{
  "url": "https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/regulation-2",
  "json_url": "https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/regulation-2.json",
  "legislation": "ukdsi/2009/9780111486306",
  "legislation_title": "The Scottish and Northern Ireland Banknote Regulations 2009",
  "legislation_url": "https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009",
  "path": "regulation/2",
  "kind": "regulation",
  "number": "2",
  "heading": "Interpretation",
  "text": "(1) In these Regulations—\n“the Act” means the Banking Act 2009;\n“backing assets” means assets of a kind specified by regulation 6(2);\n“Bank of England banknotes” means banknotes issued by the Bank of England;\n“excluded banknote” has the meaning given by regulation 7(3);\n“location” includes a vehicle;\n“rules” means rules made by the Bank of England under these Regulations.\n(2) For the purposes of these Regulations—\n(a) a banknote is in circulation from the time that it is issued by an authorised bank until the time that it is returned to the bank;\n(b) a banknote has the potential to enter circulation if the banknote is not—\n(i) in circulation; or\n(ii) an excluded banknote;\n(c) a reference to the value of a banknote is a reference to the face value of the banknote.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2009/9780111486306/regulation/2",
    "retrieved_at": "2026-10-30T14:56:45.263381+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}