Increased abuse of damaged bank note exchange standards
If caught, imprisonment for life or more than 2 years
Damaged currency.[사진 제공 = 한국은행]
The Bank of Korea has urged caution as cases of abusing the exchange standards for damaged bank notes are increasing.
If you alter a bank note for the purpose of using it, you may be punished by imprisonment for life or more than two years under Article 207 of the Criminal Act.
On the 7th, the Bank of Korea held a regular meeting of the currency distribution system-related organizations council for the second half of 2023 at the Bank of Korea’s main building in Jung-gu, Seoul.
At the meeting today, the Bank of Korea noted that cases of abusing the exchange standards for damaged bank notes are increasing.
Kim Geun-young, head of the ticketing department and chairman of the council, said, “There are an increasing number of suspicious cases of people abusing the standards for exchanging damaged bank notes to intentionally cut bank notes into pieces and then create altered bank notes and try to exchange them at commercial bank counters.”
If part or all of a bank note is damaged or unusable, the Bank of Korea will replace the entire face amount if the remaining area compared to the original area is more than three-quarters, and half the face amount if it is between two-fifths and less than three-quarters. Exchange it for money.
In other words, it is possible to turn 4 pieces of currency into 5 pieces because the entire amount is guaranteed with only three-quarters of the total currency area. If you want, you can cut four 50,000 won bills into pieces and exchange them for 250,000 won.
The council also shared information and exchanged opinions on the status of ‘cashless society’ in major countries and policy responses related to the currency distribution system.
The decline in cash use is a global phenomenon, but major countries, including Sweden and the United Kingdom, are recognizing that a rapid transition to a cashless society is undesirable and are introducing or promoting various policies to maintain people’s access to cash and ensure cash use options. .
This is because it is believed that there is a possibility of restrictions on people’s economic activities in the event of a large-scale power outage due to a natural disaster, etc., or if non-cash payment methods are difficult to pay due to digital security issues.
Accordingly, Sweden legislated the obligation of large commercial banks to provide deposit and withdrawal services, and the United Kingdom strengthened the authority of the central bank by granting the Bank of England the authority to supervise the currency distribution system.
The Central Bank of New Zealand is carrying out various research projects, including a currency distribution system reform program.
Participants at the meeting evaluated that, among the policy response cases of major countries, institutionalization efforts through legislation need to be referred to in Korea when discussing response measures in the future.
2023-11-08 09:03:43
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