I hereby promulgate the Small Denomination Notes Disposal Law.
Signed:HIROHITO, Seal of the Emperor
This thirteenth day of the fifth month of the twenty-third year of Showa (May 13, 1948)
Prime Minister ASHIDA Hitoshi
The Small Denomination Notes Disposal Law
Article 1. The use of the following government-issued small denomination notes as currency shall be forbidden after August 31, 1948 exclusive.
1. 50 sen notes which have been issued in pursuance of the Temporary Currency Law (Law No, 86, 1938) and the patterns of which were defined by Imperial Ordinances No.388 of 1938 (Patterns etc. of Temporary Currency), No.688 of 1948 (Defining of Patterns of Small Denomination Notes not provided for in Imperial Ordinance No.388 of 1938) and No.121 of 1946 (Defining of Patterns of Small Denomination Notes not provided for in Imperial Ordinance No.388 of 1938 and in Imperial Ordinance No.688 of 1942), which have been decreed in pursuance of Article 5 Paragraph 3 of the said Law.
2. Notes of small denominations of 50, 20 or 10 sen issued under Imperial Ordinance No.202 of 1917 (Issue of Small Denomination Notes) and Law No.6 of 1920 (Law concerning Issue of Small Denomination Notes).
Article 2. The period of time, in which the government accepts the small denomination notes defined in the preceding Article in exchange for valid currency, shall, despite the provisions of Law No.13 of 1890 (Exchange of Coins and Notes forbidden circulation), expire on August 31, 1949. As for those in possession of repatriates who have arrived in Japan after August 1, 1949 from foreign countries and the territories designated by Finance Minister, however, they shall be exchangeable within a month of their arrival.
Article 3. The exchange of small denomination notes provided for in Article 1 shall be undertaken not only by the Bank of Japan but by postal offices and other financial institutions in accordance with what the Minister of Finance will prescribe.
Article 4. The government shall eliminate the amount as of August 31, 1949, of the issued shall denomination notes, provided for in Article 1, from the amount of the ssnued small denomination notes as of September 1, 1949, and take in under the even date a sum equivalent to the liminated amount of them as a revenue.
Supplementary Provision:
The present Law shall come into force as from the day of its promulgation.