+- ShareholdersUnite Forums (http://shareholdersunite.com/mybb)
+-- Forum: Companies (http://shareholdersunite.com/mybb/forumdisplay.php?fid=1)
+--- Forum: InterOil Forum (http://shareholdersunite.com/mybb/forumdisplay.php?fid=4)
+--- Thread: Paper Kina Worthless as IOC PA June Sunset (/showthread.php?tid=3304)
Paper Kina Worthless as IOC PA June Sunset - Tree - 04-10-2013
What if all IOC's $ is in paper kina under Colin's mattress?? We should warn him - Hemi get onnit!!
**********
All paper banknotes in circulation in the country will be withdrawn by the Bank of PNG by June 2013, after which they will not be accepted as legal tender.
The bank has been announcing to the public that paper banknotes denominations K2, K5, K10, K20, K50 and K100 as well as the K2 coin will be removed from circulation.
In their place will be the polymer or plastic notes in the same denominations. Polymer notes in circulation will continue.
Governor Loi Bakani said in a public statement carried yesterday that the public can keep any of the notes as memorabilia but warned that they would be worthless after the deadline passes.
“The public is advised to return all paper banknotes and the K2 coins to any of the commercial bank branches or directly to the Bank of PNG before June 30th 2013 for payment on face value,” Bakani said.
“The Bank of PNG will not accept any of the paper banknotes and K2 coin after June 30, 2013.
“Members of the public who wish to keep the demonetised currencies for memorabilia purposes may do so but the Bank will bear no responsibilities on its intent..”
RE: Paper Kina Worthless as IOC PA June Sunset - ArtM72 - 04-10-2013
If true, this is just ridiculous if not the greatest theft PNG will have ever seen.
In a country where transportation and communication is as difficult as it is in PNG, where managing the paperwork of an election takes months and strains the nation as a whole, where most people's entire life savings are probably tied up in bills smaller than K20s somebody plans to cancel and replace all paper and coinage in the next two month? With all the communication, production and transportation assets and capacity the US or Canada has that kind of move would be impossible. In PNG? Grand theft.
Maybe June 2023.