A fake S$50 note dispensed by an automated teller machine (ATM) belonging to the United Overseas Bank (UOB) was detected when the customer tried to deposit it into her account with another bank. Miss FOO Yip Phin Lee, 28, a shipping clerk, told The Straits Times that she had withdrawn the money from the ATM at the UOB branch in Cecil Street earlier this month. A UOB spokesman said, "We have resolved the matter with the customer and reimbursed her the S$50." (Straits Times 15 Apr 2002) (H4)

  The new S$50 Portrait note with Deputy Prime Minister LEE Hsien Loong's signature and seal will be offered to the public for the first time at the three-day Asia Money Fair at Suntec City. It can be exchanged at face value at BCCS exchange counters. (Straits Times 15 Mar 2002) (3)

  The Board of Commissioners of Currency (BCCS) will stop minting new one-cent coins at the end of March 2002 because people rarely use them. Still, the coin can be used as it will continue to be legal tender. Said a spokesman from the board, "Our long-term goal is to see it disappear over time." Every year, more than 50 million new one-cent coins are issued, but only three million are returned to the board, indicating people are not recirculating the coins. (Straits Times 28 Feb 2002) (3)