s 7 Payments in Singapore
7.—(1) Except with the permission of the Authority, no person shall do any of the following things in Singapore:(a) make any payment to or for the credit of a person resident outside the scheduled territories; (b) make any payment to or for the credit of a person resident in the scheduled territories by order or on behalf of a person resident outside the scheduled territories; (c) place any sum to the credit of any person resident outside the scheduled territories. (2) Where a person resident outside the scheduled territories has paid a sum in or towards the satisfaction of a debt due from him, subsection (1)(c) shall not prohibit the acknowledgement or recording of the payment.