Malaysian money changers will no longer buy or sell Rs500, Rs1,000 notes
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One of the answers in the FAQ section says the withdrawn notes can only be exchanged through banks in India.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.