Currency is money used in exchanges which has an assigned value and
is authorized by law. Currency laws of countries govern such issues as
the import and export of national currency, residents' bank accounts abroad,
and conversion and repatriation of export proceeds. Fro example, cross-border
currency laws may require travelers to declare the currency they are carrying
if over a certain amount.
In the United States, federal laws are the main laws governing currency.
Federal law makes it a crime to deface currency. There is no Federal statute
which mandates that private businesses must accept cash as a form of payment.
Private businesses are free to develop their own policies on whether or
not to accept cash unless there is a State law which says otherwise.
The following is an example of a state law governing currency:
- "Every financial institution shall keep a record of each of its
currency transactions as required by 31 U.S.C. §5313 and regulations
pursuant thereto, as the same may be amended from time to time ("federal
monetary transaction records and reports requirement"). Upon the written
request of the Revenue Commissioner, each financial institution shall file
a report as described in this chapter with the State Revenue Department.
After such request and during the period of time covered thereby, each
report shall be filed no later than 15 banking days after the report of
the same transaction is required to be filed pursuant to the federal monetary
transaction records and reports requirement. If the information required
to be reported to the State Revenue Department pursuant to this chapter
becomes otherwise available to the State Revenue Department through access
to reports of any federal agency, the Revenue Commissioner shall notify
the financial institutions in writing that such financial institutions
no longer have any obligation to file any report pursuant to this chapter.
Each report may be in the same form as, or may be a copy of, the report
required by the federal monetary transaction records and reports requirement.
Notwithstanding any provision hereof to the contrary, maintaining the records
and filing a copy of reports required by the federal monetary transaction
records and reports requirement shall satisfy the recordkeeping and reporting
requirements of this chapter.
- Multiple transactions conducted by or for any person in any one
day shall be treated as a single transaction, if the financial institution
actually is aware of them and such transactions are by or on behalf of
the same person.
- Information obtained by the State Revenue Department may not be
disclosed by the Revenue Commissioner or any officer or employee of the
State Revenue Department, except that the Revenue Commissioner may in his
discretion, if he deems it necessary or proper to the enforcement of the
laws of this state or the United States and to the best interest of the
public, divulge such information to any department, agency, or instrumentality
of the state or federal government."