In the case where the par value of the baht is prescribed under the first paragraph,
where there is a reasonable ground, the Minister may, with the advise of the Bank of Thailand,
announce a suspension of operation of the par value of the baht for a period of time not
exceeding ninety days, with or without establishing a foreign exchange system deemed
appropriate by him, to be operate during such period.
In the case where the par value of the baht is not prescribed in accordance with the
provision under the first paragraph of this section, the Minister may notify the establishment
of any foreign exchange system he deems appropriate upon the recommendation of the Bank
of Thailand.
Section 9. No person shall make, issue, use or put into circulation any material or
token for money except by authority of the Minister.
Section 10. The Ministry of Finance shall mint and put coins into circulation.
The type, denomination, metal, fineness, weights, size, design and other
characteristics (if any) of coins as well as remedies shall be prescribed by the Ministerial
Regulations.
Section 11. Coins within limitation as to amount prescribed by the Ministerial
Regulation shall be legal tender.
Section 12. Defaced coins are not legal tender.
The following coins shall be deemed defaced coins:
(1) A coin which has been cut, stamped, beaten or in any way damaged so that its
form or its surface is changed or its weight reduced; or
(2) A coin which has been reduced in weight through natural wear in an amount
more than two and a half times the remedy.
Section 13. The Ministry of Finance shall effect the exchange of defaced coins as
prescribed in Section 12 (2).
Section 14. The Bank of Thailand shall continue to have the power to print, manage
and issue the notes of the Government under the law governing the Bank of Thailand.
The Minister shall notify in the Government Gazette the type, denomination colour,
size and other characteristics of the notes to be issued except in case of re-issue of withdrawn
notes.
Section 15. Notes shall be legal tender without limitation as to the amount
Section 16. No notes shall be issued save in immediate exchange for:
(1) Notes previously issued, being withdrawn from circulation, or
(2) Any one of the assets of equal value specified in Section 30, which is held for
the Currency Reserve Account maintained in accordance with Section 26.
A note shall be deemed to be “in circulation” throughout the time between issue and
withdrawal from circulation.
Section 17. Notes withdrawn from circulation shall either be cancelled and
destroyed or retained for re-issue.
Section 18. Imperfect notes shall not be legal tender.
The following shall be deemed imperfect notes:
(1) A half note I’e’ the half of a note which has been divided vertically at or near the
center;
(2) A mismatched note, i.e. a note which is completed by combination with part of
another note, or
(3) A mutilated or defaced note, i.e. a note of which a part is either missing, or
whose wording or numbering have by some cause been rendered indecipherable.
Section 19. The Bank of Thailand shall effect the exchange of imperfect notes in
accordance with the limitations, rules and procedure prescribed by the Ministerial Regulations.
Section 20. The Minister shall have the power, whenever he deems fit, to withdraw
notes of any type and denomination from circulation for due exchange with other notes.
Such withdrawal of notes from circulation shall be notified in the Government
Gazatte:
All notifications of the withdrawal of notes from circulation shall give at least the
following details:
(1) Type and denomination of the withdrawn notes:
(2) Period of time fixed for the surrender of the withdrawn notes, which shall not be
less than one year from the date of the notification in the Government Gazette;
(3) Competent official and designated place for the surrender of the withdrawn notes.
Section 21. On expiration of the period of time prescribed for the surrender of the
withdrawn notes under Section 20. all notes declared by the Minister to have been withdrawn
from circulation shall cease to be legal tender. However, the Bank of Thailand shall continue
to receive such notes for exchange with other notes within two years from the date on which
the withdrawn notes cased to be legal tender.
Section 22. All notes, which have ceased to be legal tender under Section 21. and
which have not been exchanged for other notes within the time allowed for such surrender and
exchange, shall be deemed notes withdrawn from circulation; and any one of the assets of
equivalent value held for the Currency Reserve under Section 26. may be transferred to the
State as general revenue.
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