Related Legislation

BANK OF JAMAICA ACT (01 October 1960)

PART IV - Currency, coinage and Legal Tender
Section 10 - Currency of the Island
Section 11 - Parity of the Jamaica Dollar
Section 12 - Sole right to issue notes and coins
Section 13 - Exemption from stamp duty on notes
Section 14 - Denominations and forms of notes and coins
Section 15 - Legal Tender
Section 16 - Demonetization of notes and coins
Section 17 - Repealed
Section 18 - Contracts, etc. to be in currency
Section 19 - Functions of the Bank in relation to currency
Section 20 - Repealed
Section 21 - Revenue assets in relation to currency issue
Section 22 - Power of Minister to make regulations

Currency of the Island.
7/1969
1st Sch.
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
      dollar

(3)  The denominations of money in the currency of the island
      are the 
      dollar and cent.

(4) A cent is one-hundredth  part of a dollar.

 

Parity of the Jamaica
dollar

 

31/1966
S. 2.

 

31/1966
S. 2.

11.

 

(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
     consequential, supplemental or ancillary provisions (including
     modifications of this Act) as the Minister may consider
     necessary or expedient for the purposes of this order.

(3) An order made under subsection (1) shall be subject to
     negative resolution.

 

Sole right to issue
notes an d coins.
18/1973
S. 7.
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
     or coins or tokens payable to bearer on demand, having the
     appearance of, or purporting to be, or which are likely to
     pass or be confused with notes or coins issued by the Bank.

(3) Any person who contravenes subsection (2) shall be guilty
     of an offence and liable -

  1. On summary conviction in a Resident Magistrates Court to a fine not exceeding fifty thousand dollars or to imprisonment for a term not exceeding two years or both fine and imprisonment;
  2. On conviction in a Circuit Court to a fine or imprisonment for a term not exceeding five years or to both such fine and imprisonment

 

Exemption from stamp
duty on notes
13.      Notes issued by the Bank shall be exempt payment of stamp
     duties
Denominations
and forms of notes and
coins 18/1973 S. 8 (a).

 

 


18/1973
S. 8 (c).

 

14. (1) The Minister may after consultation with the bank -
  1. approve ,subject to subsection (2), the denominations, form and design of the notes and coins to be issued by the Bank.
  2. (b) By order determine the standard weight and composition of coins to be issued by the Bank and the amount of remedy (or variation from the standard weight or composition ) which may be allowed in the making of such coins.

(2) The power of the Minister under paragraph (a) of subsection
     shall be exercised on the recommendation of the Bank, so,
     however, that where on any occasion the Minister disagrees
     with a recommendation of the Bank he shall require the bank
     to reconsider that recommendation.


     If a recommendation acceptable to him is thereafter
     furnished by the Bank, exercise the power aforesaid on that
     occasion otherwise than on the recommendation of the
     Bank.

 

Legal tender.
7/1969
 1st Sch.

12/1971 S. 2.
18/1973 S. 9 (a).


12/1971 S. 2.

 


18/1973 S. 9 (d).

15. (1) Subject to the provisions of subsection (2) and of section
     16, a tender of payment of money -
  1. iif made in notes, shall be legal tender for the payment of any amount; and
  2. if made in coins, shall be legal tender for the payment of an amount not exceeding the face value of a maximum of 50 coins in any combination of denominations

(2) A coin that is bent, mutilated or defaced, or that has been
     reduced in weight otherwise than by abrasion through
     ordinary use shall not be legal tender.

 

Demonetization of notes
and coins.

 

 

 

 

 

 

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
     value of any last stolen, mutilated, or imperfect note or
     coin. The circumstances in which, and the conditions and
     limitations subject to which, the value of lost,stolen,
     mutilated or imperfect notes or coins may be refunded as of
     grace shall be within the absolute discretion of
     the Bank.

(3) If the Minister considers it necessary or expedient to do he  
     may, by order published in the Gazette, direct that such
     notes and coin! as may be specified in the order shall cease
     to be legal tender as from dates so specified shall not be
     redeemed by the Bank unless the Bank is satisfied that any
     omission to redeem those notes or coins prior to that date,
     arose from circumstances which, in the opinion of the Bank,
     in their absolute discretion, were to excuse the omission.

 

  17.      Repealed
Contracts, etc., to be in
currency

 

 

7/1969
1st Sch.

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
     instrument.
Functions of Bank in
relation to currency
19. The Bank shall -
  1. arrange for the printing of notes and the minting of
    coins for circulation in Jamaica;
  2. issue, re-issue and redeem such notes and coins;
  3. arrange for the safe custody of unissued notes and coins and for the preparation, safe custody and destruction of plates and paper for the printing of notes and dies for the minting or coins.

 

  20. Repealed.
Reserve assets
in relation to
currency issue
18/1973 S.11
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.

(2) Repealed

(3) For the purposes of subsection (1) such assets shall
     include -

  1. gold coin or gold bullion
  2. foreign currency notes or coins
  3. money at call or on deposit with banks outside Jamaica
  4. securities including Treasury bills, issued or guaranteed by any government other than the Government of Jamaica
  5. securities issued by international financial institutions of which Jamaica is a member and which are denominated in a currency other than the currency of Jamaica.
  6. any other foreign assets which are denominated in currencies which are readily converted into gold or approved foreign currency
  7. Special Drawing Rights allocated to Jamaica pursuant to section 1 of Article XXI of the Fund Agreement.

(4) For the purposes of this section-

  1. the value of the coins in circulation shall be such
    portion, not less than seventy-five per centum, of
    value of coins issued by the Bank and not redeemed
    as the Minister shall specify by order.
  2. Fund Agreement has the meaning assigned to it in
    section 2 of the Bretton Woods Agreement Act.

 

Power of Minister to
make regulations
18/1973 S. 12.
22.
     The Minister
, after consulation with the Bank, may make
     regulations -
  1. prescribing anything required to be prescribed under
    this part or paragraph (b) of section 30.
  2. (b) with respect to any matter relative to currency and
    coinage not provided for in this Act.

 


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