National Currency Validity Rules Change
14 July, 2011
 National Currency Validity Rules Change

To protect consumer’s rights Georgian Central Bank shapes out new fitness criteria as well as rules of replacement of national currency banknotes and coins.

To improve the quality of Georgian national currency in circulation and settle confusion whether or not the currency is valid and good for payment, the National Bank of Georgia (NBG) offered new regulations as of July 4, 2011.

New regulation makes currency validity categories simpler and differences between the categories clearer.

According to the rule, notes even if they

have small defects (a tear, written words and sentences, stains, grease etc.), that do not actually change the bank note information, also coins that have small scratches and signs of corrosion but retain coloring and clear engraving are valid for payment.

Notes with considerable defects (tears, written words and sentences, stains, grease etc) that allow identification of the security features and denomination, as well as retain the original size, also coins that have considerable defects, grease and corrosion, but retain overall face, size, coloring and their identification is possible must be also acceptable for payment.

Moreover, notes that have changed coloring, but identification is possible, notes that are torn and mended, but the composing pieces are from the same banknote; notes that have any damages, but more than 50% of the original banknote are undamaged and can be identified, coins, that have any damages, but more than 50% are undamages but can be identified are also acceptable.

Notes and coins that fall out of the set requirements are not acceptable for payment.

Non-commercial real entities can refuse to accept banknotes and coins with considerable defects [ranked as valid for payment however], but commercial entities (besides commercial banks) and noncommercial legal entities have to accept banknotes and coins with small and considerable defects likewise.

The rule obliges only commercial banks to accept GEL banknotes and coins belonging to all categories valid for payment irrespective of their defects. They shall not put back into circulation banknotes and coins belonging to categories with considerable defects including those with more than 50% of which are undamaged and can be identified, they must be sent to the NBG. The NBG decides whether or not the banknote or coin is valid for instances when a commercial bank is not able to determine it.

The provision related to the acceptance and replacement of the notes/coins belonging to Category IV [including non-valid] currency was also amended. This category is not subject to obligation of acceptance and replacement by the receiver and is returned to the owner upon request. When there is no possibility of returning to the owner, the commercial entities (apart from commercial banks) and noncommercial legal entities are obliged to deliver such legal tender to a commercial bank or the NBG without any payment. The commercial banks on their own deliver them to the central bank without any payment as well.

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GEL Exchange
USD
1
USD
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EUR
1
EUR
2.9977
GBP
1
GBP
3.4246
RUB
100
RUB
4.0023
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