Taiwanese people will be allowed to exchange their money for new NT$100 banknotes at 454 public stock banks and post offices from 8th February onwards.
There is a tradition in Taiwan, in which people put money in red envelopes and gift them to their dear ones at the onset of the Lunar New Year. During this period there is a high demand for new notes.
Bank officials have stated that 100 yuan note is the most popular during this festive season because of its red colour which represents prosperity and joy in Taiwanese culture. Each person will be allowed to exchange their money for new 100 yuan bills with an upper limit of NT$10,000.
The public had also requested the banks to release only new notes through ATMs. This, however, was not possible because both new and old notes are automatically sorted together in the ATMs.