CAP. 34]
Money Changers
[1989 Ed.
(a) the net rate at which he is prepared to buy the currency nominated by the potential customer; and
(b) the net rate at which he is prepared to sell the currency nominated by the potential customer,
before he accepts any currency from the potential customer.
(2) The note referred to in subsection (1) is not a transaction note and the money changer shall issue a transaction note in addition to the subsection (1) note in an exchange transaction referred to in subsection (1).
(3) A money changer who contravenes this section commits an offence and is liable to a fine of $5,000 and to imprisonment for 6 months.
(Added 9 of 1989 s. 8)
8. Advertising rates of exchange
(1) Where a money changer advertises the rates of exchange for any currency, whether on a board or otherwise, the money changer shall-
(a) give equal prominence to buying rates and selling rates for each currency; and
(b) display the buying and selling rates in such a way that a potential customer is able to compare the buying rate with the selling rate for any currency without the need to refer to more than one board.
(2) A money changer shall not advertise-
(a) that he charges a commission on an exchange transaction;
(b) that he charges no commission on an exchange transaction;
(c) that he makes any other charge on an exchange transaction; or
(d) that he does not make any other charge on an exchange transaction.
(3) A money changer who contravenes this section commits an offence and is liable to a fine of $5,000 and to imprisonment for 6 months.
(Added 9 of 1989 s. 8)
9. Governor may amend Schedules
The Governor may amend the Schedules by notice in the Gazette-
(a) to alter the form of the transaction note prescribed in Schedule 1 by including further or different information relevant to the exchange transaction;
(b) to add or delete information which may be included in permitted statements prescribed in Schedule 2; and
(c) to add to or delete from the list of currencies prescribed in Schedule 3.
(Added 9 of 1989 s. 8)
6
CAP. 34]
Money Changers
[1989 Ed.
(a) the net rate at which he is prepared to buy the currency
nominated by the potential customer; and
(b) the net rate at which he is prepared to sell the currency
nominated by the potential customer,
before he accepts any currency from the potential customer.
(2) The note referred to in subsection (1) is not a transaction note and the money changer shall issue a transaction note in addition to the subsection (1) note in an exchange transaction referred to in subsection (1).
(3) A money changer who contravenes this section commits an offence and is liable to a fine of $5,000 and to imprisonment for 6 months.
( Added 9 of 1989 s. 8)
8. Advertising rates of exchange
(1) Where a money changer advertises the rates of exchange for any currency, whether on a board or otherwise, the money changer shall-
(a)
give equal prominence to buying rates and selling rates for each currency; and
(b) display the buying and selling rates in such a way that a potential customer is able to compare the buying rate with the selling rate for any currency without the need to refer to more than one board.
(2) A money changer shall not advertise-
(a) that he charges a commission on an exchange transaction; (b) that he charges no commission on an exchange transaction; (c) that he makes any other charge on an exchange transaction; or (d) that he does not make any other charge on an exchange
transaction.
(3) A money changer who contravenes this section commits an offence and is liable to a fine of $5,000 and to imprisonment for 6 months.
( Added 9 of 1989 s. 8)
9.
Governor may amend Schedules
The Governor may amend the Schedules by notice in the Gazette
(a) to alter the form of the transaction note prescribed in Schedule 1 by including further or different information relevant to the exchange transaction;
(b) to add or delete information which may be included in permitted
statements prescribed in Schedule 2; and
(c) to add to or delete from the list of currencies prescribed in
Schedule 3.
(Added 9 of 1989 s. 8)
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