The Bangko Sentral ng Pilipinas (BSP) warns the public that the willful defacement, mutilation, tearing, burning or destruction of Philippine banknotes and coins are punishable by a fine of not more than PHP20,000.00 and/or imprisonment of not more than five years, under Presidential Decree No.
Can you iron Philippine money?
MANILA – The Bangko Sentral ng Pilipinas (BSP) is reminding the public to take care of paper bills drenched in rain. … Malic warned the public to avoid using a heated clothes iron to dry paper bills because it will burn the security patch and window thread, which will make the bill lose its value.
Can you iron currency?
You can safely iron U.S. currency, because “paper” bills are made from a mixture of 75 percent cotton and 25 percent linen. … Smooth the bills and place them on a dry towel on an ironing board. Place another towel on top of the currency. Set the iron to low heat and press the money using a circular motion.
Is it illegal to fold money Philippines?
Under the law, writing or putting marks on banknotes is prohibited. Tearing, burning or destruction of Philippine currency, including excessive folding or crumpling that may affect its visual appearance or breakage, is also not allowed.
What can I do with ripped money Philippines?
What to do with mutilated currency: Present it at any bank to have it forwarded to the Bangko Sentral ng Pilipinas (BSP) for analysis. You should also place it in appropriate containers to avoid disintegration while in transit.
Is writing on money illegal?
Yes, It’s Legal! Many people assume that it’s illegal to stamp or write on paper currency, but they’re wrong! … You CANNOT burn, shred, or destroy currency, rendering it unfit for circulation.
Can I still exchange my old Philippine Money 2020?
Effective January 1, 2017, we can no longer use old Philippine money or old peso bills. According to BSP (Bangko Sentral ng Pilipinas), the old banknotes that have not been exchanged shall no longer have monetary value. So it is suggested to exchange all your remaining old peso bills while they’re still valid.
Why do you iron money?
Banknotes tend to accumulate sebum, dirt, and bacteria over time. So, washing your bills first before you iron them can effectively sanitize and remove mild stains and films from them. There are a few ways how this can be done: Wash Bills in the Washing Machine.
What happens if you flat iron money?
Iron the bill while the iron is heating up to prevent damage to the bill (particularly if your lowest setting on the iron is still quite hot). Banks will trade your crumpled dollar bills for new bills in most cases.
Is tearing money a crime?
Under section 333 of the U.S. Criminal Code, “whoever mutilates, cuts, defaces, disfigures, or perforates, or unites or cements together, or does any other thing to any bank bill, draft, note, or other evidence of debt issued by any national banking association, or Federal Reserve bank, or the Federal Reserve System, …
Is Destroying money illegal?
Burning money is illegal in the United States and is punishable by up to 10 years in prison, not to mention fines. … Second, defacing printed currency in an act of protest is often compared to burning the American flag.
Is it okay to staple money?
Stapling money money is against Philippine laws. Doing so is equivalent to defacing or mutilating money.
Do banks accept damaged bills Philippines?
MANILA, Philippines—The public may still replace their damaged peso bills in banks as long as they meet minimum requirements for size, the presence of security features and have not been purposely tampered with, according to the central bank.
Can banks refuse damaged money?
A bank does not have to accept a ripped bill if it’s too badly mutilated or there’s not enough left of the original. The bank does have to evaluate your damaged currency to see whether it can be replaced.
Will the bank replace torn money?
Assess the damage.
If it is damaged but not mutilated and you do not want to use that currency for any reason, you can exchange that money at your local bank. Money that has been mutilated or extensively damaged beyond repair or use should be submitted to the US Bureau of Engraving and Printing or the US Mint.