Currency (Amendment) Bill

Bill No. 38/1967

Read the first time on 5th December 1967.

An Act to amend the Currency Act, 1967 (No. 5 of 1967).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act may be cited as the Currency (Amendment) Act, 1967, and shall be deemed to have come into operation on Sunday, the 19th day of November, 1967.

Amendment of section 14

2. Subsection (4) of section 14 of the Currency Act, 1967, is hereby amended —

(a)	by deleting the words “up to their face value” appearing in the fourth line of paragraph (a) thereof; and
(b)	by deleting the words “up to their face value” appearing in the tenth and eleventh lines of paragraph (b) thereof.

Repeal and re-enactment of section 34

3. Section 34 of the Currency Act, 1967, is hereby repealed and the following substituted therefor:—

“Rates of exchange between notes and coins of the Commissioners and of the Board

34.—(1) The notes and coins of the Commissioners which continue to be legal tender under subsection (3) of section 14 of this Act shall be exchanged for the notes and coins of the Board at the rates set out in the Schedule to this Act.

(2) The President may, by order published in the Gazette, add to, amend or vary the rates of exchange set out in the Schedule to this Act.”.

New section 34A

4. The Currency Act, 1967, is hereby amended by inserting immediately after section 34 thereof the following new section:—

“Protection of the Board, the Commissioners and the employees thereof and of the Government and public officers

34A. No action, suit or other proceeding shall be brought or instituted in any court against, and no liability, claim or demand whatsoever shall lie against, the Board or any officer, servant or employee thereof, the Commissioners or any officer, servant or employee thereof, or the Government or any public officer in respect of any matter or thing authorised or permitted by the Currency (Amendment) Act, 1967, or any matter or thing arising under, resulting from or consequent on the passing or operation of the said Act.”.

Schedule

5. The currency Act, 1967, is hereby amended by inserting immediately after section 35 thereof the following Schedule:—

“THE SCHEDULE

(Section 34).

Rates of Exchange.

Notes and coins of the
Commissioners.

Notes and coins of the
Board

Denominations.

1 cent

5 cents

10 cents

20 cents

17.1420 cents

50 cents

42.8550 cents

1 dollar

85.7100 cents

5 dollars

4.2855 dollars

10 dollars

8.5710 dollars

50 dollars

42.8550 dollars

100 dollars

85.7100 dollars

1000 dollars

857.1000 dollars.”.

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