News

WHAT NOW FOR THE COINS?

Pay a huge sum in coins? Is that being unreasonable? Or worse? And are there grounds to reject such forms of payment?

Given that the acceptance letter for the payment was signed before the coins were delivered, car dealer Tang Siu Tong may be able to reject the coins, said lawyers who The New Paper spoke to.

Lawyer Luke Lee, from Luke Lee & Co, said the acceptance letter did not contain an indication of the mode of payment, but merely the amount.

"So in this case, the car dealer can reject the mode of payment, which is in coins," he said.

Given that many of the coins were of denominations smaller than $1, the payment may have breached the Monetary Authority of Singapore's Currency Act, lawyers said.

Under the Act, any sum can be paid in $1 coins, but payments of more than $10 in 50-cent coins could be refused.

You could also refuse coins in smaller denominations than 50 cents for any payment above $2.

Criminal lawyer Rajan Supramaniam added that given the coins had a fishy smell, they could be deemed to be in unsatisfactory condition.

"It would mean all the more that they can be rejected," he said.


HOW MANY COINS PER PAYMENT IS ACCEPTABLE?

$1


ANY AMOUNT

50 CENTS

20

20 CENTS

10

10 CENTS

20

5 CENTS

40