Question & AnswerQ&A (Republic Act No. 1516)
The primary purpose of Republic Act No. 1516 is to fix a new period for the surrender of Treasury certificates and Central Bank notes of the denomination of over one hundred pesos, by amending Section 2 of Republic Act No. 1191.
They were required to surrender them up to December 31, 1957.
Holders must receive their equivalent amount in money in Treasury certificates or Central Bank notes of smaller denominations.
The exchange is allowed if the holder has not surrendered the notes due to ignorance of the original provisions, no fault or negligence on their part, circumstances beyond their control, or if the notes were acquired for reasons other than speculation.
An affidavit alleging any of the accepted grounds (ignorance, no fault, or circumstances beyond control) is prima facie proof and is sufficient compliance.
The affiant can be punished by imprisonment of not less than six months nor more than six years, and a fine amounting to three times the value of the certificates or notes surrendered.
The Central Bank of the Philippines, provincial treasurers, municipal treasurers, and barrio councils are directed to give wide publicity to the Act.
The Act took effect upon its approval on June 16, 1956.
Owners or holders include individual persons, associations, corporations, or institutions holding Treasury certificates and Central Bank notes of the specified denominations.
The amendment fixes a new deadline for surrendering large denomination Treasury certificates and Central Bank notes and outlines conditions and penalties related to the surrender and exchange.