My client wants to import currency notes and coins, which are legal tender, by air. What should I do?
In general, no permit is required for the importation of currency notes and coins.
However, if the importation of currency notes and coins are of substantial quantities (eg. importation of used currencies by money - changing or remittance businesses), then an In-Non Payment (GTR) permit has to be declared prior to the importation.
If the currency notes and coins are collector's pieces, investment articles or items of numismatic value, GST would be payable on the import, via an In-Payment (GST) permit.
The importer and/or the Declaring Agent are also required to check with the relevant agencies and departments (e.g. Commercial Affairs Department (CAD) of the Singapore Police Force) on their requirements prior to the importation.
However, if the importation of currency notes and coins are of substantial quantities (eg. importation of used currencies by money - changing or remittance businesses), then an In-Non Payment (GTR) permit has to be declared prior to the importation.
If the currency notes and coins are collector's pieces, investment articles or items of numismatic value, GST would be payable on the import, via an In-Payment (GST) permit.
The importer and/or the Declaring Agent are also required to check with the relevant agencies and departments (e.g. Commercial Affairs Department (CAD) of the Singapore Police Force) on their requirements prior to the importation.
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