 16-9-1379 Ah.
c.
The seizing and confiscation of counterfeit and bogus currency, method of disposal and preparation of a report thereof and sending a copy of it to the concerned authorities for legal prosecution.
d.
The announcement and necessary publicity concerning Saudi Currency in the official gazette and in any other suitable manner.
