The Monetary Authority of Singapore (MAS) is proposing to change the legal tender limit for coins and will seek public feedback before making its decision, it announced yesterday.
Legal tender limits refer to the maximum amount of a coin denomination that can be used for payment in a single transaction.
MAS said on its website that the main considerations for the proposed change were to keep the limit simple and easy to remember, to prevent acts of mischief as well as to minimise inconvenience and cost in handling large quantities of low denomination currency.
The public consultation will be held from March 16 to April 6 2017. More details can be found on MAS' website.
LEGAL TENDER FOR COINS
$2 per denomination for five-cent, 10-cent and 20-cent coins, and $10 for 50-cent coins. There is no current limit for payment using one-dollar coins.
Uniform legal tender limit of 10 coins per denomination in a single transaction for all denominations. This means that a payer can use up to 10 pieces each of five-cent, 10-cent, 20-cent, 50-cent and one-dollar coins per transaction.
This article was first published on March 17, 2017.
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