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RHB Islamic partners RMCD to reduce usage of cash, cheques
Last update: 16/04/2018

KUALA LUMPUR, April 16 (Bernama) -- RHB Islamic Bank Bhd is collaborating†with the Royal Malaysian Customs Department (RMCD) to reduce the usage of cash and cheques†through†RHB Corporate MyDebit Card.

In a statement today, RHB said, the†cashless method, launched†early this year, would enable†business owners to pay local government agencies, including RMCD, Inland Revenue Board, Employees Provident Fund and Social Security Organisation, using the card.

It said†the move was in†line with Bank Negara Malaysia's Financial Sector Blueprint 2011-2020, which targeted†to reduce cheque usage to 100 million by 2020, from 205 million cheques in 2011.

"We have achieved a†16 per cent†decrease†in cash and cheques received at RHB branches in†2017, and we are confident that we will be able to further reduce†cash and cheque†usage by year-end," said Managing Director,†Datuk†Adissadikin Ali.†

Last year, RHB said, it recorded†a total of RM1.5 million worth of cash and cheque transactions intended for government service payments†and 236,749 transactions were from RMCD.

To apply for the†RHB Corporate MyDebit Card,†companies would†need to open or maintain a current account, and payments†could be made at any of†the bank's 210 branches nationwide, it said.

RHB said the card†would also†ease the migration from†traditional payment modes such as†cash and cheques to cashless transactions for vehicle levy payments†at the Malaysia-Singapore borders.

"A levy†is currently imposed on vehicle and lorry carrying goods from Malaysia to Singapore and vice-versa.

"The†card could also be†used to make payments for goods and services tax at any RHB branches nationwide," it said.

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CLOSING, MONDAY, JUNE 18
US 3.9960/9990
S'pore 2.9580/9611
100 Yen 3.6147/6177
Sterling 5.2935/2979
Euro 4.6342/6384
Source: Bank Negara Malaysia

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerís Cheque, Bank Draft and Cashierís Order. Do you think this additional charge is justified?
 

 
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