Order Calling in Certain Notes: SOR/2019-146

Canada Gazette, Part II, Volume 153, Number 13

Erratum
SOR/2019-146

CURRENCY ACT

Order Calling in Certain Notes

Notice is hereby given that the Regulatory Impact Analysis Statement of the above-mentioned Order, published in the Canada Gazette, Part II, Vol. 153, No. 11, dated Wednesday, May 29, 2019, contained errors. Accordingly, the following modifications are made.

At page 2108

In the first paragraph under the section titled “Objective,” delete the following sentence:

• Following the removal of legal tender status, $1,000 bank notes would, after a transition period, only be exchangeable at the Bank of Canada.

Replace by:

• Following the removal of legal tender status, $1,000 bank notes would, after a transition period, only be redeemable at the Bank of Canada.

At page 2110

In the second paragraph under the section titled “Modern treaty obligations and Indigenous engagement and consultation,” delete the following sentence:

• Because the Bank of Canada will continue to honour these bank notes and exchange them for new polymer notes, no specific group is expected to be adversely affected.

Replace by:

• Because the Bank of Canada will continue to honour these bank notes and redeem them at face value, no specific group is expected to be adversely affected.

At page 2111

In the first paragraph under the section titled “Costs and benefits,” delete the following sentence:

• The Bank of Canada already has processes in place to accept bank notes from the public and replace them with either new notes or electronic balances.

Replace by:

• Financial institutions have processes in place to accept bank notes from the public and replace them with either new notes or electronic balances. Owners may also redeem the value of their bank notes at the Bank of Canada.

At page 2112

In the sixth paragraph under the section titled “Costs and benefits,” delete the following sentence:

• Once removed from circulation, these notes could only be exchanged at financial institutions and the Bank of Canada.

Replace by:

• Once removed from circulation, these notes could only be exchanged and redeemed at financial institutions and the Bank of Canada.

At page 2114

Under the section titled “Implementation,” delete the following sentence:

• The Bank of Canada will prepare internally for the increase in volume and will have processes in place to receive the affected bank notes and exchange them for current bank notes.

Replace by:

• The Bank of Canada will prepare internally for the increase in volume and will have processes in place for owners to send in their affected bank notes so that they can be redeemed at face value.