Businessman: Old $100 bills should be accepted only up to December 27

Date: 
Tuesday, December 10, 2019 - 18:00

At least one busi­ness­man is sug­gest­ing that busi­ness­es make De­cem­ber 27 the last day to ac­cept the old $100 bills.

CEO of ADM Im­port and Ex­port Dis­tr­b­u­tors Lim­it­ed and for­mer pres­i­dent of the Su­per­mar­kets As­so­ci­a­tion Bal­li­ram Ma­haraj yes­ter­day sent an open let­ter to the Su­per­mar­kets’ As­so­ci­a­tion, Cham­ber of Com­merce, all oth­er Cham­bers and Busi­ness As­so­ci­a­tions, in­clud­ing any busi­ness which does walk-in cash de­posits at the banks, and do not use the night vault ser­vices via de­posit bags, sug­gest­ing that a sign is placed in a vis­i­ble part of all busi­ness­es, that Fri­day 27th De­cem­ber 2019 will be the last day for the Pub­lic to bring in old hun­dred dol­lar bills.

 

Ma­haraj said he’s mak­ing the sug­ges­tion bear­ing in mind that Sat­ur­day 28th and Sun­day 29th are not bank-work­ing days, Mon­day 30th will be the last full bank work­ing day for the year, and Tues­day 31st will be a half-day bank work­ing day.

This he said, “puts all of us at a high risk to meet the dead­line of the 31st De­cem­ber 2019. Even though most of us who de­posit mon­ey in­to the banks on the 31st of De­cem­ber can ob­serve the funds be­ing cred­it­ed by the first day of the New Year, there could be con­flicts with de­posits be­ing con­sid­ered hav­ing been made af­ter the dead­line of the 31st.”

Ma­haraj said as a se­nior busi­ness­man with over 60 years’ ex­pe­ri­ence, and a law-bid­ing cit­i­zen, he is con­cerned about the de­ci­sion tak­en by the Gov­ern­ment to take the ex­ist­ing hun­dred dol­lar bills out of cir­cu­la­tion, es­pe­cial­ly at this busy time of year.

Ma­haraj said while there may be valid rea­sons for the de­ci­sion to up­date the old hun­dred dol­lar bills to the se­cu­ri­ty-en­hanced poly­mer notes, the De­cem­ber 31st dead­line for use of the old bills has the po­ten­tial for some cop­n­flicts with de­posits and “in or­der to avoid con­fronta­tion and ques­tions be­tween the Banks, the Cen­tral Bank and the Pub­lic, it is rec­om­mend­ed that the Pub­lic co­op­er­ate and en­sure that all mon­ey is ei­ther utilised, or de­posit­ed in the banks, by Fri­day 27th De­cem­ber, 2019.”

Ma­haraj said it will be eas­i­er to “work around the dead­line than to try to arrange meet­ings in the lim­it­ed time to dis­tort the en­tire process as planned by the au­thor­i­ties.”

Tags: 
Category: