Yes. Over the years many countries have eliminated their smallest currency denominations. Canada withdrew its penny in 2013 and Barbados withdrew its one cent in May 2014.
If a refund is paid out in cash, businesses are expected to round the total in accordance with the rounding guidelines. The same applies to the balance remaining/owed where third party cheques are used to effect payments.
No. If you have the exact amount in cash, your total bill will not be rounded. Although 1 and 2 cent coins will no longer be issued, they will remain legal tender up to 30 June 2020 and thus can be used for purchasing goods and services or exchanged at financial institutions until then.
The rounding rules will be adopted into legislation by all ECCU member governments for cash transactions. Businesses/retailers are therefore expected to round the total (or the amount owed) of any cash transaction in the prescribed manner from 1st July 2015.
No. The price for individual items, as well as duties, fees or taxes should be calculated as usual in their exact amount prior to rounding.
Only the total in a cash transaction should be subject to rounding. The price of individual items, as well as any duties, fees or taxes should be calculated in their exact amount prior to rounding.
The rounding system will only affect cash transactions.
Rounding will not be applied to non-cash payments such as cheques, debit and credit cards. Payments made using these non-cash methods do not need to be rounded, because they are settled electronically to the exact amount.
However all transactions for which EC cash will be given back as change or for settlement require rounding, such as the exchange of foreign currency, or the use of third party cheques.
Only cash transactions require rounding. The rules indicate that when the total transaction value ends in x cents and payment is by cash rounding should be done up or down to the nearest five cent increment as follows:
The rounding rules will be used for settlement of all cash transactions once the exact payment is not made.
Businesses will be encouraged not to give back one and two cent coins as change since the coins are being removed from circulation.
Yes. The coins can still be used to purchase goods and services as they remain legal tender up to 30 June 2020. Alternately the coins can be deposited or exchanged for face value at any of the commercial banks within the Eastern Caribbean Currency Union (ECCU) during the five year period ending 30 June 2020.
The ECCB will stop issuing one and two cent coins to commercial banks and the commercial banks will no longer issue these coins to the public. Rounding rules will be applied for the settlement of cash transactions. (Kindly refer to answers for questions 5-12)
E-mail inquiries should be sent to firstname.lastname@example.org. The ECCB can also be contacted via telephone at any of its offices in the following countries
|Anguilla||Tel: 264-497-5050||Antigua and Barbuda||Tel: 268-462-2489|
|Commonwealth of Dominica||Tel: 767-448-8001||Grenada||Tel: 473-440-3016|
|Montserrat||Tel: 664-491-6877||Saint Lucia||Tel: 758-452-7449|
|Saint Vincent and the Grenadines||Tel: 784-456-1413||Saint Christopher (St Kitts) and Nevis||Tel: 869-465-2537|
The significant cost of producing and handling the coins coupled with their very low purchasing power and the public’s perceived inconvenience in using the coins are the main reasons for withdrawing the coins. Everyone will benefit from the withdrawal.