Section 1
Short title
This Act is the Currency Act 1967.
/akn/sg/act/act/1967/CA
Currency Act 1967
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Part 1
PRELIMINARY
Section 2
Interpretation
Amended [31/2017; 6/2019]
In this Act, unless the context otherwise requires —“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;“currency” means currency notes and coins which are legal tender in Singapore;“intelligent banknote neutralisation system” or “IBNS” means a security system which is designed to deter unauthorised access to currency notes by mutilating, destroying or permanently damaging the currency notes, such as by the application of a staining or degradation agent to the currency notes or otherwise;“issue” includes reissue.
Definition
“Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;
Definition
“currency” means currency notes and coins which are legal tender in Singapore;
Definition
“intelligent banknote neutralisation system” or “IBNS” means a security system which is designed to deter unauthorised access to currency notes by mutilating, destroying or permanently damaging the currency notes, such as by the application of a staining or degradation agent to the currency notes or otherwise;
Part 2
TRANSFER OF FUNCTIONS, PROPERTY, LIABILITIES AND EMPLOYEES TO AUTHORITY
Section 3
Interpretation of this Part
In this Part, “Board” means the Board of Commissioners of Currency, Singapore.
Section 4
Authority to administer Act
(1)
The Authority is charged with the general administration of this Act and the exercise of the functions and duties imposed on the Authority by this Act.
(2)
The Authority may authorise any person to assist it in the exercise of its functions and duties under this Act, either generally or in a particular case.
Section 5
Transfer to Authority of property, assets and liabilities
(1)
As from 1 October 2002, such movable and immovable property vested in the Board as may be determined by the Minister and all assets, interests, rights, privileges, liabilities and obligations of the Board shall be transferred to and shall vest in the Authority without further assurance, act or deed.
(2)
If any question arises as to whether any particular property, asset, interest, right, privilege, liability or obligation has been transferred to or vested in the Authority under subsection (1), a certificate under the hand of the Minister is conclusive evidence that the property, asset, interest, right, privilege, liability or obligation was or was not so transferred or vested.
(3)
Any immovable property to be transferred to and vested in the Authority under subsection (1) is to be held by the Authority upon such tenure and subject to such terms and conditions as the President may determine.
(4)
Every proceedings by or against the Board which are pending on 1 October 2002 may be continued, completed and enforced by or against the Authority.
(5)
Every agreement relating to any of the transferred properties to which the Board was a party immediately before 1 October 2002, whether or not of such nature that the rights and liabilities thereunder could be assigned, has effect as from that date as if —
(a)
the Authority had been a party to such an agreement; and(b)for any reference to the Board there were substituted in respect of anything to be done on or after 1 October 2002 a reference to the Authority.
(6)
To avoid doubt, it is declared that —
(a)
any reference in this Part to property vested in the Board is a reference to such property of the Board whether situated in Singapore or elsewhere; and(b)any such reference to rights and liabilities of the Board is a reference to such rights to which the Board is entitled or (as the case may be) such liabilities to which the Board is subject, whether under the laws of Singapore or any country outside Singapore and includes rights and liabilities arising under loans raised by the Board.
Section 6
Transfer of employees
(1)
As from 1 October 2002, all persons employed immediately before that date by the Board shall be transferred to the service of the Authority on terms no less favourable than those enjoyed by them immediately prior to their transfer.
(2)
Until such time as terms and conditions of service are drawn up by the Authority, the scheme and terms and conditions of service in the Board continue to apply to every person transferred to the service of the Authority under subsection (1) as if the person were still in the employment of the Board.
Section 7
Service rights, etc., of transferred employees to be preserved
(1)
The terms and conditions to be drawn up by the Authority must take into account the salaries and terms and conditions of service, including any accrued rights to leave, enjoyed by the persons transferred to the service of the Authority under section 6 while in the employment of the Board.
(2)
Any term or condition relating to the length of service with the Authority must provide for the recognition of service under the Board by the persons transferred under section 6 to be service by them under the Authority.
Section 8
Existing contracts
All deeds, bonds, agreements, instruments and arrangements subsisting immediately before 1 October 2002 to which the Board is a party continue in force on and after that date and are enforceable by or against the Authority as if the Authority had been named therein or had been a party thereto instead of the Board.
Section 9
Continuation and completion of disciplinary proceedings
(1)
Where on 1 October 2002 any disciplinary proceedings were pending against any employee of the Board transferred to the service of the Authority under section 6, the proceedings must be carried on and completed by the Authority.
(2)
Where on 1 October 2002 any matter was in the course of being heard or investigated or had been heard or investigated by a committee acting under due authority but no order, ruling or direction had been made on the matter, the committee must —
(a)
complete the hearing or investigation; and(b)make such order, ruling or direction as it could have made under the authority vested in it before that date.
(3)
Any order, ruling or direction made by a committee under this section is to be treated as an order, a ruling or a direction of the Authority and has the same force or effect as if it had been made by the Authority pursuant to the authority vested in the Authority under this Act.
Section 10
Misconduct or neglect of duty by employee before transfer
The Authority may reprimand, reduce in rank, retire, dismiss or punish in some other manner a person who had, while the person was in the employment of the Board, been guilty of any misconduct or neglect of duty which would have rendered the person liable to be reprimanded, reduced in rank, retired, dismissed or punished in some other manner if the person had continued to be in the employment of the Board and if this Act had not been enacted.
Part 3
CURRENCY
Section 11
Currency of Singapore
(1)
The unit of currency of Singapore is the Singapore dollar, which is divided into 100 cents.
Section 12
Use of Singapore dollar
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.
Section 13
Authority to have sole right to issue currency; legal tender
Amended [6/2019]Amended [6/2019]
(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.
Amended [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.
Amended [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.
Section 14
Bills and notes payable to bearer on demand
(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.
Section 15
Exchange of currency notes and coins
(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.
Section 16
Repealed / deleted
[Repealed by Act 31 of 2017]
Section 17
Form and design of currency notes and coins
(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.
Section 18
Demonetisation of currency notes and coins
(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.
Section 19
Mutilated currency notes and coins
(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.
Section 20
Restriction on use of photographs, drawing or design of currency notes and coins in advertisements, etc.
(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.
Section 21
Dissolution of Currency Fund
Amended [31/2017]
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.
Section 22
Authority’s assets must not be less than currency in circulation
Amended [31/2017]Amended [31/2017]
(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.
Amended [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.
Amended [31/2017]
Part 4
MISCELLANEOUS
Section 23
Mutilating, destroying or defacing currency notes and coins
Amended [6/2019]Amended [6/2019]Amended [6/2019]Amended [6/2019]
(1)
Subject to subsections (2) and (3), any person who —
(a)
mutilates or destroys any currency note or coin;
(b)
causes any change in a coin so as to destroy or diminish its value or utility;
(c)
prints or stamps, or by any similar means writes, or impresses, on any currency note any mark, word, letter or figure; or(d)defaces any coin by stamping thereon any name or word, whether the coin is or is not thereby impaired, diminished or lightened,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
Amended [6/2019]
(2)
To avoid doubt, a licensed security service provider who sells any IBNS or who employs an IBNS in carrying out cash‑in‑transit services is not, by reason only of such sale or employment, liable to be convicted of an offence under —
(a)
subsection (1)(a) for any mutilation or destruction of a currency note; or(b)subsection (1)(c) for any printing or stamping, or by any similar means any writing or impressing, of any mark, word, letter or figure on a currency note,that is caused by the activation of the IBNS.
Amended [6/2019]
(3)
An applicant for a security service provider’s licence to sell any IBNS, or to employ an IBNS in carrying out cash‑in‑transit services, is not liable to be convicted of an offence under —
(a)
subsection (1)(a) for any mutilation or destruction of a currency note; or(b)subsection (1)(c) for any printing or stamping, or by any similar means any writing or impressing, of any mark, word, letter or figure on a currency note,that is caused by the activation of the IBNS in any trial or demonstration of the applicant’s IBNS that is required by a licensing officer for the purpose of deciding the application.
Amended [6/2019]
(4)
This section is not to be construed as limiting or affecting the provisions of the Penal Code 1871.
Definition
“licensed security service provider” means a holder of a security service provider’s licence under the Private Security Industry Act 2007 —
(a)
to sell any IBNS; or(b)to employ an IBNS in carrying out cash‑in‑transit services;
Definition
“licensing officer” means a licensing officer as defined in section 2 of the Private Security Industry Act 2007;
Definition
“security service provider’s licence” means a security service provider’s licence granted under the Private Security Industry Act 2007.
Amended [6/2019]
Section 24
Counterfeit currency notes and coins to be forfeited
An officer of the Authority is empowered to seize any currency note or coin tendered to the Authority, which the officer believes on reasonable grounds to be counterfeit and, upon such seizure, that note or coin is forfeited to the Authority.
Section 25
Power of arrest
Any police officer may arrest without warrant any person —
(a)
offending in the police officer’s view against section 14, 20 or 23; or(b)against whom a reasonable complaint has been made or creditable information has been received or a reasonable suspicion exists of the person having contravened section 14, 20 or 23.
Section 26
Consent of Public Prosecutor
Amended [15/2010]
No prosecution for any offence under this Act may be instituted without the consent of the Public Prosecutor.
Section 27
Repealed / deleted
[Repealed by Act 24 of 2003]
Section 28
Regulations
The Authority may make such regulations as may be required from time to time for carrying into effect the provisions of this Act or prescribing anything that may be prescribed.
Section 29
Saving and transitional provisions
(1)
On 1 October 2002 —
(a)
the Board of Commissioners of Currency, Singapore (called in this section the Board) shall be dissolved;
(b)
currency notes and coins issued by the Board before 1 October 2002 shall for all purposes be deemed to have been issued by the Authority;
(c)
the reserves accumulated by the Board before the current term of office of the Government shall be added to the reserves accumulated by the Authority before such term; and(d)all assets and moneys of the Currency Reserve Fund shall be transferred to the Currency Fund.
(2)
Any decision made by the Board under this Act before 1 October 2002 is deemed to be a decision made by the Authority.
(3)
Any permission, consent, approval or authorisation granted by the Board under this Act before 1 October 2002 is, so far as it is not inconsistent with the provisions of this Act, deemed to be a permission, consent, approval or authorisation granted by the Authority.
(4)
Any certificate, notice, order, direction or declaration issued or made by the Board or an officer of the Board under this Act before 1 October 2002 is deemed to be a certificate, notice, order, direction or declaration issued or made by the Authority or an officer of the Authority.
(5)
Where in any document any reference is made to the Board of Commissioners of Currency, Singapore, such reference is, as from 1 October 2002, to be read as the Monetary Authority of Singapore.