f. Exports to be made in foreign currency.

g. Ringgit credit facilities not allowed from non-resident individuals.

h. Non-residents must pay for shares in foreign currency or ringgit from external accounts.

In line with that, BNM, has issued a new set of Exchange Control of Malaysia (ECM) Notices which took effect as of September 1, 1998. All permissions or consents given by way of ECM Notices and related circular letters issued on or before August 31, 1998 were revoked. In addition, the following exemptions under the Exchange Control Act, 1953 had been revoked with effect from September 1, 1998 :

a. exemption for the exportation of Malaysian currency notes;

b. exemption for the importation and exportation of foreign currency notes;

c. exemption for the importation and exportation of securities; and

d. exemption for the importation and exportation of certificate of titles.

The exemption for the importation of Malaysian currency notes was revoked with effect from October 1, 1998.

Details on changes in ECM Notices are provided in Annexure B.

 
   
 

With effect from August 1, 1998, foreign workers are required to contribute to the EPF at 11% of their wages whilst the employer contributes RM5 per month for each foreign employee with the exception of the following categories of foreign workers :

  1. workers holding Employment Pass or expatriates holding Visit Pass (Temporary Employment) whose monthly wages is not less than RM2,500;

  2. Thai workers who enter Malaysia with a Territorial Pass; and

  3. seamen.
   



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