The Bank of England asks all Britons to spend or exchange all their £20 and £50 notes by 30 September. Britain’s central bank plans to replace the old denominations with new banknotes made of polymer.
An interesting detail about the redemption campaign is that the Bank of England specifically urges UK consumers and businesses to be extra vigilant until September 30 on all £20 and £50 notes they receive. There seems to be a fear of the entry of black money and counterfeit money. After all, the criminal money is also declared invalid after the time limit has passed.
Holders of the £20 and £50 notes are called upon to spend their money or deposit it into their checking account. The banknotes exchanged at the Bank of England will be replaced with new ones. The new note will feature the faces of JMW Tuner (painter) and Alan Turning (mathematician).
After September 30, the old banknotes will lose their legal tender status. By the way, September 30 is not a difficult deadline. Britons will also have the opportunity to deposit their £20 and £50 notes with their bank after 30 September.
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