Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins
Republic Act No. 427, enacted on May 22, 1950, prohibits the possession and exportation of silver and/or nickel coins in excess of fifty pesos without proper turnover to a bank or treasury within seven days. Those who violate this regulation face a fine of five thousand pesos, imprisonment for one year, and confiscation of the excess coins; foreigners may also face deportation. The Act mandates regular inventory reporting for businesses and prioritizes prosecution of violations in court. However, certain entities, including banks and government fiscal officers, are exempt from these restrictions.
Quick Answers
- What is Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins about?
- Republic Act No. 427, enacted on May 22, 1950, prohibits the possession and exportation of silver and/or nickel coins in excess of fifty pesos without proper turnover to a bank or treasury within seven days. Those who violate this regulation face a fine of five thousand pesos, imprisonment for one year, and confiscation of the excess coins; foreigners may also face deportation. The Act mandates regular inventory reporting for businesses and prioritizes prosecution of violations in court. However, certain entities, including banks and government fiscal officers, are exempt from these restrictions.
- What type of law is Republic Act No. 427?
- Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins (Republic Act No. 427) is a Philippine Statutes enacted by the Congress of the Philippines.
- When was Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins enacted?
- Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins (Republic Act No. 427) was enacted on May 22, 1950.
- What is the citation for Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins?
- Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins, Republic Act No. 427, May 22, 1950 (Philippines)
Law Information
- Reference Number
- Republic Act No. 427
- Date Enacted
- Category
- Statutes
- Subcategory
- Republic Acts
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
May 22, 1950
REPUBLIC ACT NO. 427
AN ACT PROHIBITING AND PUNISHING THE POSSESSION AND EXPORTATION OF SILVER AND/OR NICKEL COINS UNDER CERTAIN CIRCUMSTANCES AND PROVIDING THE PROCEDURE FOR PROSECUTION THEREOF *
SECTION 1. It shall be the duty of every person, partnership, association or corporation, having in its possession silver and/or nickel coins of the Philippine currency in an aggregate amount of more than fifty pesos, to turn over any excess over said amount to any bank, treasury or post office in the Philippines in exchange for notes of legal circulation, within seven days from the passage of this Act. At the end of the seven days, as hereinabove provided, every person conducting business, partnership, association or corporation and every seven days thereafter shall record in a cashbook or memorandum an inventory of the total amount of coins by denominations that it has in its possession, and this record and all cash and cash receptacles kept by such person, partnership, association or corporation shall be open to inspection and verification by the Secretary of Finance or his duly authorized representatives. casia
SECTION 2. After the period of seven days provided in the preceding section, it shall be unlawful for any person, partnership, association or corporation to hold, possess or keep silver and/or nickel coins in an aggregate amount exceeding fifty pesos. The possession of such an excess amount shall be punishable with a fine of five thousand pesos and imprisonment of one year, and the confiscation of the amount held in excess of fifty pesos: Provided, That if the person found guilty of violation of this section be a foreigner, the sentence shall also include an order for his deportation immediately after the service of his term of imprisonment, principal as well as subsidiary.
SECTION 3. The same penalty provided in the preceding section shall be imposed upon any person who shall take or attempt to take any such coins in excess of five pesos from the territorial jurisdiction of the Philippines to any other place.
SECTION 4. Prosecution under this Act shall take precedence over all kinds of cases in the courts, except habeas corpus, and they shall be tried and disposed of without unnecessary delay.
SECTION 5. In cases of corporations, partnerships or associations, the manager and/or the cashier of the establishment shall be held responsible for any violation of the provisions of this Act. casia
SECTION 6. The provisions of this Act regarding unlawful possession of coins shall not apply to banks, banking institutions, fiscal officers of the Government, building and loan associations, and public utilities and theaters, nor to any enterprises on or the day preceding payday when they may keep or possess such quantity of coins as may be necessary for the payment of the exact wages or salaries of their employees or laborers on said payday.
SECTION 7. This Act shall take effect upon its approval.
Approved: May 22, 1950
Published in the Official Gazette, Vol. 46, No. 5, p. 1994 in May 1950
Cite This Law
Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins, Republic Act No. 427, May 22, 1950 (Philippines)
Prohibiting and Punishing the Possession and Exportation of Silver and/or Nickel Coins, Republic Act No. 427 (Phil. 1950)
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