Exchange Control Act 1953 · 2020 Revised Edition · Part 2 · Gold and Foreign Currency
5. Bailees of gold and foreign currency
Feedback & supportEvery person in Singapore by whom or to whose order (whether directly or indirectly) any gold or any specified currency in the form of notes is held in Singapore but who is not entitled to sell it or procure its sale shall notify the Authority in writing that he so holds that gold or currency.
gold
“gold” means gold coin and bullion and includes any gold in whatever state or form other than gold which has been materially increased in value by skilled craftsmanship;
The Authority may direct any person in Singapore by whom or to whose order (whether directly or indirectly) any gold or any specified currency in the form of notes is held in Singapore, whether or not he is entitled to sell it or procure its sale, to cause that gold or currency to be kept at all times in the custody of such banker as may be specified in the direction.