Paper TT$100 blue notes

[Hugh S]

All paper $100 bills will turn into (fill in the blank) by December 31st. New plastic bills are coming into circulation now. Partly to fight counterfeiting but probably partly to drum up new business for banks.

Does that mean that my mad money stash will be worthless when I return in the spring?

Thanks, Hugh

[Chris Runciman]

No, you can exchange them ( or spend them?) after you arrive.

[Hugh S]

Thanks Chris. I was told (in a panic) that they would not be exchanged without going to a central bank in Trinidad.

[Chris Runciman]

I should amend my post in that the paper $100 blue bills will no longer be valid after 31December but can be exchanged at a bank. Sorry I was getting conflicting information.....!

[PaulMakin]

Chris - re bank exchange. is is it not that there is a 3 month extension to allow those unable to exchange before 31.12 to catch up ? Examples cited by the minister would be in hospital, off island etc. and proof would be required

sorry OP but genuinely have no idea what the actual situation will play out like - i left for a UK Christmas the day before this was announced !!

paul

[Hugh S]

I hope that they will allow me to exchange my off-island blue notes without a deadline as long as I have my passport and recent plane ticket in hand. I seriously hope this can be done simply in Tobago.

Thanks for the updates.

Hugh

[PaulMakin]

found this :

"In his introduction to the Proceeds of Crime and Central Bank Bill in Parliament last night, Minister of Finance Colm Imbert said people who are out of the country, ill or bedridden and were unable to change their old bills will have up to three months after the appointed date to change them.

He said under the new clause, the Central Bank will be allowed to accept the notes presented three months after the appointed date if it is satisfied that there were good or sufficient reason for failure to exchange the notes."

taken from Loop News - i generally find Loop to be accurate, if a little superficial, in their reporting

paul

[Hugh S]

Thanks for clarifying that. Seems fair although I will still miss the 3 month deadline.

Hugh

[Robert T]

We got seven of those blue notes. Will try to exchange them to GBP here in London tomorrow, guess thats the only way to go about it. Hope it'll go well. You should do the same in the US Hugh.

[Hugh S]

I will have to research that. Not sure if any local banks will do it. Also, might be able to exchange at an airport (probably at a poor exchange rate).

Thanks Robert!

[Codriver]

I have just emailed a bank in Tobago regarding new bank notes. They are still legal tender until 31st December 2019 after that date they are only exchangeable at the central bank which is in Trinidad! Change your notes before going.

[CTDA Castara Tourism]

We have changed all the $100 notes we were holding at our local Lloyds Bank as we have an account there. We did this on Tuesday 17th December and as we had more than we realised, my wife went in there again today . Again no problem!
This was paid straight into our account.The rate today was 10.057 $TT to the Pound Sterling. Do not rely on money changers, Mark & Spencers and the Post Office refused them although ,quite rightly we explained and they could see on their screens they were still legal tender until December 31st use a bank!.
Do not wait until you get to Tobago as you will waste a day of your holiday standing inline at the bank. Load your Mastercard or similar and draw cash at the ATMs.

[Hugh S]

I searched all the major banks in the Seattle, WA area and none carried $TT, few knew what I was talking about. You have the advantage of being family (UK & TT). My solution was to send my blues to family in NY who will hand carry them to Tobago (not a special trip, just holiday travel).

Fingers still crossed!

Thanks for all the input. I heard about a barber who tried to exchange over a million in blues (in T&T) but was refused. How can they prove it isn't all legit?

Hugh

[Chris Runciman]

They do not have to prove anything! You have to provide the proof that the money has come from a legitimate source.

[Hugh S]

How do you do that?

[PaulMakin]

there is a notion that by forcing a "surprise" change to the new notes the cash in circulation on the illicit economy will be forced into the open. by setting limits on what can be exchanged without provenance the banks (government) can re-establish a degree of control over the undeclared transactions - undeclared possibly covering a multitude of sins.

despite having some "walking around money" with me here in the UK which is suspect i'll be writing off when i get back in Jan, this may be a good thing and may go some way to establishing a degree credibility on international money markets.

paul

[PaulMakin]

Latest that i can find; i note use of the word "citizens" and the various qualifying clauses which, tbh, a lot of nationals would find difficult let alone visitors, non-status residents etc

"The three-month extension still stands for citizens who are unable to make their deposits by Old Year’s Day. People falling into this category must go to the Central Bank with valid identification, proof of address and source of funds, and documentary evidence of their inability to convert by December 31. "

paul

[PaulMakin]

Longdenville pastor seems to have amassed over $TT28 million in tithes in the old paper notes.

Care to hazard a guess as to how that played out when he tried to exchange on old years day ?

paul

[Hugh S]

Could he simply open an account and deposit it?

[Chris Runciman]

That is 280,000 notes Hugh !