{"id":17504,"date":"2022-03-29T18:38:04","date_gmt":"2022-03-29T18:38:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/29\/paper-20-and-50-to-be-withdrawn-in-six-months\/"},"modified":"2022-03-29T18:38:04","modified_gmt":"2022-03-29T18:38:04","slug":"paper-20-and-50-to-be-withdrawn-in-six-months","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/29\/paper-20-and-50-to-be-withdrawn-in-six-months\/","title":{"rendered":"Paper \u00a320 and \u00a350 to be withdrawn in six months"},"content":{"rendered":"
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The Bank of England has urged people to spend or deposit their paper \u00a320 and \u00a350 notes before the notes are no longer legal tender in six months.<\/b><\/p>\n<\/div>\n

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The bank is replacing the paper bills with more durable plastic bills with artist JMW Turner and mathematician Alan Turing.<\/p>\n<\/div>\n

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More than \u00a317 billion worth of paper notes are still in circulation, the bank said.<\/p>\n<\/div>\n

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But after September 30, people won’t be able to use the paper bills to pay in stores and other businesses.<\/p>\n<\/div>\n

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From October, people with a UK bank account will still be able to deposit the paper notes into their accounts. <\/p>\n<\/div>\n

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Some post offices may also accept the old bills as payment for goods and services or as a deposit into an account accessed through the postal service, the bank said.<\/p>\n<\/div>\n

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The paper notes can also be exchanged by the Bank of England.<\/p>\n<\/div>\n

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Sarah John, chief teller at the Bank of England, said banknotes were being switched from paper to polymer “because these designs are more difficult to counterfeit and at the same time more durable”.<\/p>\n<\/div>\n

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The bank confiscated \u00a35 and \u00a310 paper notes as legal tender in May 2017 and March 2018 respectively.<\/p>\n<\/div>\n

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On 23 June 2021, the polymeric \u00a350 note went into circulation, meaning that the bank’s entire collection of currently printed notes is made of plastic. The new note features a portrait of Mr. Turing, who invented modern computers and played a crucial role in the Allied victory over Nazi Germany in World War II. <\/p>\n<\/div>\n

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The use of cash fell sharply during the coronavirus pandemic as lockdown restrictions reduced spending opportunities and online transactions increased.<\/p>\n<\/div>\n

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However, cash still accounted for 17% of all payments in 2020, according to the latest figures available from UK Finance banking association, making it the second most popular payment method after debit cards. Figures for 2021 will be released this summer.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bank of England has urged people to spend or deposit their paper \u00a320 and \u00a350 notes before the notes are no longer legal tender in six months. The bank is replacing the paper bills with more durable plastic bills with artist JMW Turner and mathematician Alan Turing. More than \u00a317 billion worth of paper […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-17504","post","type-post","status-publish","format-standard","hentry","category-business"],"yoast_head":"\nPaper \u00a320 and \u00a350 to be withdrawn in six months - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/03\/29\/paper-20-and-50-to-be-withdrawn-in-six-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paper \u00a320 and \u00a350 to be withdrawn in six months\" \/>\n<meta property=\"og:description\" content=\"The Bank of England has urged people to spend or deposit their paper \u00a320 and \u00a350 notes before the notes are no longer legal tender in six months. 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