Parliament approved an amendment to the Bank of Jamaica Act changing the tender limit of all denomination of coins.The limit is now fixed at 50 pieces for each denomination.
The limit restricts the number of coins which can be legally tendered in settling a payment transaction.
Finance Minister Audley Shaw who tabled the amendment explained that it became necessary due to among other things the replacement of currency notes with coins.
"The last revision of the legal tender provisions in the Act as they relate to coins was done in 1973 (and) at that time, the highest denomination coin was $0.25. In the years following that last revision, coin denominations have been introduced to replace the $1, $5, $10 and $20 denominations as currently known.
"The replacement of currency notes by coins has given rise to the need for adjusting the existing legal tender prevision in the Act so as to increase the amount for which coin denominations constitute legal tender," said Mr. Shaw.
Source: radiojamaica.com
