The deadline of 20 years to exchange recalled banknotes should be abolished, the Federal Council suggested on Wednesday.
The current system, which was introduced in 1921, operates under the assumption that discontinued notes which are not returned to the bank within the exchange deadline have either been lost or damaged.
In a proposal to parliament, the Federal Council suggests that this rule is no longer in keeping with the reality of modern life. Life expectancy and the population’s mobility has increased dramatically in recent years, the government wrote in a statement. Abolishing the conversion deadline would prevent people from suddenly owning money that has become worthless.
The Federal Council also said that the change would not increase the risk of crime. The rule that banknotes cannot be used as payments six months after they are recalled would remain the same. After this period, they would need to be exchanged at a Swiss National Bank counter where their authenticity and origin will be established, it said in the statement.
Other internationally significant and globally-traded currencies such as the British pound sterling, the euro and the US dollar can already be exchanged for an unlimited amount of time.
What do you think Switzerland’s Alain Berset can bring to the Council of Europe?
The former interior minister is to become the first Swiss Secretary General of the Council of Europe – which issues should his five-year term focus on?
How is your country dealing with the return of stolen artifacts?
Western nations like Switzerland often have to deal with the process of recovering or returning looted artifacts which have been illegally imported. What’s the situation like in your country?
Swiss cinemas report drop in admissions in first half of 2024
This content was published on
The decline in cinema-goers has continued so far this year. Swiss films and smaller cinemas are holding up better than big US productions and multiplex.
Spread of Japanese beetle leads to lawn-watering bans in Basel
This content was published on
Basel City authorities have extended an infestation zone with strict guidelines to a good third of the canton’s territory.
Bad weather forces closure of many Swiss hiking trails
This content was published on
Some 620 trails are still closed due to the extreme weather this summer, with the canton of Valais particularly hard hit.
This content was published on
The two cities have beaten off Zurich and Bern to make it onto the shortlist to host the Europe-wide singing extravaganza next May.
This content was published on
Construction expenditure rose by 0.3% last year in nominal terms, but the price-adjusted situation reveals a 2.5% drop, statistics show.
Another body found in southern Switzerland after June storms
This content was published on
The body found in the Maggia river in Ticino on Thursday is “likely” to be the sixth victim of storms last month, police said.
Swiss helicopter rescue pioneers safe autopilot approach system
This content was published on
Swiss air rescue company Rega has received approval for a new kind of instrument flight system for approaching a hospital.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
20 facts about the new CHF20 note
This content was published on
The new Swiss CHF20 now in circulation is 'billed' as the world's most secure bank note. Read more about that and 19 other facts.
This content was published on
Following release of the new 50-franc note, other denominations will be introduced at intervals of 6 months to a year, with the entire new series expected to be in circulation by 2019. Surprisingly for Switzerland, known for its punctuality, the Swiss National Bank (SNB) is more than five years behind schedule in releasing the new…
Free-money stunt highlights basic income initiative
This content was published on
The initiative’s founders would like to see an unconditional basic income of CHF2,500 per month for all legal residents of Switzerland, and CHF625 for each child, although the initiative text does not specify an amount. The aim is to allow people to choose how they want to live their own lives, without making choices based…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.