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$10,000 notes phased out in S’pore as they are not derisory enough

Posted on 06 July 2014

A “derisory” is a unit of currency worth S$5,000 coined by Prime Minister Lee Hsien Loong’s lawyer, Davinder Singh.

10000-note-singapore

In a bid to make matters more derisory, S$10,000 notes will no longer be issued from Oct. 1, 2014, Singapore has announced.

This after Prime Minister Lee Hsien Loong’s lawyer, Davinder Singh, coined a new unit of currency in May 2014, where S$5,000 has been labelled a “derisory”.

Jiang Zhua Zee, a money authority spokesperson in Singapore, explained why S$10,000 notes are seen as not derisory enough: “S$10,000 is only equivalent to two derisory, so that is not much.”

“Hence, we are in the midst of creating a ‘super derisory’ note, which is equivalent to 120 derisory or S$600,000, which is also known in Singapore as ‘peanuts’.”

“Peanuts” is a unit of currency worth S$600,000 coined by ex-Prime Minister Goh Chok Tong’s wife in July 2005 during the National Kidney Foundation scandal.

 

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Wang Pei can be considered a new citizen of Singapore. She has been here all her life, just that her environment's changed beyond recognition.

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