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4 hours ago
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ARTICLE AD BOX
Full or half compensation is possible for damaged UAE banknotes, depends on how much of the note remains and authenticity.
The Central Bank of the United Arab Emirates (CBUAE), the country’s supervisory and regulatory authority for the banking and insurance sector, has issued detailed guidelines on how residents can claim compensation for damaged, torn, or incomplete banknotes.
As the institution responsible for promoting financial stability, consumer protection, and economic resilience, the CBUAE ensures that compensation is provided fairly and based on strict verification criteria.Compensation is granted only after verifying the authenticity of the currency, and the amount returned depends on how much of the note remains intact.
How compensation Is determined
The CBUAE applies strict measurement-based criteria to determine the value of compensation:
- Full Value Compensation:
You will receive the full face value of the note if two-thirds (2/3) or more of the note’s area, or the combined parts of it is intact. - Half Value Compensation:
If more than one-third (1/3) but less than two-thirds (2/3) of the note’s area remains, you will receive half the face value. - No Compensation (No Value):
If one-third (1/3) or less of the note’s area remains, no compensation will be given.
Additional guidelines for damaged currency
- The Central Bank will only compensate notes it has issued, and each case is reviewed individually for authenticity and eligibility.
- According to the Bank's regulations, it shall pay the value of torn, mutilated, or imperfect notes only if they meet specific requirements. Notes that do not meet those conditions will be withdrawn without compensation.
- Coins that have lost their features, become deformed, or changed shape due to anything other than normal use will also be withdrawn without any compensation.
If you’re holding a damaged note, make sure it meets the guidelines before submitting it for exchange.
Only notes that clearly fall within the approved criteria will be eligible for replacement.To claim compensation for torn notes in the UAE, you can visit any bank branch in the UAE. Banks are obligated to exchange soiled, mutilated, or torn notes for fresh ones, even if you're not their customer. The value of the exchange depends on the extent of damage.
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