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Federal Council of Switzerland Suggests Removal of Deadline for Exchanging Old Banknotes

22 Mar 2018  Thu

The Federal Council of Switzerland recently suggested that the deadline of 20 years to exchange old banknotes should be removed. As per the current system, discontinued notes which are not exchanged within the deadline are considered to be either lost or damaged.

The Federal Council suggests life expectancy and the population’s mobility have increased considerably recently. The current norm will not allow people to own money which has suddenly become worthless.

The council also believes that this would not increase the risk of crime. Banknotes cannot be used for transactions six months after they are discontinued. After the deadline, people would have to exchange these notes at a Swiss National Bank. Their authenticity and origin will be confirmed during the exchange. The British pound sterling, the euro, and the US dollar can be exchanged for an unlimited amount of time.

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