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£20 and £50 in the UK will be withdrawn after 100 days

The Bank of England, the UK’s leading bank, has announced that the £20 and £50 notes can only be used for the next 100 days.

Accordingly, the £20 and £50 notes in the possession of the citizens should be spent or deposited by the end of September.

The bank said an estimated 163 million £50 and 314 million £20 notes were still in circulation.

This is due to the decision to replace with plastic versions, just like the £5 and £10 note, which are more durable.

The announcement further states that the existing notes will be replaced as it is difficult to forge them.

In addition, from October, individuals with a UK bank account will be able to deposit these notes into their account or post office but will not be able to spend them.

And also £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland and Bank of Scotland will also be withdrawn on the same date.

The £20 notes issued by Bank of Ireland, AIB Group, Danske Bank, and Ulster Bank in Northern Ireland will also be withdrawn after 30 September. (colombotimes.lk)

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