Singapore legislation
Section 6
Section 6
Travellers’ cheques, etc.
(1)
This section shall apply to any document of a kind intended to enable the person to whom the document is issued to obtain foreign currency from some other person on the credit of the person issuing it, and in particular to any traveller’s cheque or other draft or letter of credit so intended.
(2)
For the purposes of this Act, the person issuing a document to which this section applies, and the person to whom it is issued, shall be deemed respectively to sell and buy foreign currency, and where foreign currency is obtained by means of the document, to sell and buy that foreign currency.
(3)
Any such document not expressed in terms of sterling or local currency shall, if it is of a kind intended to enable the person to whom it is issued to obtain any specified currency, be treated also for the purposes of this Act as itself being a specified currency.
(4)
Every person in Singapore who holds or to whose order there is held any document to which this section applies, being a document expressed in terms of sterling or local currency, shall encash it or cause it to be encashed in the scheduled territories with the person issuing it or with a banker, unless the Authority consents to his retention and use thereof and, where in his application for that consent he has stated that he requires it for a particular purpose, unless also he still requires it for that purpose.
(5)
A person who acquires any document to which subsection (4) applies from an authorised dealer shall be treated for the purposes of that subsection as if —
the Authority had consented to the retention and use by him of that document (subject, however, to any conditions notified to him in accordance with section 3(3)); and
any statement made by him in an application for that document as to the purpose for which he requires it had been made by him in an application for the Authority’s consent to his retention and use thereof.