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
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the Exchange Control Act, 1953 had been revoked with effect from September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The exemption for the importation of Malaysian currency notes was
revoked with effect from October 1, 1998.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.