The Monetary Authority of Singapore (MAS) is making 'fit notes' available for Chinese New Year gifting, encouraging sustainability by reducing emissions from new note production.
From January 7, the public can book fit-for-gifting bank notes for Chinese New Year, said the Monetary Authority of Singapore (MAS) on Thursday (January 2). These 'fit notes' are 'generally clean and of suitable quality for recirculation, including for festive gifting', said the authority. MAS also encouraged the public to be more environmentally conscious by choosing fit notes over new notes or giving digital red packets during the festive period.
Bookings must be made online through the banks' official websites or mobile banking applications, said MAS. To protect customers from phishing scams, banks will not send any SMS messages with clickable links to customers, said MAS. To make it easier for the public to obtain fit notes, DBS, OCBC and UOB will also be increasing the number of pop-up and branch ATMs dispensing such notes in various locations across Singapore, the authority added. For DBS, OCBC and UOB, only those aged 60 and above or people with disabilities will be allowed to walk in to exchange their old notes for fit or new notes from January 14. Customers of other banks may refer to the respective banks’ websites for details on fit and new notes exchange. MAS said the condition of fit notes has been verified by bank note processing machines and they are similar in quality to notes from ATMs. Gifting fit notes or digital red packets 'preserves' the Chinese New Year tradition 'while reducing carbon emissions from producing new notes'. More than 11.7 million fit notes were exchanged at the banks last year, a 5 per cent rise from the previous Chinese New Year. 'This resulted in emissions savings of around 408 tCO2e, equivalent to the annual emissions from powering about 220 four-room public housing flats,' said MAS
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