Bank Negara Malaysia Annual Report 2013 BNM defers 50-sen cheque processing fee to January next year

by **Cals** Thu 20 Mar 2014, 18:53

Bank Negara Malaysia Annual Report 2013 BNM defers 50-sen cheque processing fee to January next year

Business & Markets 2014

Written by Sulhi Azman of theedgemalaysia.com

Thursday, 20 March 2014 10:41

KUALA LUMPUR: Bank Negara Malaysia (BNM) has deferred the imposition of the cheque processing fee of 50 sen by nine months to Jan 2, 2015 from the earlier date of April 1, this year.
Speaking at the launch of the central bank’s Annual Report 2013 yesterday, BNM governor Tan Sri Dr Zeti Akhtar Aziz said the deferment was to facilitate comprehensive acceptance of e-payments in government agencies nationwide which include the Employees Provident Fund and the Inland Revenue Board.

The new pricing strategy, announced by the central bank in March last year, is meant to address the price distortion between electronic and paper-based payment instruments. This fee is in addition to the existing stamp duty of 15 sen per cheque leaf.

BNM has also capped the fee for Interbank GIRO (IBG) transaction conducted via Internet and mobile banking at 10 sen effective from May 2013.

Zeti also announced that Islamic financial institutions are now given until June 30, 2015 to reclassify monies accepted from customers.

Under the Islamic Financial Services Act 2013, Islamic financial institutions are required to classify deposits in customers’ accounts as either Islamic deposits or investment accounts.

“The differentiation will allow the Islamic banking institutions to develop a wider range of products for both classifications to meet the diverse needs of customers.

“Consequently, customers will be able to better appreciate the product offerings by Islamic banking institutions and make an informed decision in respect of the choices of Islamic banking products,” she added.

Previously, under the repealed Islamic Banking Act 1983, all monies accepted from customers are classified as Islamic deposits without being categorised.

During the transition period, all lslamic deposits continue to be protected by Perbadanan Insurans Deposit Malaysia.

This article first appeared in The Edge Financial Daily, on March 20, 2014.