Bank withdraws sh10,000 notes
Oct 14, 2004
THE Bank of Uganda (BOU) is recalling the old sh10,000 bank notes introduced in 1995.
By Steven Odeu
THE Bank of Uganda (BOU) is recalling the old sh10,000 bank notes introduced in 1995.
The notes, which do not have a folio strip and have been susceptible to forgeries, cease to be legal tender on December 31 this year.
“By 31st December, 2004, the notes shall cease to be legal tender according to the BOU Act of 2000,†the bank said in a communique to commercial banks.
The notes bear the signature of the late Governor, Charles Nyonyintono Kikonyogo.
BOU has written to all commercial banks not to distribute the old notes, but accept them up to the end of this year.
Banks are also required to give notice to their customers to return the old notes in exchange for the upgraded sh10,000 bank notes, now in circulation.
The sh10,000 bill, the third largest after the sh20,000 and sh50,000 notes, was introduced in October 1995, when BOU also reintroduced the sh50, 100 and 200 coins.
The sh10,000 note contained anticopier features that were thought to make forging it easily noticed. It also contained the security thread that comes to the surface of the paper at regular intervals so that its metallic shine could be seen.
The increase of fake notes in circulation has forced the Central Bank to redesign all the notes including the 1,000, 5,000, 10,000, 20,000 and last year introduced the 50,000 with complex features to minimise forgeries.
The Police recently said sh10,000, 5,000 and 1,000 notes were the most forged.
The fake notes appear genuine, with the deputy governor and secretary’s signature near perfect, but the texture is smoother and lighter, while the security threads are faint.
Ends
THE Bank of Uganda (BOU) is recalling the old sh10,000 bank notes introduced in 1995.
The notes, which do not have a folio strip and have been susceptible to forgeries, cease to be legal tender on December 31 this year.
“By 31st December, 2004, the notes shall cease to be legal tender according to the BOU Act of 2000,†the bank said in a communique to commercial banks.
The notes bear the signature of the late Governor, Charles Nyonyintono Kikonyogo.
BOU has written to all commercial banks not to distribute the old notes, but accept them up to the end of this year.
Banks are also required to give notice to their customers to return the old notes in exchange for the upgraded sh10,000 bank notes, now in circulation.
The sh10,000 bill, the third largest after the sh20,000 and sh50,000 notes, was introduced in October 1995, when BOU also reintroduced the sh50, 100 and 200 coins.
The sh10,000 note contained anticopier features that were thought to make forging it easily noticed. It also contained the security thread that comes to the surface of the paper at regular intervals so that its metallic shine could be seen.
The increase of fake notes in circulation has forced the Central Bank to redesign all the notes including the 1,000, 5,000, 10,000, 20,000 and last year introduced the 50,000 with complex features to minimise forgeries.
The Police recently said sh10,000, 5,000 and 1,000 notes were the most forged.
The fake notes appear genuine, with the deputy governor and secretary’s signature near perfect, but the texture is smoother and lighter, while the security threads are faint.
Ends