Regulatory Alerts2018-01-01
The Central Bank (Withdrawal, Redemption and Demonetisation of One Cent Coins) Regulations, 2018
The Minister of Finance of Trinidad and Tobago issued these regulations to withdraw one cent coins from circulation and cease their status as legal tender for cash payments. The Central Bank is mandated to indefinitely redeem valid one cent coins at face value, provided they are presented in multiples of five. Additionally, the regulations establish mandatory rounding rules for cash transactions to eliminate the need for exact change, while specifying that non-cash payments remain settled at exact amounts.
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