Business updates

The Bank of Mauritius has, on Tuesday 4^th of December 2018 announced the issue of a polymer banknote of Rs. 2,000 denomination, pursuant to Section 35 of the Bank of Mauritius Act 2004.

The new polymer banknotes has enhanced security features using new security technology. The Bank of Mauritius is therefore starting the issue of the upgraded Rs. 2,000 banknote on polymer substrate with improved security features as from the 5^th of December 2018. The Bank of Mauritius shall at the same time begin the withdrawing from circulation of the current Rs. 2,000 paper banknote.

The current Rs. 2,000 paper banknote will cease to be legal tender as from 1^st of February 2019.

The public is advised to exchange existing paper banknotes of Rs. 2,000 denomination issued by the Bank of Mauritius against the Rs. 2,000 polymer banknotes at any commercial bank or branch thereof until 31st of January 2019.  Rs. 2,000 paper banknotes, which are still in circulation on or after 1st of February 2019, may be exchanged only at the counter of the Bank of Mauritius.

Holders of Rs. 2,000 paper banknote(s) will be required to produce a proof of identity when effecting an exchange of the paper banknote. They may alternatively opt to deposit such banknote(s) into their bank account.  The exchange will, however, be subject to the statutory limit, currently set at Rs500,000, regarding payment in cash. Split transactions will also be closely monitored by banks. Additionally, banks may, irrespective of the amount and if the circumstances so warrant, request proof of the source of fund from the customer.

The full communiqué of the Bank of Mauritius may be accessed here.