Regulatory Alerts2014-09-30
Added
Notice 763 Prohibition on Circulation of 10,000 Singapore Dollars Denominated Currency Notes
The Monetary Authority of Singapore issued Notice 763 to prohibit all banks in Singapore from recirculating 10,000 Singapore dollar currency notes. This prohibition, effective from 1 October 2014, applies to any bank that possesses or comes into possession of such notes under the Monetary Authority of Singapore Act. The notice clarifies that this restriction does not affect the Authority's operations regarding the exchange of currency notes between banks and the central bank.
MAS NOTICE 763 30 September 2014 NOTICE TO BANKS MONETARY AUTHORITY OF SINGAPORE ACT, CAP. 186 PROHIBITION ON CIRCULATION OF 10,000 SINGAPORE DOLLARS DENOMINATED CURRENCY NOTES Introduction 1 This Notice is issued pursuant to section 27B of the Monetary Authority of Singapore Act (Cap. 186) and applies to all banks in Singapore, as defined in section 2 of the Banking Act (Cap.19). 2 This Notice shall take effect from 1 October 2014. Definitions 3 For the purposes of this Notice – “bank” means a bank in Singapore, as defined in section 2 of the Banking Act; and
“currency” has the same meaning as in section 2 of the Currency Act (Cap. 69).
Prohibition on Circulation of 10,000 Singapore Dollars Denominated Currency Note 4 Any bank that has possession or comes into possession of any currency note of a denomination of 10,000 Singapore dollars shall not recirculate the note. 5 For the avoidance of doubt, this Notice shall not affect the operations of the Currency Act, including the exchange of any currency note between any bank and the Authority.