The Central Bank (Withdrawal, Redemption and Demonetisation of One Cent Coins) Regulations, 2018

LEGAL NOTICE NO. 35 REPUBLIC OF TRINIDAD AND TOBAGO THE CENTRAL BANK ACT, CHAP. 79:02 REGULATIONS MADE BY THE MINISTER OF FINANCE UNDER SECTIONS 27(1) AND 60(1) OF THE CENTRAL BANK ACT THE CENTRAL BANK (WITHDRAWAL, REDEMPTION AND DEMONETISATION OF ONE CENT COINS) REGULATIONS, 2018

1. These Regulations may be cited as the Central Bank (Withdrawal, Redemption and Demonetisation of One Cent Coins) Regulations, 2018.

2. These Regulations shall come into effect on 3rd July, 2018.

3. In these Regulations– “Act” means the Central Bank Act, Chap. 79:02; “cash” means notes and coins issued by the Bank pursuant to its powers under section 21(1) of the Act; “consumer” means a person or entity obtaining goods or services in Trinidad and Tobago in exchange for valuable consideration; “round” means adjusting a final cash payment up or down to the nearest five or ten cent in accordance with the Schedules and the term “rounding” shall be construed accordingly; “rounding difference” has the meaning ascribed to it at regulation 11; and “vendor” means a person providing goods or services in Trinidad and Tobago in exchange for valuable consideration.

4. These Regulations apply only to cash paments.

5. On the 1st day of April, 2018, the Bank shall call in all one cent coins issued by the Bank for the purpose of withdrawing the coins from circulation.

6. From the 3rd day of July, 2018, all one cent coins issued by the Bank shall cease to be legal tender for cash payments.

7. Subject to regulation 8, the Bank shall indefinitely redeem one cent coins for face value. Legal Supplement Part B–Vol. 57, No. 37–29th March, 2018 217 Citation Commence￾ment Interpretation Redemption of coins at face value Chap. 79:02 Application Withdrawal of the one cent coin Date and effect of cessation of legal tender

8. (1) One cent coins shall only be accepted for redemption where they are recognizable as one cent coins issued by the Bank. (2) One cent coins may only be redeemed for cash where they are presented in multiples of five.

9. Where a vendor processes a cash payment and the total does not end in five cents or zero cents, the cash payment shall be discharged in accordance with the rules on rounding set out in Schedule I, utilising the examples set out in Schedule II.

10. (1) Where in any transaction– (a) the consumer is unable to tender the exact amount in a cash payment; or (b) the consumer is to receive a cash payment from the vendor, the vendor shall apply the rules on rounding set out in Schedule I, utilising the examples set out in Schedule II. (2) The vendor or consumer is discharged from any obligation to make a cash payment or to return change over the amount payable after the rounding difference has been applied.

11. The difference between a sum total due not ending in five cents or zero cents and the sum to be paid in cash pursuant to regulation 10 is a rounding difference and the rounding difference shall not be deemed to constitute a pecuniary advantage or loss.

12. A cash payment made by a consumer or vendor using the rules on rounding set out in Schedule I shall be regarded as final and financially settled.

13. (1) The cost of individual items, fees, taxes or duties shall be calculated to the exact amount required by law or by contract prior to the rounding of the total amount of a bill paid in cash. (2) Where any fee, tax or duty is payable on its own, in cash, such payment shall be subject to rounding.

14. A payment made, electronically, by cheque or by any means other than cash by a consumer or vendor shall not be rounded and shall be settled to the exact amount of the payment required.

15. A person who contravenes these Regulations commits an offence and is liable on summary conviction to a fine of five hundred dollars. 218 Central Bank (Withdrawal, Redemption and Demonetisation of One Cent Coins) Regulations, 2018 Conditions of Redemption Rounding difference Rules for rounding Application of rounding by vendor Payment by rounding is final Individual items, fees and taxes Non-cash Payments Offence

Central Bank (Withdrawal, Redemption and Demonetisation of 219 One Cent Coins) Regulations, 2018 SCHEDULE I RULES ON ROUNDING The following rules apply for the rounding of cash payments: (1) Where the total cash payment by any consumer or vendor is of a value, ending in one cent or two cents, it shall be rounded down to the nearest ten cents. (2) Where the total cash payment by any consumer or vendor is of a value, ending in three cents or four cents, it shall be rounded up to the mearest five cents. (3) Where the total cash payment by any consumer or vendor is of a value, ending in six cents or seven cents, it shall be rounded down to the nearest five cents. (4) Where the total cash payment by any consumer or vendor is of a value, ending in eight cents or nine cetns, it shall be rounded up to the nearest ten cents. (5) When the total cash payment by any consumer or vendor is of a value, ending in zero cents or five cents, it shall remain unchanged.

220 Central Bank (Withdrawal, Redemption and Demonetisation of One Cent Coins) Regulations, 2018 SCHEDULE II TABLE SHOWING ROUNDING EXAMPLES Dated this 29th day of March, 2018. C. IMBERT Minister of Finance PRINTED BY THE GOVERNMENT PRINTER, CARONI REPUBLIC OF TRINIDAD AND TOBAGO–2018