Reserve Bank of Australia to Facilitate the Redemption of Notes Damaged by Bushfires
This post is also available in:
The Reserve BankSee Central bank. More of Australia announced on its website that bushfire victims can submit damaged banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More claims to redeem their lost moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More.
Fires have destroyed over 11 million hectares of bush since the fire season began in September, destroying thousands of homes and killing 28 people and more than a billion animals.
The RBA posted a notice on its website along with claim forms, specifying the steps required to get reimbursements.
There are only two things you need to do to make a claim for reimbursement:
- Collect all the banknote debris, place it into a plastic bag and label the bag ‘bushfire’.
- Take the bag to your local bank who can assist you making the claim.
The Reserve Bank recommends that people take damaged banknotes to their bank or another authorised deposit-taking institution (ADI). These institutions are encouraged by the Reserve Bank to accept all claims. Incomplete banknotes may be assessed on the spot using grids provided by the Reserve Bank to calculate the value. Badly damaged and contaminated banknotes need to be forwarded to the Reserve Bank’s National Banknote Site (NBS) for assessment. All ADIs will ensure the claim is securely delivered to the NBS on behalf of the claimant.
“If you have banknotes that have been damaged in the bushfires, you can submit a damaged banknote claim,” the RBA said. “The Reserve Bank will determine the value of the damaged banknotes and reimburse you the assessed amount.”
It takes the RBA anywhere between 2 weeks and 2 months to assess mutilated notes, depending upon the severity of the damage. In 2019 alone, the RBA paid out A$4.2 million (US$2.90 million) in damaged noteA legitimate banknote, in poor condition, which may even have missing parts. Most central banks have rules for the exchange of damaged notes. More claims.
This post is also available in: