Singapore to discontinue SGD 1,000 notes to counter money laundering, terror financing risks

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Singapore on Tuesday announced that it will discontinue the circulation of 1,000 Singapore dollar (SGD) notes from the beginning of next year to counter money laundering and terror financing risks associated with large denomination currency.

A limited quantity of SGD 1,000 notes will be made available each month from now until December 2020, said the Monetary Authority of Singapore (MAS).

The move is aligned with international norms and major jurisdictions have already stopped issuing such large denomination notes, said the MAS, the country's de-facto central bank. The SGD 1,000 note is currently valued at INR 54,501.

Existing SGD 1,000 notes in circulation will remain legal tender and can continue to be used as a means of payment, it added.

Banks can continue to re-circulate existing SGD 1,000 notes that are deposited with them.

The MAS will make available sufficient quantities of other denominations, in particular the SGD 100 note which is the next highest denomination after the SGD 1,000 note, to meet demand.

The MAS is also encouraging everyone to use electronic payment systems.