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What is this Fit-for-Gifting notes (Fit notes) promotion during this Lunar New Year (LNY) all about?
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Source: https://www.mas.gov.sgThe issuance of new notes to meet the demand for festive gifting wastes resources and generates unnecessary carbon emissions. A large majority of new notes are used only once for gifting, and are returned to MAS shortly after each LNY. While most of the returned notes are recirculated to meet public demand, such as to replace unfit notes in circulation, the volume of such notes far exceeds replacement needs. The excess notes are subsequently destroyed before the end of their useful life. The carbon emissions from the issuance of excess new notes annually are comparable to powering 430 four-room HDB flats. It would require 10,000 new trees to be planted to offset the emissions.
The practice of printing new notes for festive gifting and subsequently destroying most of them is not in line with environmental sustainability and Singapore’s aspiration to achieve net zero carbon emissions by 2050 as part of the global effort to mitigate climate change.
MAS and The Association of Banks are thus encouraging the use of Fit notes, a more sustainable option, during festive gifting to reduce the environmental impact of new notes issuance. Members of the public giving physical hong baos for LNY can play their part in protecting the environment by choosing to use Fit notes instead of new notes.
For more information on Fit notes, please visit here.
The practice of printing new notes for festive gifting and subsequently destroying most of them is not in line with environmental sustainability and Singapore’s aspiration to achieve net zero carbon emissions by 2050 as part of the global effort to mitigate climate change.
MAS and The Association of Banks are thus encouraging the use of Fit notes, a more sustainable option, during festive gifting to reduce the environmental impact of new notes issuance. Members of the public giving physical hong baos for LNY can play their part in protecting the environment by choosing to use Fit notes instead of new notes.
For more information on Fit notes, please visit here.
This information provided here is sourced from the MAS website.
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