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What is the legal tender limit for notes/coins? Can a vendor or customer use quantities above the legal tender limit to make payment/return as change?
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Source: https://www.mas.gov.sgThere is no legal tender limit for notes. However, for coins, there is a limit of 20 coins per denomination for each transaction (see Section 13(3) of the Currency Act 1967 ).
A vendor is only obliged to accept payments up to this legal tender limit and can reject any payment exceeding the limit. This is to reduce inconvenience to vendors and their waiting customers should a customer wish to offer a large quantity of coins for payment.
However, if both parties agree before entering into a transaction, a vendor and customer may still use quantities of coins above the legal tender limit.
A vendor is only obliged to accept payments up to this legal tender limit and can reject any payment exceeding the limit. This is to reduce inconvenience to vendors and their waiting customers should a customer wish to offer a large quantity of coins for payment.
However, if both parties agree before entering into a transaction, a vendor and customer may still use quantities of coins above the legal tender limit.
This information provided here is sourced from the MAS website.
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