Khamis, Oktober 23, 2014
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Currency Control

Bahagian Perkastaman - Fasilitasi Perdagangan

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Based on Section 24 and Section 25 of the Currency Exchange Control Act, Foreign Currency Exchange Security has released a Currency Exchange Control Order (Import and Export) (General) 1998 and ECM 13 notice effective 1.9.1998.  The purpose for the order is :

  • To control the outflow of the foreign currency (paper money and travellers cheque) and,
  • To control the inflow and outflow of Ringgit Malaysia (RM) currency including travellers cheque.

Controller

A Permanent resident is allowed to import :

  • Ringgit Malaysia not exceeding RM1,000 each; and
  • Any amount in foreign currency and travelers’ cheque.   

A Permanent resident is allowed to export :

  • Ringgit Malaysia not exceeding RM1,000 each; and
  • Foreign currency and travelers’ cheque which equivalent value does not exceed RM10, 000 each.

Non-resident Traveler is allowed to import :

  • Ringgit Malaysia not exceeding RM1,000 each; and
  • Any amount in foreign currency and travelers’ cheque.

Non-resident Traveler is allowed to export :

  • Ringgit Malaysia not exceeding RM1,000 each; and
  • Foreign currency including travelers’ cheque not exceeding the amount brought into Malaysia.

Definition

Resident means:

  • Malaysian citizen, includes someone who has received permanent resident status outside Malaysia but currently reside in Malaysia.
  • Non-Malaysia citizen who has received permanent resident status in Malaysia and currently reside in Malaysia.

Non-resident means:

  • Someone other than resident.
  • Malaysian citizen who has received permanent resident status outside Malaysia and currently resides outside Malaysia.

Enforcement

Money exchange control is enforced using the following methods:

  • Through written declaration at immigration counters using Travelers Declaration Form (TDF); and
  • Physical inspection by Customs Department officer.

All travelers are required to complete the TDF form, without taking into account the amount of currency as well as the travelers’ cheque brought, for declaration / submission to the Immigration Officer during entry / exit to Malaysia.  A Customs Officer is authorized to inspect the travelers’ body, baggage and vehicle at the exit / entrance.

Application to export currency exceeding the limit permitted has to be obtained earlier from the Bank Negara Malaysia (BNM) office.  They have to submit sufficient and substantial evidence / document concerning requirements to bring / export the declared currency.  For example, documents that needs to be shown is the offer letter from university / college, letter from university on fees and allowance as well as doctor’s letter on patient’s requirement to obtain checkup / treatment overseas.

Written approval as mentioned above has to be made before travelers pledge the TDF form to the Immigration Officer.  After a pledge is made, if the traveler is found / proven to own currency exceeding the amount allowed, preventive action under the Customs Act 1967 will be taken including seizing the money which exceed the amount allowed, imposing compound or taking court action.

Enquiry

For further information, kindly contact the nearest customs office or:

Customs Division,
Import / Export Branch,
Royal Malaysian Customs Headquarters,
Level 4 South, No.3 Persiaran Perdana,
Ministry of Finance Complex,
Precinct 2, Federal Government Administration Center,
62592 Putrajaya, Malaysia.
Tel.: (603) 8882 2332/2646/2663/2658
Fax: (603) 8889 5881

or

Head of Department,
Department of Currency Exchange Control,
Bank Negara Malaysia
Jalan Dato’ Onn,50480
Kuala Lumpur.
Tel:603-2910772 / 29073532907354 / 2907780
Fax: 603-2937732
Website: http://www.bnm.gov.my

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