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Only the Estonian version is official THE CURRENCY LAW OF THE REPUBLIC OF ESTONIA[Passed 20 May 1992 (RT I 1992, 21, 299), entered into force on the day Estonian kroon was issued; 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 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: Clause 8. Becoming effective of the law The present law will become effective on the day Estonian kroon is issued. Supreme Council A.Rüütel |