CENTRAL BANK OF SEYCHELLES ACT, 2004

(Act 12 of 2004)

PART V – SEYCHELLES CURRENCY

17. The unit of currency of Seychelles shall be the Seychelles rupee, which shall be divided into one hundred cents.

18. (1) Notes and coins issued by the Bank shall be legal tender in Seychelles by which, subject to the provisions of subsection (2), a debtor is legally entitled to discharge any monetary debt and a creditor is obliged to accept payment of any monetary claim.

(2) Subject to the provisions of subsections (3) and (4), a tender of payment of money if made in notes and coins shall be legal tender –

(i) in the case of notes, for the payment of any amount;

(ii) in the case of coins, for each denomination of coins, for the payment of an amount not exceeding twenty times the face value of that denomination; and

(iii) in the case of coins for the payment to and from the Bank of any amount.

(3) A note ceases to be legal tender if it is no longer in conformity with the specifications published by the Bank in accordance with section 21 (3) or has ceased to be legal tender under section 23.

(4) A coin that has been illegally dealt with shall cease to be legal tender.

(5) For the purpose of this Act, a coin shall be deemed to have been illegally dealt with if it has been impaired, diminished or lightened otherwise than by fair wear or tear, or has been defaced by any name, word, device or number being stamped or engraved thereon, whether or not the coin has been diminished or lightened.

19. The Bank shall have the sole right to issue legal tender notes and coins denominated in Seychelles rupee. No other person shall in Seychelles issue notes or coins or any documents or tokens which are likely to pass as legal tender.

20. The Bank shall -

(a) arrange for the printing of notes and the minting of coins and for all matters relating thereto including the security of such notes and coins;

(b) issue, reissue, withdraw and, at its discretion, exchange notes and coins including legal tender notes and coins issued before the commencement of this Act.

21. (1) Notes issued under this Act shall be of such denominations and of such form and design and authenticated in such manner as may, from time to time, be specified by the Board with the approval of the President.

(2) Coins issued under this Act shall be of such denomination and of such weight, form and design and made of such metal or metals as may, from time to time, be specified by the Board with the approval of the President.

(3) Specifications of notes and coins to be issued by the Bank shall be published in the Gazette.

22. (1) In any proceedings in which the genuineness of any currency note or coin purporting to have been issued by the Bank shall be in question, a certificate under the hand of a duly authorised officer of the Bank to the effect that such currency note or coin is genuine or spurious shall be received in all courts of law as conclusive evidence of the genuineness or spuriousness, as the case may be, of such currency note or coin.

(2) The aforesaid officer shall not be examined or cross-examined with respect to any such certificate.

(3) The penalties for forgery, counterfeiting and alteration of currency notes and counterfeiting, mutilating and defacement of coinage shall be those specified in the Penal Code.

23.(1) The President may, by Order published in the Gazette on the recommendation of the Board, declare that any legal tender notes or coins shall, with effect from such date as may be specified in the Order, cease to be legal tender in Seychelles and provide for any matters incidental to the calling in of such notes or coins:

Provided that the holders of any such notes or coins, or any legal tender notes or coins that have ceased to be legal tender before the commencement of this Act, shall be entitled at any time to claim payment of the value thereof from the Bank or where a transfer in respect thereof has been made to the Consolidated Fund under subsection (2), from the Consolidated Fund.

(2) When any notes or coins cease to be legal tender under subsection (1), an amount equivalent to the face value of any such notes or coins remaining in circulation five years after they have so ceased to be legal tender shall be transferred from the Bank to the Consolidated Fund and the said amount shall be written off the liabilities of the Bank :

Provided that, in the case of gold and silver coins remaining in circulation for which corresponding assets are held by the Bank, the amount equivalent to their face value shall not be transferred to the Consolidated Fund and shall be written off the liabilities as well as the assets of the Bank.

(3) Where notes or coins are presented for payment under subsection (1) more than five years after they have ceased to be legal tender, the Bank may levy a handling charge of such amount as it may, from time to time, determine.

24. No person shall be entitled to recover from the Bank the value of any lost, stolen, mutilated or imperfect note or coin or of any coin which has been illegally dealt with. The circumstances and conditions under which such value may nevertheless be refunded, as an act of grace, shall be determined by the Bank on the basis of equal and fair treatment.