The Bank of England is asking all Britons to spend or exchange all £20 and £50 notes by 30 September. The Bank of England intends to replace old banknotes with new banknotes made of polymer.
An interesting detail about the redemption campaign is that the Bank of England has specifically asked British consumers and businesses to be extra wary of all £20 and £50 notes they receive until September 30. There may be fears of entry of black money and counterfeit money. After all, criminal money is also declared invalid after the time limit.
Therefore, owners of the £20 and £50 notes are urged to spend their notes or deposit them into their checking accounts. Notes exchanged at the Bank of England will be replaced with new ones. The new banknotes will feature the faces of JMW Tuner (painter) and Alan Turning (mathematician).
After September 30, old banknotes will lose their legal tender status. Incidentally, September 30 is not a hard deadline. Brits will also have the opportunity to deposit their £20 and £50 notes into their banks after 30 September.
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