Victorian Consolidated Legislation

Financial Institutions Duty Act 1982 - SECT 11

Exchange of money for money

11. Exchange of money for money



(1) Where a financial institution receives a bill of exchange or promissory
note in exchange for cash or a cheque, the financial institution shall be
deemed not to have received money except to the extent that the value of the
bill of exchange or promissory note received is greater than the value of the
money paid or given by him.



(2) For the purposes of subsection (1), the value of a bill of exchange or a
promissory note is the nominal or face value of the bill of exchange or
promissory note.

(3) Where a dutiable receipt, average daily liability or dutiable deposit is
or includes an amount of money in a currency other than the currency of
Australia, the amount of that money is, for the purposes of this Act, the
equivalent of that amount in the currency of Australia calculated at a rate of
exchange that is a relevant ruling telegraphic transfer buying rate of
exchange in Australia on the day on which the money is received or deposited.