KABUL (SW): Last winter, the Da Afghanistan Bank (central bank) announced that from the beginning of 1396 (2017), the banknotes which are stamped, pierced, has holes in it, has been written on, or as a result of acid has changed color or been damaged would no longer be accepted.
However, in the summer, DAB again announced that all legal banknotes in circulation are valid. Currently, money changers (Saraf), in a number of locations are exchanging such banknotes at lower prices than its exact value.
In the Pul-e Khishti area of Kabul, a number of people have been freely buying and selling the decomposed money. These people, who purchase such banknotes at lower values, told Salam Watandar that they exchange this money at the DAB without any difficulty.
Some of these people in conversation with Salam Watandar said that they have been purchasing AFN 5000 worth of cash from shopkeepers in exchange for AFN 4800, and exchange it at the DAB with 5000 new notes and earn AFN 200 per transaction.
Rahimullah, one of these moneychangers (saraf), said that he has been taking the decayed banknotes to the DAB, and receiving the new banknotes in exchange. He added that he has been charging his clients up to 10 per cent. Ghani, another moneychangers from Sarai Shahzada, said: “People bring decayed banknotes, and we purchase it at a lower price from them and exchange those back at the DAB altogether for the exact face-value of the currency".
Meanwhile, some Islamic banking advisors consider exchanging of the same currency at different price to be un-Islamic and illegal. Mohibullah Sharif, Islamic banking advisor, said buying and selling of ordinary banknotes (money) with the same money, but at lower or higher price for the purpose of profiting is forbidden in Islam.
Officials at the DAB also agree buying and selling of decayed and pierced money in the open market for different rate are illegal.
Aimal Hashor, spokesperson for DAB, told Salam Watandar, all bills have their exact value, and exchanging or buying and selling of those decayed money for less or more is against the law. Mr. Hashor added that the DAB has asked all its branches that whenever people bring a large amount of decayed money to the bank to convert it to new ones, they should be referred to police for investigation.
Najib Danish, spokesperson for the Ministry of Interior, emphasized that police have been seriously pursuing these cases, and if some people have been systematically planning to profit from such work, they will be investigated and treated in accordance with the law.
ENDS
