Withdrawal of Paper Banknotes
WITHDRAWAL OF PAPER BANKNOTES
The public is hereby advised that all PAPER BANKNOTES (K2.00, K5.00, K10.00, K20.00, K50.00 and K100.00), which have been in circulation previously are been withdrawn by the Bank of Papua New Guinea in accordance with Section 62 of the Central Banking Act of 2000. These PAPER BANKNOTES ceased to be legal tender in Papua New Guinea since 2012.
The PAPER BANKNOTES have been phased out and replaced by the POLYMER (plastic) substrate. The Polymer Banknotes remain as legal tender and are not affected by this notice.
Despite of the withdrawal of the PAPER BANKNOTES in 2012, the Bank of PNG has allowed the public who are holding onto PAPER BANKNOTES to return them only to the Bank of PNG and not commercial banks during 2013/2014. The Bank is aware that there are some unused PAPER BANKNOTES in the hands of the public. These unused PAPER BANKNOTES will NOT be accepted in exchange for Polymer Banknotes.
The public is therefore advised that effective from 31st December 2014 the Bank of PNG will NOT accept any more PAPER BANKNOTES in exchange for Polymer Banknotes.
All queries regarding this notice should be addressed to Mr. David Lakatani on telephone number 3227343 or email: email@example.com
Loi M. Bakani