CURRENCY (AMENDMENT) BILL

Order for Second Reading read.

The Minister for Finance (Dr Richard Hu Tsu Tau): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

Amendments are proposed to the Currency Act (Cap. 69) to provide for the control of the importation, manufacture, sale, possession and use of full colour copying machines that can reproduce Singapore currency notes or any design resembling Singapore currency notes. Amendments to the Act are also proposed to update and improve the practices and procedures of the Board of Commissioners of Currency, Singapore (BCCS).

Rapid advances in colour copying technology have made full colour copying machines a threat to the integrity of currency notes. Such machines have become the main media for counterfeiting of currency notes in the world.

While we have no serious problem with the counterfeiting of currency notes in Singapore at the present time, there is a need to take preventive measures to ensure that such problem will not surface here in the future.

Since 1979, BCCS has maintained control on the import of colour photocopying machines through the Control of Imports, Exports and Transhipment (Endorsement) (Amendment) Order. Anyone importing colour photocopying machines into Singapore is required to obtain the endorsement of the Board on the Inward Declaration Form before the machines are allowed to be brought into Singapore.

Under the Order, BCCS has the authority to allow or disallow the import of the colour copiers, but it has no legal power against any importer, manufacturer or owner of such colour copying machines who violates the conditions for importation imposed by the Board. Clause 2 of the Bill will empower the Board to control the importation, manufacture, sale, possession and use of full colour copying machines. The clause also provides clearer definition of the offences and penalties for such offences.

The other amendments to the Currency Act are to update and improve the procedures of the Board. These include:

(a) Clause 3, which allows the Board to charge expenses relating to the investment of the Currency Reserve Fund to the Currency Fund Income Account; and

(b) Clause 4, which confers protection from personal liability on any member, officer or employee of the Board for anything done in good faith in the execution or purported execution of the Act.

Sir, I beg to move.

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. - [Dr Richard Hu Tsu Tau].

Bill considered in Committee; reported without amendment; read a Third time and passed.