Currency Act 2020 · Updated to 28 Feb 2020 · Part IV · Currency Processing Business
25. Application for registration
Feedback & supportAn applicant for registration to carry on currency processing business shall—
currency processing business
“currency processing business” means— (a) the business of— (i) collecting currency note or currency coin; (ii) sorting currency note or currency coin by authenticity and quality; and (iii) packing currency note or currency coin by quality, quantity and denomination, by a person for or on behalf of another person; or (b) any activity declared as a currency processing business under section 23.
fulfill all requirements as prescribed by the Bank;
submit an application in such form and manner, together with any information and document as may be specified by the Bank; and
pay the processing fees as may be prescribed by the
Minister under section 60.
No person shall apply for registration to carry on a currency processing business unless the person is a company.
person
“person” means any natural person, corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organisation, association or group of persons, whether corporate or unincorporated and includes the Government and any State Government;
For the purpose of paragraph (1)(a), “prescribed” means to be prescribed by an order published in the Gazette, and the power to prescribe includes the power to prescribe differently for different persons or different classes, categories or descriptions of persons, and to amend any prescription.
Registration