QuestionsQuestions (BSP MEMORANDUM)
They are classified as fit, unfit, and mutilated pursuant to BSP Circular No. 61 (Series of 1995). Fit notes are fit for circulation; unfit are dirty/unclean; mutilated currency must be presented/forwarded directly for determination of redemption/exchange value.
Yes for deposit acceptance, except mutilated currency. The BSP accepts all types of currency for deposit except mutilated currency, which must be forwarded directly for determination of redemption/exchange value.
Banks are encouraged to arrange direct exchange with other banks (rather than deposit fit currency with BSP) to reduce risks associated with transporting and handling currency deposited to the BSP demand deposit account.
Receiving/releasing ends at 2:00 P.M.
Fit currency notes may be accepted subject to one half of 1% service fee based on the total amount of the deposit, but only after a package and bundle count has been made.
Fit currency deposits not withdrawn or reissued to other banks within one (1) month from receipt are subject to piece-by-piece verification by BSP.
Banks should pre-sort currency notes for fitness so that only pre-counted fit or unfit currency is deposited with BSP, consistent with the BSP “Clean Note” Policy under Chapter V of BSP Circular No. 61.
Only the Head Office of each bank in Metro Manila or its designated cash center main/branch in the provinces shall make direct deposits with BSP CD or the nearest BSP Regional Cash Unit.
They should be shipped to the BSP CD in Manila. Shipment and related expenses are for the account of the concerned bank.
Banks must provide securely sealed standard containers separately for fit and unfit notes. Containers must have uniform capacity of twenty (20) complete bundles and must be accompanied by a deposit slip for each type/category clearly labeled “FIT” or “UNFIT.”
Notes of a single denomination must be arranged face and top up in packages of 100 pieces each; pins/clips/staple wires must be removed. The wrapper must indicate denomination and amount in the package, date of verification, printed name(s) and signature(s) of the verifying bank employee(s), and the depositing bank.
Each package contains 100 notes; packages are bundled into standard units of 10 packages per bundle (1,000 notes). Bundled notes are packed in sealed containers of uniform quantity of twenty (20) complete bundles per denomination.
No. Notes of different denominations should not be mixed in a single package/bundle/container.
The bank’s representative(s) open the containers, and in their presence, a BSP CD/CU Accountable Officer performs package and bundle count. If found in order, the officer acknowledges receipt of the deposits.
Piece-by-piece verification is scheduled by the Cash Department/Cash Units at a later date or whenever BSP deems necessary, and must be duly witnessed by the banks’ authorized representatives.
Checks presented after 12:00 noon are accepted by BSP for processing only and servicing is effected the following banking day.