|PART IV||-||Currency, coinage and Legal Tender|
|Currency of the Island.
|10.||(1) The currency of the Island shall be the decimal currency
provided for in this Part and shall consist of the notes and
coins in such currency issued by the Bank under this Act.
(2) The monetary unit, or unit of currency, of the island is the
(3) The denominations of money in the currency of the island
(4) A cent is one-hundredth part of a dollar.
|Parity of the Jamaica
|(1) The parity of the Jamaica dollar shall be fixed on such basis
as the Minister may from time to time, after consultation
with the Governor, by order, declare.
(2) An order made under subsection (1) may contain such
(3) An order made under subsection (1) shall be subject to
|Sole right to issue
notes an d coins.
|12.||(1) Subject to section 14, the Bank shall have the sole right
and authority to issue notes and coins in the Island.
(2) No person other than the Bank shall issue in Jamaica notes
(3) Any person who contravenes subsection (2) shall be guilty
|Exemption from stamp
duty on notes
|13.|| Notes issued by the Bank shall be exempt payment of stamp
and forms of notes and
coins 18/1973 S. 8 (a).
|14.||(1) The Minister may after consultation with the bank -
(2) The power of the Minister under paragraph (a) of subsection
12/1971 S. 2.
|15.||(1) Subject to the provisions of subsection (2) and of section
16, a tender of payment of money -
(2) A coin that is bent, mutilated or defaced, or that has been
|Demonetization of notes
21/1978 S. 2.
|16.||(1) The Bank shall have the power on giving three months
notice in the Gazette to call in any notes or coins on
payment of the face value thereof and any such notes or
coins with respect to which a notice has been given under
this section shall, on the expiration of the notice, cease to
be legal tender, but shall be redeemed by the Bank upon
such conditions as may be prescribed.
(2) A person shall not be entitled to recover from the Bank the
(3) If the Minister considers it necessary or expedient to do he
|Contracts, etc., to be in
|18.|| Every contract sale, payment, bill, note, instrument and
security for money, and every transaction, dealing, matter
and thing whatever relating to money or the liability to pay
any money which is made, executed or entered into, done
and had according to the currency of the Island and not
otherwise unless they are made, executed, entered into,
done or had according to the currency of some other
country, so, however, that nothing in this section shall
operate so as to invalidate a will or other testamentary
|Functions of Bank in
relation to currency
|19.||The Bank shall -
in relation to
|21.||(1) The Bank shall hold assets of an amount in value s
sufficient to cover the value of the total amount of notes
coins for the time being circulated.
(3) For the purposes of subsection (1) such assets shall
(4) For the purposes of this section-
|Power of Minister to
18/1973 S. 12.
The Minister, after consulation with the Bank, may make
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