RM1 coin question which is left un-answered...
The news is out! Bank Negara to withdraw RM1 coin from Dec 7 2005. Press statement from BNM is here.
One question remains un-answered. WHY? It is a small and short question, but very valid! This is not one of the 4 so-called FAQ questions at BNM FAQ to this matter, as of just now!
The 4 questions are 1) Will the RM1 coin still be accepted as legal tender from 7 September to 6 December 2005?, 2) What should I do if retailers and financial institutions refuse to accept RM1 coin during the stipulated period?, 3) Where can I exchange my RM1 coins?, and 4) Is there a maximum quantity of RM1 coins that can be exchanged?. Feeble issues!
Another question also comes to mind, if this RM1 coin was withdrawn due to the fact that counterfeit RM1 coins are being circulated easily, WHY was this issue not being thought-off properly when they first came up with the idea to introduce the RM1 coin in the first place?
Next thing to do, is to introduce RM1 note in the polimer form, similar to the new RM5 format, reason being, RM1 note is easily the most-used note. Durability and longevity of the note could be increased with the use of polimer, as what Singapore national bank has proven!
Malulah Malaysia...
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“The main branches of Bank Simpanan Nasional and Bank Negara branches at Kuala Lumpur, Penang, Johor Baru, Kuala Terengganu, Kuching and Kota Kinabalu will also provide such services,” the central bank said in the statement, adding that the RM1 banknote would continue to be legal tender and remain in circulation.
© 1995-2005 Star Publications (Malaysia) Bhd (Co No 10894-D)
One question remains un-answered. WHY? It is a small and short question, but very valid! This is not one of the 4 so-called FAQ questions at BNM FAQ to this matter, as of just now!
The 4 questions are 1) Will the RM1 coin still be accepted as legal tender from 7 September to 6 December 2005?, 2) What should I do if retailers and financial institutions refuse to accept RM1 coin during the stipulated period?, 3) Where can I exchange my RM1 coins?, and 4) Is there a maximum quantity of RM1 coins that can be exchanged?. Feeble issues!
Another question also comes to mind, if this RM1 coin was withdrawn due to the fact that counterfeit RM1 coins are being circulated easily, WHY was this issue not being thought-off properly when they first came up with the idea to introduce the RM1 coin in the first place?
Next thing to do, is to introduce RM1 note in the polimer form, similar to the new RM5 format, reason being, RM1 note is easily the most-used note. Durability and longevity of the note could be increased with the use of polimer, as what Singapore national bank has proven!
Malulah Malaysia...
=================================================
The Star Online > Nation
Tuesday September 6, 2005
Bank Negara to withdraw RM1 coin from Dec 7
PETALING JAYA: The RM1 coin will be withdrawn from circulation from Dec 7.
A Bank Negara statement yesterday confirmed that the coin would cease to be legal tender from that date.
“The public can exchange the coins at face value without any charge at all commercial banks from Sept 7 to Dec 6.
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Details are available at Bank Negara's website, www.bnm.gov.my, or by contacting the currency management and operations department at 03-2698 8044 ext 7442/7417.
posted by mamat at 8:50 PM
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