Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Currency of Singapore
11.—(1) The unit of currency of Singapore is the Singapore dollar, which is divided into 100 cents.(2) The abbreviated form of the Singapore dollar is “S$” or “SGD”. —(1) The unit of currency of Singapore is the Singapore dollar, which is divided into 100 cents. (2) The abbreviated form of the Singapore dollar is “S$” or “SGD”.
Use of Singapore dollar
12. All monetary obligations or transactions in Singapore are deemed to be expressed and recorded, and must be settled in the Singapore dollar unless otherwise provided for by law or validly agreed upon between the parties.
Authority to have sole right to issue currency; legal tender
13.—(1) The Authority has the sole right to issue currency notes and coins in Singapore and only such notes and coins issued by the Authority are legal tender in Singapore. (2) Currency notes issued by the Authority, if the notes have not been illegally dealt with, are legal tender up to their face value for the payment of any amount. (3) Coins of a denomination issued by the Authority, if the coins have not been illegally dealt with, are legal tender up to their face value for the payment of an amount not exceeding 20 times the face value of a coin of that denomination.[6/2019] (4) Where a payee has given written notice to the payer that the payee 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) does not apply to the payment of the debt to the extent specified in the notice. (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, is deemed to have satisfied that debt. (6) For the purposes of this Act —(a) a coin is 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 on the coin, whether the coin has or has not been diminished or lightened by such defacement; and (b) a currency note is 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 impaired or diminished by such defacement. (7) For the purposes of this Act, a currency note is also deemed to have been illegally dealt with if the currency note has been mutilated, destroyed or permanently damaged (whether by the application of a staining or degradation agent to the currency notes or otherwise) as a result of the activation of an IBNS.[6/2019] (8) 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 the officer 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. (9) An officer of the Authority must not be cross‑examined with regard to the contents of such certificate unless the court otherwise orders.
Bills and notes payable to bearer on demand
14.—(1) No person, except with the permission of the Authority, may —(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. (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) A person who contravenes this section shall, despite anything to the contrary in the Criminal Procedure Code 2010, be liable on conviction by a Magistrate’s Court to a fine equal to the amount of the bill, note or engagement in respect of which the offence is committed even if the amount of such fine may be in excess of the original jurisdiction of such Court.
Exchange of currency notes and coins
15.—(1) The Authority is to arrange for the reissue and exchange of currency notes and coins subject to such conditions as may be prescribed. (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) The Authority may 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.
Form and design of currency notes and coins
17.—(1) Currency notes issued by the Authority must 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. (2) The dies, plates and other instruments or materials used for the printing of notes and the currency notes printed must be prepared and kept, issued and destroyed in accordance with any direction of the Authority. (3) Coins issued by the Authority must 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. (4) The dies and other instruments or materials used for the minting of coins and the currency coins minted must be prepared and kept, issued and destroyed in accordance with any direction of the Authority. (5) The Authority must publish in the Gazette the denominations and other characteristics of currency notes and coins issued by it.
Demonetisation of currency notes and coins
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 upon such withdrawal cease to be legal tender. (2) Any such notification must give holders of the currency notes and coins to be withdrawn a reasonable period, in any event at least 6 months, within which such notes or coins may be exchanged at their face value for other legal tender issued by the Authority.
Mutilated currency notes and coins
19.—(1) A person is not 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. (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 are in the absolute discretion of the Authority. (3) Mutilated currency notes or coins, or currency notes or coins that have been illegally dealt with, must 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.
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, a person must not —(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. (2) Except with the permission of the Authority, a person must not 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. (3) The Authority may, in granting any permission under subsection (1) or (2), impose such conditions as it thinks fit. (4) A person must not 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 30 April 1982. (5) A 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.
Dissolution of Currency Fund
21. The Currency Fund established under section 21 in force immediately before 15 August 2017 is dissolved on the date of the completion of the transfer of all of its assets and liabilities to the accounts holding the Authority’s assets and liabilities, as set out in the notification mentioned in section 6A(2) of the Monetary Authority of Singapore Act 1970.[31/2017]
Authority’s assets must not be less than currency in circulation
22.—(1) The gross assets of the Authority must at all times be not less than 100% of the face value of the Authority’s currency in circulation.[31/2017] (2) If, at any time, the face value of the Authority’s currency in circulation exceeds the gross assets of the Authority, the amount of the deficiency is to be charged on and paid out of the Consolidated Fund.[31/2017]
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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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