EARLY WARNING - Exchange Your R200 Notes Before 31st July 2010

EARLY WARNING

Exchange Your R200 Notes Before 31st July 2010



By Nikki Viljoen – Viljoen Consulting July 2010.

I received this communication from one of the banks:

“The South African Reserve Bank (SARB) recently announced the withdrawal of the old R200 notes and extended the deadline for exchanging notes at commercial banks, until 31 July 2010. After this date old R200 notes will need to be exchanged at SARB branches.

New features to look out for.
Among the most identifiable changes to the new series of notes is the replacing of the raised dots on the front of the old notes with diamonds on the new series of notes. These help the visually impaired to distinguish between denominations and vary in number from note to note, the R200 note featuring five diamonds.

For details on these and other new security features visit the SARB website at
www.reservebank.co.za.

What to do before 31 July 2010
The SARB has extended the deadline to exchange old R200 notes at any commercial bank to 31 July 2010. This means that you can exchange your old R200 notes at any commercial bank branch up to this date at no charge for amounts of up to R10 000, provided that the notes are not counterfeit. If you need to exchange more than R10 000, you will need to deposit this amount into a bank account and supply the following details and documentation:
* Positive identification, such as a valid identity document or passport.
* Bank account details of the account the money will be deposited into.
* The source or origin of the funds.
* Proof of residence, such as a recent electricity bill, rates and water account or telephone account.

What to do after 31 July 2010
The SARB will exchange amounts of up to R10 000 at its branches listed below. Any amounts over R10 000 will be paid directly into the account of the person or company making the exchange. You will also need to supply the following documentation to the SARB for amounts of R5 000 and over:
* Positive identification, such as a valid identity document or passport.
* Bank account details of the account the money will be deposited into.
* The source or origin of the funds.
* Proof of residence, such as a recent electricity bill, rates and water account or telephone account.

The SARB’s office hours are from 09:30 to 15:00. For details on branch locations please visit the SARB website at
www.reservebank.co.za.
For more information contact your Small Business Services representative.
Stay up to date with the changes

South Africa has a family of five banknotes. The phasing out of the old notes is a gradual process, which started with the R200 note. Please make sure you stay up to date with the changes and further communication from the SARB by visiting the SARB website at www.reservebank.co.za.”

Nikki is an Internal Auditor and Business Administration Specialist who can be contacted on 083 702 8849 or nikki@viljoenconsulting.co.za or http://www.viljoenconsulting.co.za