Local news

R200 notes are safe to accept as payment

The South African Reserve Bank (SARB) confirmed that retailers cannot refuse payments in R200 notes.

South African Reserve Bank (SARB) issued bank notes currently in circulation, especially R200 notes, can be safely accepted as legal tender.
This is according to SARB’s head of currency, Pearl Kgalegi.

The statement comes after the Benoni City Times received calls from concerned members of the public, claiming that certain retailers are refusing to accept the notes as payment.

Speaking to the publication, Kgalegi said that the newly issued currency, which is in circulation as well as those depicting the portrait of Nelson Mandela, are valid forms of payment.

“The bank has not issued any directives indicating that R200 notes may not be accepted,” said Kgalegi.

“With the advancement of technology and security feature upgrades, the bank can confidently say that we are one step ahead of fraudsters,” she said.
“Our bank notes feature multiple security features thus making it difficult to emulate. These features further make it easier to authenticate genuine banknote and reject counterfeit notes.”

Kgalegi said that in 2010 the SARB temporarily withdrew the R200 from circulation due to an increase in forgeries.
During that time consumer were urged to hand the notes in at their local commercial bank or directly to the SARB for a full refund in other dominations.
“There is no risk in accepting these notes, however, members of the public as well as retailers are welcome to contact us should they have any concerns,” she said.

“Given the information that certain retailers in Benoni are refusing these notes as payment, SARB representatives will be visiting the city as well as neighbouring cities throughout the East Rand to educate management and cashiers about recognising the authenticity of the notes.

“Anyone who is in possession of R200 notes and fears that it will not be accepted as payment is welcome to visit their banking outlet and request it to be swapped.”
For more information contact the SARB on 0861 127 272 or log on to their website wwww.southafricanreservebank.co.za.

Also Read: Nedbank Tour de Tuli MTB route revealed!

Also Read: Postbank apologises for social grants delay

   

Related Articles

Check Also
Close
Back to top button