2.—(1) For the purposes of section 14G(5) and (6) of the Act, a reference to a loan does not include an advance made on the discounting or purchase of any bill of exchange by a bank or qualifying finance company which —| (a) | is denominated in Singapore dollars and accepted or endorsed by any bank in Singapore; | | (b) | arises from a genuine trade transaction and is payable within 3 months of acceptance or endorsement; and | | (c) | qualifies as a liquid asset —| (i) | for banks licensed in Singapore —– under paragraph 8 of the notice commonly known as MAS Notice 649, issued by the Monetary Authority of Singapore, as amended from time to time; | | (ii) | for merchant banks licensed in Singapore —– under paragraph 8 of the notice commonly known as MAS Notice 1015, issued by the Monetary Authority of Singapore, as amended from time to time; and | | (iii) | for qualifying finance companies —– under paragraph 2 of the notice commonly known as MAS Notice 806, issued by the Monetary Authority of Singapore, as amended from time to time. |
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| (2) For the purpose of this rule, “bank”, “Monetary Authority of Singapore” and “qualifying finance company” have the meanings given by section 14G(7) of the Act. |
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