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.”