1. New Currency notes and coins shall be put in circulation by a Board of Directors decision specifying their denominations and quantities. Such decision shall be published in the Official Gazette and communicated to the public through appropriate media. 2. The Central Bank may, after approval of the Board of Directors, withdraw from circulation any denomination of Currency notes and coins against payment of their face value. Such decision shall be published in the Official Gazette and communicated to the public through appropriate media. 3. The withdrawal decision, referred to in item (2) of this article, shall specify the time limit allowed for exchange, which shall not be less than three (3) months from date of publication of the decision in the Official Gazette. Such time limit may, if necessary, be reduced to fifteen (15) days. 4. Currency notes and coins not presented for exchange prior to expiry of the time limit referred to in item (3) of this article shall cease to be legal tender and shall not be negotiated. However, holders of such Currency notes and coins shall have the right to redeem them, at face value, at the Central Bank, within ten (10) years from the effective date of the withdrawal decision. Currency notes and coins not exchanged upon expiry of said ten-year period shall be taken out of circulation and their value shall be credited to Central Bank account. 5. Currency notes and coins withdrawn from circulation, in pursuance to the provision of item (4) of this article, shall be destroyed by the Central Bank in accordance with the instructions issued by the Central Bank in this respect. 6. The Central Bank shall be under no obligation to refund the value of any lost or stolen Currency notes and coins, or to accept or pay for counterfeit Currency notes and coins. 7. The Central Bank shall compensate any Licensed Financial Institution against the value of torn, mutilated or imperfect Currency notes and coins, which satisfy the requirements prescribed by the Central Bank in this regard. Currency notes and coins not satisfying those requirements shall be withdrawn from circulation without any compensation to bearers.
Interpretation and application must be checked against the official text and current version.