THE Bangko Sentral ng Pilipinas (BSP) has waived the fees for the withdrawal and deposit of old bank notes this year. In a memorandum addressed to all authorized agent banks, the central bank officially said that it has exempted the deposit and withdrawal of old banknotes named New Design Series (NDS) from the imposition of service fees.
In particular, deposit transactions of all old note denomination will have no fees up until end-2016.
No fees will be imposed for the withdrawal of P200 bills, until the end of March this year. The BSP, at the end of 2014, announced the demonetization of old currency designs until 2016. “This move is in line with the provisions of Section 57 of Republic Act 7653, otherwise known as the New Central Bank Act, which authorizes the BSP to replace banknotes that are more than five years old,” the central bank said earlier.
The old bank note currency design, or collectively branded as the New Design Series (NDS), has been in circulation for almost three decades.
“The public may continue to use the NDS banknotes up to December 31, 2015, in paying and buying of goods and services and other business or financial transactions requiring the use of cash. Thereafter, the NDS banknotes will no longer be accepted for payment transactions,” the central bank said.