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[Tempatan] Geng-geng business BANTAH had transaksi tunai RM25,000

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Post time 8-11-2019 04:10 PM | Show all posts |Read mode
Business community says ‘no’ to RM25k limit
    Friday, 08 Nov 2019

GEORGE TOWN: Much of the business community in Penang is up in arms over the plan by Bank Negara Malaysia to cap cash transactions at RM25,000 to combat financial crimes.

Federation of Malaysian Manufacturers (FMM) Penang chairman Datuk Ooi Eng Hock said the plan has its pros and cons.

He said it might be a measure to combat certain financial crimes but it will result in difficulties for businesses. The limit of RM25,000 is too low, he stressed.

He added that Bank Negara should look into measures to curb online financial crimes instead, and provide a high level of confidence to encourage businesses to do online transfers.

Construction and automotive businessman Raja Rizal Kamrul Abdullah was also not in favour.

He said in certain industries, like construction, cash transactions are important when an employer wants to pay its employees or to buy materials.

He added that businessmen do not withdraw cash “as they like” and if they have to perform a large cash transaction, they would have their reasons for doing so.

“Maybe it can stop loan sharks, but for me, it brings more harm than good, ” said the former Penang Malay Chamber of Commerce member.

Datuk Seri Abdul Rafique Abdul Karim said the move would limit the scope of doing business for businessmen like him as the amount was too small for transactions.

“If Bank Negara decides to go ahead with the plan, it will cause delays in our business transactions.

“I think they should increase it, RM25,000 is too little, ” he said.

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Post time 8-11-2019 05:33 PM From the mobile phone | Show all posts
Patut cina sokong langkah krjn Pee H
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Post time 8-11-2019 05:39 PM | Show all posts
harap kali ni kerajaan mendengar keluhan penyumbang ekonomi negara
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Post time 12-11-2019 09:01 AM | Show all posts
Teruk dah ekonomi Malaysia ni sampai transaction cash pun kerajaan nak control.
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 Author| Post time 12-11-2019 03:00 PM | Show all posts
Businesses urge BNM to set cash transaction limit at RM50,000
    Tuesday, 12 Nov 2019
    1:30 PM MYT


KUALA LUMPUR: Bank Negara Malaysia’s (BNM) proposal to set a cash transaction limit (CTL) of RM25,000 per transaction next year has received a mixed reaction from businesses, with some quarters suggesting it should be at least RM50,000.

The Malaysian Malay Businessman and Industrialists Association (Perdasama) president, Datuk Moehamad Izat Emir said limiting physical cash transactions to just RM25,000 was a bit too drastic, and hoped the regulator would undertake a further study on this.

"There is a need to check with other countries, whether, they have also implemented this limit and the impact.

"We should not create a strict atmosphere for businesses to operate or else they might move operations elsewhere, like Vietnam, Indonesia or the Philippines, ” he told Bernama.

He said if Malaysia wished to regain its status as the "Asian Tiger”, the country needs to be ahead of its peers.

Echoing the same sentiment, Malaysia Budget Hotel Association national deputy president, Dr Sri Ganesh Michiel said the limit for cash transactions should not be capped at RM25,000, as it would be difficult for operations in the hotel sector.

"We will be impacted and it is not a good move. In limiting the cash transaction, it will throw up problems in our day-to-day operations because things are getting expensive.

"The threshold should be higher or at least RM50,000, ” he added.

While acknowledging the rationale behind the move, he also said the CTL would also pose difficulties for licensed businesses rather than tackling the key issue of illicit activities.

However, a trading-based company focusing on home decoration, Suri Decor co-founder, Suriani Sobri said she sees the move as "business as usual”, considering her company has already been dealing with suppliers using electronic payment methods.

She said in dealing with suppliers to maintain the inventory level, most transactions were done using electronic payments.

"There are a few instances where we need to use physical cash. For example, we pay part timers cash to wrap products for shipment on a daily basis. This usually does not come up to RM10,000, ” she added.

Suri Decor focuses on the business to consumer sales, riding on the uptrend in e-commerce, with its Instagram followers now reaching 33,000.

To recap, BNM announced the proposed CTL of RM25,000 last week as part of its initiative to continue curbing financial crimes.

It said cash transactions above the RM25,000 limit cannot be paid in cash, but electronically, such as by using a credit card or a cheque.

-- BERNAMA

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