Currency Act 1967 - Singapore Statutes Online

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.

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