Deposit defected notes

 BY GEDION TIMOTHY 
BANK of Papua New Guinea governor Loi Bakani says defected banknotes should be deposited with commercial banks and not recycled for use.
Bakani said there was a “clean note policy” that expounded on what banknotes should be used and which ones could not to be used.
“The policy sets the level and conditions of bank notes that commercial banks should enforce,” Bakani told The National yesterday.
He was commenting after queries were raised with his office, after The National sighted faded notes being circulated in Enga.
“Where this is not enforced, then the same banknotes continue to circulate among the public without being withdrawn from circulation and returned to Bank of PNG for destruction,” Bakani said.
He said when the defaced banknotes were deposited by customers, the banks should not reissue them.
“They should be sent to Bank of PNG,” he said.
“The policy also depends on the public to return these defaced banknotes to commercial banks.”