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Reminder on Legal Tender and Singapore-Brunei Currency Agreement

Under Currency Act (Cap. 69) (the “CA”), currency notes and coins issued by MAS are legal tender in Singapore. As legal tender, they are recognised by law to be valid means of payment.

Click here for information on the legal tender limit for coins under section 13(3) of the Currency Act. The attachment also provides information on the written notice of the provision under Section 13(4) of the Currency Act, as well as guidelines on the display of the written notice. More information is also available on the MAS website.

Should you decide that a written notice is necessary, you may refer to these sample written notices and display the notice accordingly at your premises.

Deposits of 5-cent coins at Certis CISCO, MAS' appointed circulation coin operator and manager, is free-of-charge. As such, you need not be concerned about the high cost of redeeming 5-cent coins. For more information on the coin deposit services at Certis CISCO, you may visit the Certis CISCO website.


In addition, kindly note that the Currency Interchangeability Agreement between Singapore and Brunei Darussalam remains valid today. Under the Agreement, banks in both countries have been informed to accept for deposit, from businesses and the public, currency issued by the other country at par and without charge. Businesses and members of the public should thus not be concerned about accepting Brunei currency. You may consider displaying information on the Agreement at pertinent public locations to educated the general public of the Agreement. More information can be found here, or on the MAS website.

 

Organiser:  SRA

Contact Person:  SRA

Tel:  63600188

Fax:  .

Email:  info@sra.org.sg

Website:  www.sra.org.sg