Malaysian money chang­ers will no longer buy or sell Rs500, Rs1,000 notes

The Sun (Malaysia) - - SUNBIZ -

PE­TAL­ING JAYA: The Malaysian As­so­ci­a­tion of Money Ser­vices Busi­ness (MAMSB) said all li­censed money chang­ers in the coun­try will no longer buy or sell the re­cently banned Rs500 and Rs1,000 cur­rency notes.

In a state­ment yes­ter­day, MAMSB said the move is in line with the In­dian govern­ment’s de­ci­sion to cease the cir­cu­la­tion of those notes from Nov 8.

“The with­drawal of these notes af­fects all cur­rency ex­chang­ers glob­ally,” it said.

The as­so­ci­a­tion said peo­ple who pos­sess Rs500 or Rs1,000 notes or are trav­el­ling to In­dia may re­fer to the no­ti­fi­ca­tion and the fre­quently asked ques­tions (FAQ) sec­tions pub­lished by the Re­serve Bank of In­dia (RBI) and its Fi­nance Min­istry.

One of the an­swers in the FAQ sec­tion says the with­drawn notes can only be ex­changed through banks in In­dia.

“If you have spec­i­fied ban­knotes in In­dia, you may au­tho­rise in writ­ing en­abling an­other per­son in In­dia to de­posit the notes into your bank ac­count,” it noted.

MAMSB CEO Shalini Pavithran told Sun­Biz in an email re­sponse that the as­so­ci­a­tion has not re­ceived any fur­ther in­for­ma­tion from the In­dian au­thor­i­ties.

“Based on the RBI press re­lease dated Nov 8, 2016, it states that the new-de­sign 500and 2,000-ru­pee notes will be is­sued shortly, but no def­i­nite dates have been given as yet. We await fur­ther in­for­ma­tion on this and will is­sue a state­ment when we have clar­ity,” she added.

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