The Bank of England has asked people to return old banknotes featuring the portrait of Queen Elizabeth. Brand new banknotes featuring the portrait of the new monarch, King Charles III, are due to be circulated in the UK on Wednesday.
Also Read: Queen Camilla drops update on King Charles’s health, says ‘he would be better if…’
The circulation of the new currency would make King Charles III to be the second British monarch to be the face of the Bank of England notes. However, will introducing new notes mean that the old notes will become invalid?
Also Read: Deleted: Royal Family removes Prince Harry’s 2016 statement on Meghan Markle; here’s why
What should people do about old banknotes?
According to Daily Express, people can return their old banknotes till June 30. People can exchange their old notes from June 5 to June 30 up to the value of £300 for the new ones. The new notes look completely the same to the previous one, except they feature the image of King Charles III.
Also Read: NASA postpones Sunita Williams’ piloted Starliner launch for third time. What’s causing the delay?
How to exchange banknotes?
People can exchange their banknotes till June 30. People can change their banknotes by visiting the BoE counters between June 5 and June 11 at the Bank of England counter at Threadneedle Street. People can also exchange their banknotes up by filling an application form. The process is available for those who are living at a UK address.
Can people still use old notes?
The old banknotes in featuring Queen Elizabeth II will continue to remain valid and will remain in circulation along with new ones to ease the transition. The new banknotes have been printed out to replace the old and worn-out notes. According to Daily Express, King Charles III previewed the notes at Buckingham Palace before they were approved Bank of England. He was presented with banknotes with lower denominations.
You are on Mint! India’s #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
