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'Fit-for-gifting': MAS encourages public to choose more environmentally friendly fit notes for Chinese New Year
MAS said that online pre-booking of fit-for-gifting, or fit, notes for DBS, OCBC and UOB customers will start from Wednesday, 17 January.
SINGAPORE — In an effort to be more environmentally friendly, the Monetary Authority of Singapore (MAS) is encouraging the public to choose "fit-for-gifting" currency notes – or fit notes – and e-hong baos rather than gifting new notes for the upcoming Chinese New Year celebrations.
MAS said on Monday (15 January) online pre-booking of fit notes for DBS, OCBC and UOB customers will start from Wednesday, 17 January.
Fit notes are used currency notes that are generally clean and of suitable quality for recirculation, including for festive gifting. The condition of these notes has been verified by banknote processing machines and is similar in quality to notes from automated teller machines (ATMs), said MAS.
MAS said that gifting fit notes "reduces carbon emissions and wastage, while conveying the same well wishes to loved ones". The central bank revealed that the last Chinese New Year saw over 11 million pieces of fit notes exchanged by members of the public. This resulted in emissions savings of approximately 400 tCO2e, equivalent to the annual emissions from powering about 220 4-room Housing and Development Board (HDB) flats.
Around 100 million new notes are issued every year to meet the demand for festive gifting, according to MAS. Most are only used once before being returned to the central bank. The number of returned notes far exceeds replacement needs, and excess notes are destroyed before the end of their useful life, resulting in unwarranted carbon emissions.
The resulting emissions are comparable to powering 430 4-room HDB flats annually and would require planting 10,000 new trees to offset the emissions.
How to get fit notes for Chinese New Year 2024
Customers who wish to exchange fit notes or new notes at the bank branches must make an online pre-booking through the respective bank's official websites or mobile banking applications.
Collection of pre-booked fit notes at bank branches is scheduled for 24 January 2024 onwards. Alternatively, customers can also opt for withdrawal of fit notes without any pre-booking at selected pop-up and branch ATMs of DBS, OCBC and UOB from 24 January. However, withdrawals for the popular S$2 denominations will only be available for online pre-booking and not at ATMs.
Also read: Carbon emissions from new notes for CNY equal to powering 430 HDB flats
Also read: Singapore central bank encourages use of e-hongbaos for Lunar New Year
Those aged 60 and above or persons with disabilities are exempted from making the online pre-booking and may do a walk-in exchange at bank branches from 24 January 2024. Customers of all other banks may refer to the respective banks' websites for details on fit and new notes exchange.
New notes will still be available for exchange and must be done through online pre-booking. However, the issuance of good-as-new S$2 notes was ceased by MAS during the previous Chinese New Year as part of the initiative to encourage the use of fit notes.
Aside from fit notes, members of the public can also choose e-hong baos to gift, which are digital versions of the traditional red packets offered by banks. Greetings and designs of these digital red packets are customisable, and funds are transferred to recipients via PayNow.
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