Wahid: Do away with big ringgit notes
KUALA LUMPUR: Immobilising large currency notes can help move Malaysia towards a crimeless and corruption-free society, said Permodalan Nasional Bhd group chairman Tan Sri Abdul Wahid Omar.
He said other possible measures include mandating large transactions to be done electronically and providing an audit trail.
“These would theoretically work as the world was moving towards a cashless society.
“Technology has advanced so far that mobile payments are already enabled and the cost of point-of-sale terminals was affordable for mass development,” he said at the Malaysian Institute of Accountants (MIA) 50th commemorative lecture, here, yesterday .
“Lower denomination notes should be made available to facilitate small transactions,” he said.
However, Wahid said, it was still open for discussion and subject for future studies.
MIA’s first commemorative lecture featuring Wahid focused on integrity, one of the three core values of the accountancy profession.
The second commemorative lecture would be held on May 22 featuring Khazanah Nasional Bhd managing director Tan Sri Azman Mokhtar, while the final lecture will be held in August.
Meanwhile, Wahid reiterated that this year was expected be a better year for Malaysian corporates in general.
“We expect the economy to grow faster this year than in last year. We expect the commodity prices to be better than last year.
“We expect corporate earnings to be better in general. Our inhouse analysts have forecasted five to seven per cent growth for Malaysian corporates,” he said. Amir Hisyam Rasid