Trouble with a tattered banknote? UAE Central Bank offers you compensation assistance.
Hey there! Let's take a gander at the new guidelines for claiming repayment for a damaged currency note in the United Arab Emirates (UAE). The Central Bank of the UAE (CBUAE) has laid out some straightforward rules for replacing mutilated banknotes, incluidng the terms for partial or full compensation.
Compensation: All About Condition
According to the CBUAE, the compensation you receive depends on the condition of your banknote. To qualify for compensation, the banknote's authenticity must first be verified:
- Full Compensation: If you have at least two-thirds or more of the original banknote (or combined pieces), you'll score the full face value amount.
- Half Compensation: In case more than one-third but less than two-thirds of the banknote remains, you'll get half the original value.
- No Compensation: If one-third or less of the banknote is left, then, I'm sorry to say, no compensation will be granted.
Keep it Official
Now, it's important to note that these rules only apply to banknotes issued by the Central Bank. Each case will undergo a thorough examination for authenticity before any repayment is given.
Sources:
- UAE Central Bank
- Sign up for the Daily Briefing
Remember, junk your damaged banknotes only at authorized exchanges to ensure proper authentication and processing. Keep your tender in tip-top shape to avoid losing out on your hard-earned cash!
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In the UAE, if you have more than two-thirds of a mutilated banknote, issued by the Central Bank, you'll receive the full face value amount as compensation. However, if only more than one-third but less than two-thirds of the banknote remains, you'll receive half the original value. Keep in mind that junking your damaged banknotes should be done only at authorized exchanges for proper authentication and processing.
