On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 02/01/2011.
PART III
CURRENCY
12. All monetary obligations or transactions in Singapore shall be deemed to be expressed and recorded, and shall be settled in the Singapore dollar unless otherwise provided for by law or validly agreed upon between the parties.
13.
—(1) The Authority shall have the sole right to issue currency notes and coins in Singapore and only such notes and coins issued by the Authority shall be legal tender in Singapore.
[11/82; 25/2002]
(2) Currency notes issued by the Authority, if the notes have not been illegally dealt with, shall be legal tender up to their face value for the payment of any amount.
[3/91; 25/2002]
(3) Coins issued by the Authority, if the coins have not been illegally dealt with, shall be legal tender up to their face value in Singapore as follows:
(a)
in the case of coins of a denomination exceeding 50 cents — for the payment of any amount;
(b)
in the case of coins of a denomination of 50 cents — for the payment of an amount not exceeding $10; and
(c)
in the case of coins of a denomination lower than 50 cents — for the payment of an amount not exceeding $2.
[2/69; 11/82; 3/91; 25/2002]
(4) Where a payee has given written notice to the payer that he would not accept as payment all or any of the denominations of currency notes or coins in satisfaction of a debt, subsection (2) or (3), as the case may be, shall not apply to the payment of the debt to the extent specified in the notice.
[25/2002]
(5) Where no written notice under subsection (4) has been given by the payee, payment by the payer in accordance with subsection (2) or (3), as the case may be, in satisfaction of a debt, shall be deemed to have satisfied that debt.
[25/2002]
(6) For the purposes of this Act —
(a)
a coin shall be deemed to have been illegally dealt with where the coin has been impaired, diminished, or lightened otherwise than by fair wear and tear, or has been defaced by having any name, word, device or number stamped or engraved thereon, whether the coin has or has not been thereby diminished or lightened; and
(b)
a currency note shall be deemed to have been illegally dealt with where the note has been impaired, diminished or affected otherwise than by fair wear and tear, or has been defaced by writing or impressing on any note any mark, word, letter or figure or by perforation, cutting, splitting or in any other manner, whether the note has or has not been thereby impaired or diminished.
[3/91]
(7) In any criminal proceedings in which the genuineness of any currency note or coin may be in question, a certificate signed by an officer of the Authority authorised for that purpose that he is satisfied by personal examination that such note or coin is or is not forged shall be held to be conclusive evidence of the same.
[3/91; 25/2002]
(8) No officer of the Authority shall be cross-examined with regard to the contents of such certificate unless the court otherwise orders.
[11/82; 3/91; 25/2002]
14.
—(1) No person, except with the permission of the Authority, shall —
(a)
draw, accept, make or issue any bill of exchange, promissory note or engagement for the payment of money payable to bearer on demand; or
(b)
borrow, owe or take up any sum or sums of money on bills or notes payable to bearer on demand.
[47/98; 25/2002]
(2) Cheques or drafts payable to bearer on demand may be drawn on bankers or agents by their customers or constituents in respect of moneys in the hands of these bankers or agents held by them at the disposal of the persons drawing such cheques or drafts.
(3) Any person who contravenes this section shall, notwithstanding anything to the contrary in the Criminal Procedure Code (Cap. 68), be liable on conviction by a Magistrate’s Court to a fine equal to the amount of the bill, note or engagement in respect whereof the offence is committed notwithstanding that the amount of such fine may be in excess of the original jurisdiction of such Court.
15.
—(1) The Authority shall arrange for the reissue and exchange of currency notes and coins subject to such conditions as may be prescribed.
[3/91; 25/2002]
(2) Where the Authority transfers its functions in relation to the reissue and exchange of currency notes and coins to another body, that body may charge for its services in respect thereof.
[3/91; 25/2002]
(3) The Authority may, in its discretion, charge any person or class of persons such fee as may be prescribed for the reissue and exchange of currency notes or coins with the Authority under this section.
[11/82; 3/91; 25/2002]
16.
—(1) The Authority may, in its discretion, buy and sell currency notes and coins against gold, silver or foreign currencies eligible for inclusion in the reserve of the external assets specified under section 22.
[11/82; 25/2002]
(2) The Authority shall be entitled to charge a commission at such rate or rates as may, from time to time, be determined for any currency notes or coins bought or sold by the Authority under this section.
[11/82; 25/2002]
17.
—(1) Currency notes issued by the Authority shall be of such denomination and of such form and design and printed from such plates and on such material as the Authority may, from time to time, decide.
[3/91; 47/98; 25/2002]
(2) The dies, plates and other instruments or materials used for the printing of notes and the currency notes printed shall be prepared and kept, issued and destroyed in accordance with any direction of the Authority.
[47/98; 25/2002]
(3) Coins issued by the Authority shall be of such denominations and of such weight, form and design, and made of such materials as the Authority may, from time to time, decide.
[47/98; 25/2002]
(4) The dies and other instruments or materials used for the minting of coins and the currency coins minted shall be prepared and kept, issued and destroyed in accordance with any direction of the Authority.
[47/98; 25/2002]
(5) The Authority shall publish in the Gazette the denominations and other characteristics of currency notes and coins issued by it.
[25/2002]
18.
—(1) The Authority may, by notification in the Gazette, withdraw any particular issue or denomination of currency notes and coins issued by the Authority which shall upon such withdrawal cease to be legal tender.
[47/98; 25/2002]
(2) Any such notification shall give holders of the currency notes and coins to be withdrawn a reasonable period, in any event not less than 6 months, within which such notes or coins shall be exchanged at their face value for other legal tender issued by the Authority.
[25/2002]
19.
—(1) No person shall be entitled to recover from the Authority the value of any mutilated currency note or coin or any note or coin which has been illegally dealt with.
[11/82; 3/91; 25/2002]
(2) The circumstances in which, and the conditions and limitations subject to which the value of mutilated currency notes or coins, or notes or coins which have been illegally dealt with, may be refunded as an act of grace shall be in the absolute discretion of the Authority.
[11/82; 3/91; 25/2002]
(3) Mutilated currency notes or coins, or curency notes or coins that have been illegally dealt with, shall be repossessed by any officer of the Authority or other person authorised by the Authority when tendered to the Authority or such person, as the case may be.
[3/91; 47/98; 25/2002]
Restriction on use of photographs, drawing or design of currency notes and coins in advertisements, etc.
20.
—(1) Except with the permission of the Authority, no person shall —
(a)
in any size, scale or colour, use any photograph of or any drawing or design resembling any currency note or coin or part thereof, in any advertisement; or
(b)
import, manufacture, sell, circulate or otherwise distribute any merchandise or product containing such a photograph, drawing or design in any size, scale or colour.
[47/98; 25/2002]
(2) Except with the permission of the Authority, no person shall import, manufacture, sell, circulate or otherwise distribute any merchandise or product containing any design or part thereof used in or on any currency note or coin.
[47/98; 25/2002]
(3) The Authority may, in granting any permission under subsection (1) or (2), impose such conditions as it thinks fit.
[47/98; 25/2002]
(4) No person shall make or issue a piece of gold, silver, copper, nickel, bronze or of any other material whether metal or otherwise, of any value, resembling or similar to any coin issued under this Act or any other written law relating to the issue of currency which was in force at any time before 30th April 1982.
[11/82]
(5) Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 3 months or to both.
[11/82]
21.
—(1) The Authority shall establish a Currency Fund which shall be maintained and managed by the Authority in the manner prescribed in this Act.
[11/82; 3/91; 25/2002]
(2) There shall be paid into the Currency Fund —
(a)
all gold, silver and foreign currencies bought by the Authority under section 16; and
(b)
the proceeds of any transactions under subsection (6)(b), less all expenses incurred in connection therewith.
[11/82]
(3) The Authority may charge on the Currency Fund any expense properly incurred by or on behalf of the Authority in connection with the execution of its functions under this Act, including expenses relating to —
(a)
the investment of the Currency Fund;
(b)
the issue and demonetisation of currency notes and coins and the transaction of any business relating to such currency; and
(c)
the protection of currency notes and coins against forgery or counterfeiting.
(4) Subject to this Act, the Currency Fund shall not be applied for any other purpose.
[11/82; 3/91]
(5) The Authority shall maintain adequate liquidity in the Currency Fund to meet all demands under normal market conditions.
[47/98]
(6) Notwithstanding anything in subsections (1) to (4), the Authority may —
(a)
use any coin held for the account of the Currency Fund for the purpose of having it reminted into current coin; and
(b)
sell any coin held for the account of the Currency Fund.
[3/91; 47/98; 25/2002]
(7) The value of the Currency Fund and its assets for any purpose of this Act shall be determined by such method as the Authority may from time to time adopt.
[11/82; 3/91; 25/2002]
(8) If at any time the value of the Currency Fund determined by the Authority under subsection (7) exceeds 100% of the face value of the Authority’s currency notes and coins then in circulation, the Authority may direct that the whole or part of such excess be transferred from the Currency Fund to the other funds of the Authority.
[25/2002]
(9) If at any time the face value of the Authority’s currency notes and coins in circulation exceeds the value of the Currency Fund, the deficiency shall be made up from the other funds of the Authority and, if such funds are insufficient, the balance of the deficiency shall be charged on and paid out of the Consolidated Fund.
[25/2002]
(10) In preparing the financial statements relating to the Currency Fund, the Authority may comply with accounting standards to the extent that it is, in the opinion of the Authority, appropriate to do so, having regard to the objects and functions of the Authority under this Act or the Monetary Authority of Singapore Act (Cap. 186).
22. The external assets of the Currency Fund shall consist of all or any of the following and shall at all times be not less than 100% of the face value of the currency issued by the Authority:
(a)
gold and silver in any form;
(b)
foreign exchange in the form of —
(i)
demand or time deposits;
(ii)
bank balances and money at call;
(iii)
Treasury Bills;
(iv)
notes or coins;
(c)
securities of or guaranteed by foreign governments or international financial institutions;
(d)
equities;
(e)
corporate bonds;
(f)
currency and financial futures;
(g)
such other assets, financial instruments and investments as may be approved by the board of directors of the Authority.
[11/82; 3/91; 47/98; 25/2002]