Commercial banks in Trinidad and Tobago will receive additional time to redeem cotton $100 notes which will cease to be legal tender on January 1, 2020.
The Central Bank of Trinidad and Tobago (CBTT) said it will exchange any of the specified notes from commercial banks at face value for a period of three months following the January 1 deadline if it is satisfied that the reasons for not redeeming them prior to the date was beyond the control of the owner of the note or another sufficient reason.
The Central Bank shared its guidelines which give examples of circumstances under which the soon-to-be demonitised $100 note will be redeemed past the stated date.
Among the reasons listed is commercial banks being given a period beyond the date to consolidate the notes, collected up to December 3, from all its branches to be redeemed at the Central Bank. That date will be determined after consultation between the respective banks and the CCBTT.
Additionally, due to the Central Government having accounts at the Central Bank to facilitate its collection of taxes and other revenues up to December 31, the Government’s deposits of the $100 cotton notes will be accepted by the CBTT for a period to be determined.
“(Individuals) should come to the Central Bank with valid identification, proof of address and source of funds, and documentary evidence of inability to convert by December 31, 2019.”– The Central Bank of Trinidad and Tobago
What’s more, this measure will also be extended to merchants and organisations who will collect those $100 notes up to December 31 to allow them to redeem them at their commercial banks. This exception will be available up to January 3 but the affected merchants and organisations should first confirm that their banks will accept the total deposits.
Allowances will also be made for individuals who were unable to meet the deadline and can provide support to validate their given reason. Among the reasons provided by the Central Bank are hospitalisation, incapacitation, an individual being out of the country or another demonstrable reason. However, they “should come to the Central Bank with valid identification, proof of address and source of funds, and documentary evidence of inability to convert by December 31, 2019,” the CBTT said.
Those individuals will be required to sign a form with a statutory declaration which includes, among other things, a clause that the individual may be prosecuted if found to provide misleading information, the CBTT said adding that the information given is subject to verification.
Trinidad and Tobago introduced its new $100 polymer note into circulation on December 10, a move expected to stem the spread of counterfeiting and other crimes.