THE CURRENCY LAW OF THE REPUBLIC OF ESTONIA
Clause 1. Monetary unit
The monetary unit of the Republic of Estonia is
Estonian kroon, which is divided into one hundred sents.
The cash of the Republic of Estonia is in circulation in
the form of banknotes and coins.
Clause 2. Issuing Estonian kroon
The sole right to issue and to remove from circulation
Estonian kroon belongs to Eesti Pank. Eesti Pank
determines the denominations of the banknotes and coins
as well as their design.
Clause 3. Legal tender
The sole legal tender in the Republic of Estonia is
Estonian kroon. The legal persons and single individuals
located in the Republic of Estonia have no right to use
any other legal tender except Estonian kroon in the
accountancy between them.
Clause 4. Obligation to accept the legal tender of
the Republic of Estonia without restrictions
Eesti Pank, as well as all other banks and credit
institutions of the Republic of Estonia are obliged to
accept the legal tender of the Republic of Estonia
without restrictions. Other legal persons are obliged to
accept valid coins up to the amount of 20 Estonian kroons
at a time, but banknotes without any restrictions.
Clause 5. Exchangeability of Estonian kroon with
other currencies
The exchangeability of Estonian kroon with other
currencies will be determined by law. The conditions and
procedure of exchanging Eesti kroon into foreign
currencies will be determined by Eesti Pank.
Clause 6. Damaged and spoilt currency
Damaged and spoilt banknotes and coins of the Republic
of Estonia will be received and replaced by Eesti Pank
and banks authorized by it, in condition that at least
half of the banknote is preserved and the serial number
is fully legible; on a coin, at least the denomination
and time of minting must be legible.
Other legal persons are not obliged to accept damaged
and spoilt banknotes and coins.
Clause 7 [Repealed - RT I 2002, 63, 387; entry into force: 01.09.2002]
Clause 71 Refusal to accept legal tender
(1) Refusal to accept legal tender upon sale of or payment for goods or services is punishable by a fine of up to 200 fine units.
(2) The same act, if committed by a legal person, is punishable by a fine of up to 30,000 kroons.
(3) The provisions of the General Part of the Penal Code (RT I 2001, 61, 364) and of the Code of Misdemeanour Procedure (RT I 2002, 50, 313) apply to the misdemeanours provided for in this section.
(4) Extra-judicial proceedings concerning the misdemeanours provided for in this section shall be conducted by:
1) the Consumer Protection Board;
2) police prefecture.
[RT I 2002, 63, 387; entry into force: 01.09.2002]
Clause 8. Becoming effective of the law
The present law will become effective on the day
Estonian kroon is issued.
Supreme Council A.Rüütel
Republic of Estonia Chairman
In Tallinn, on May 20, 1992
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