Will old $100s be valid on Jan 2?

THE Supermarket Association of TT (SATT) wants to know if the Central Bank (CBTT) will honour the old $100 notes made via night deposits on Old Year's Night.

SATT wants clarification in writing from the CBTT that “old $100 notes” left in night deposits at midnight on December 31 would be honoured and credited to their member’s accounts when they are opened on January 2, 2020.

In a statement, the association said that without that assurance it would have no choice but to stop accepting the paper notes before the December 31 deadline.

“The public will be aware that some retailers have set deadlines at their establishments to stop accepting the old $100 cotton notes even though the CBTT has advised it is legal tender up until midnight December 31, 2019.

"Establishments that revolve around cash based environments operate via Cash in Transit Systems whereby a night deposit facility receives into its possession of its respective commercial bank’s cash management department to be processed for deposit into its respective client’s account.

“Throughout the thread of this entire procedure, there usually exists a delay between pickup and when funds are actually credited to the respective client’s account. This has now created a logistical nightmare for retailers who are at risk of being in possession of ‘old’ notes in the new year and it becoming non legal tender as commercial banks have received no assurances from the CBTT which is in charge of conducting this national operation.”

SATT noted with the sheer volume of cash banks are processing, they are also overwhelmed by way of all citizens having to participate in this mandatory exercise and will certainly be at risk of processing its client’s deposits, including supermarkets, later than usual.

“SATT is urgently calling on the CBTT to address these logistical concerns formally in writing. Explicit clarification is sorely needed to know that all funds in unopened night bags that are in the possession of commercial banks in the night depository as at 12.01 am on January 1, 2020 will be honoured as legal tender when they are opened on January 2,2020 henceforth to be credited to the respective accounts of its member supermarkets."

“In the event that is there is an absence of this clarification by the CBTT, the SATT will have no choice but to make the public aware of the advance dates that supermarkets will no longer be accepting the old $100 notes to avoid being penalized for a situation which in all fairness is no fault of our members.”