From July 3, 2018, the one-cent coin will no longer be accepted as legal tender in Trinidad and Tobago.
The Central Bank of Trinidad and Tobago said in a statement on April 1, 2018, that although the coins will no longer be accepted by local banks and merchants, the public can redeem one-cent coins at their commercial banks or the Central Bank up to July 2, 2018.
From July 3, 2018, one cent coins can still be redeemed for value ‘indefinitely’ at counters of the Central Bank.
The Central Bank said the change will only affect cash transactions; all non-cash transactions such as cheque and electronic payments will continue as usual as there would be no need to round these payments.
Regulations, which make rounding mandatory, will come into effect on July 3. These Regulations were published as Legal Notice No. 35 of 2018 dated March 29, 2018.
Until such time, rounding may be done on a voluntary basis utilising the Rounding Guidelines.
Rounding is the lesser or greater adjustment of a final cash payment to the nearest five or 10 cents.
Source : looptt
