Mauritius’ central bank embarks on “Clean Bank Note Programme”
This programme was formulated after noticing an increasing number of instances where banknotes are being defaced, either by writing, printing, drawing or stamping on the bank note. (Image: Fotolibra)
Did you know that you could end up paying a fine of up to Rs 500,000 if you deface a bank note, according to rules and regulations issued by the central bank of Mauritius?
A Bank of Mauritius communiqué has drawn attention to the fact that it is an offence to mutilate, cut, tear, perforate, or deface a bank note and any offender may be liable to a fine of up to Rs 500,000.
To address the damages caused by repeat use and circulation of banknotes, Mauritius’ central bank is accordingly engaging in a “Clean Bank Note Programme”, and is requesting public assistance to make this project a success.
The objective of this programme is to show respect for bank notes and keep them clean by ensuring, among others, that there is no writing and rubber stamp or any other mark on a bank note.
This programme was formulated after noticing an increasing number of instances where banknotes are being defaced, either by writing, printing, drawing or stamping on the bank note.
Hence, to make this programme successful, the central bank has invited the members of the public to participate in the “Clean Bank Note Programme”.
Also, this week, in order to counter excess liquidity by giving the public a viable channel for their savings, the central bank has announced the sale of One Year Government of Mauritius (GoM) Savings Certificates at fixed coupon rate to retail investors.
The amount for which the savings certificates are being issued is Rs 2.0 billion, and they have come into effect as from November 4, 2014.
The central bank mentioned that the subscription may be closed earlier, in which case, due notice will be provided.
The Bank is targeting Mauritian nationals only, and in case of different individuals in a family, the certificates can be bought separately or jointly. On the other hand, for minors, a legal guardian must represent them.
The central bank informed the public in the communique that certificates shall be issued for a minimum amount of Rs 50,000 and in multiples thereof, and that there is no investment ceiling.
The interest will be paid on maturity and the certificates will carry interest at the fixed rate of 4.75% per annum.
The certificates will be redeemed at par at maturity and they will be sold at the bank, at the 14 participating banks and at the Mauritius Post Ltd (MPL).
The 14 participating banks are: Bank of Baroda; Bank One Limited; BanyanTree Bank limited; Banque des Mascareignes Ltée; Barclays Bank Mauritius Limited; Bramer Banking Corporation Ltd; Habib Bank Limited; Mauritius Post and Cooperative Bank Ltd; The Hong Kong and Shanghai Banking Corporation Limited; The Mauritius Commercial Bank Ltd; AfrAsia Bank Limited; SBM Bank (Mauritius) Ltd; SBI (Mauritius) Ltd; and ABC Banking Corporation Ltd.
Moreover, BoM released this week the central bank survey as on October 24, 2014, showing that net foreign assets are estimated at Rs 119.97 billion while the net claims on the central government stood at Rs 20.25 billion.
Additionally, the monetary base is estimated at Rs 67.81 billion comprising of Rs 27.01 billion for currency in circulation, Rs 40.61 billion for liabilities to other depository corporations and liabilities to other sectors amounted to Rs 195 million.
Finally, central bank data also showed that shares and other equity – which is essentially equity capital and reserve complied by the bank consisting of equity, general and special reserves – stood at the level of Rs 19.59 billion.