Feedback wanted on proposed limits on using coins for payments
SINGAPORE: If the Monetary Authority of Singapore's (MAS) proposal to limit the use of coins for payment is approved, the maximum amount you can use coins to pay for a single transaction is S$18.50.
The central bank said in a press release that a consultation paper was published on Thursday (Mar 16) to get public feedback on proposed legal tender limits for coins. It is proposing a 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 S$1 coins per transaction, the regulator said.
Currently, the limits on using coins for payment are $2 per denomination for 5-cent, 10-cent and 20-cent coins, and S$10 for 50-cent coins. There are no limits for payment by S$1 coins.
"These limits help minimise the payee’s inconvenience and cost in handling large quantities of low denomination currency," MAS said.
The public consultation will end on Apr 6. More details can be found on MAS' website.