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FINANCIAL SERVICES | Staff Reporter, Singapore

MAS invites feedback on proposed legal tender limit for coins

A uniform legal tender limit of 10 coins per denomination is proposed.

The Monetary Authority of Singapore (MAS) is seeking public feedback on the proposed new legal tender limit for coins.

MAS proposed a uniform legal tender limit of 10 coins per denomination across all denominations in a single transaction. This means that a payer can use up to 10 pieces each of 5-cent, 10-cent, 20-cent, 50-cent, and one-dollar coins per transaction.

Under the current laws, limits are placed on the amount of each coin denomination that can be used for payment. The existing limits are $2 per denomination for 5-cent, 10-cent, and 20-cent coins, and $10 for 50-cent coins. There are no limits for payment by $1 coins. These limits help minimise the payee’s inconvenience and cost in handling large quantities of low-denomination currency.

Public consultation will be from 16 March to 6 April 2017.

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