Laws and Regulations Database of the Central Bank of the Republic of China-Law Basis

Law Basis

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〈Issuance of National Currency〉 Article 13	[Authorized Regulations] [Authorized Circulars]
The currency of the Republic of China (Taiwan) shall be issued by the Bank.
The currency issued by the Bank shall be the national currency, and shall be legal tender for all payments within the territory of the Republic of China (Taiwan).
The Bank shall establish plants under its management to carry out the printing and minting of the currency.	[Authorized Regulations]
〈Specifications of Notes and Coins〉 Article 15	[Authorized Circulars]
The basic monetary unit of the national currency is Yuan and the subsidiary currencies are Chiou and Fen. Ten Fens equal to one Chiou and ten Chious equal to one Yuan.
The denomination, composition, form, and pattern of the notes and coins issued by the Bank shall be proposed by the Bank, for approval by the Executive Yuan.
The Bank shall make public the specifications of notes and coins prior to issuance.
〈Exchange and Redemption of National Currency〉 Article 18	[Authorized Regulations] [Authorized Circulars]
The Bank shall exchange stained or damaged notes and coins deemed to be unfit for circulation in accordance with certain standards, and destroy them according to law.
The Bank may redeem currency issued. Currency redeemed shall no longer be legal tender. However, the redemption period shall not be less than one year, during which time holders may exchange redeemed currency with the Bank.