Replacing all Torn and Damaged Saudi Banknotes Accumulated by the Bank and Ensuring They are not Dispensed to Customers or the Public
| No: 400/BC/241 | Date(g): 13/4/1993 | Date(h): 21/10/1413 |
SAMA has received the letter of HE the Minister of Finance & National Economy, No. 3/6132 dated 14-9-1413H stating that some banks are sometimes supplying the public with torn banknotes noticed by drawee only after receipt. HE requested us to notify banks to have such banknotes replaced by SAMA rather than cashing them to the public, since this displeases the clients, causes their complaints and facilitates counterfeiting.
Please be informed and urge your people in charge to have all torn Saudi bank notes replaced by SAMA, rather than supplying the public therewith. Please observe prior coordination with the SAMA branch through which the replacement of large quantities is to be made.