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Indian Rupee 500 and 1,000 Cease To Be Legal Tender

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Page 1: Indian Rupee 500 and 1,000 Cease To Be Legal Tender

PRESS STATEMENT

Indian Rupee 500 and 1,000 Cease To Be Legal Tender

Kuala Lumpur, 11 November 2016: Persatuan Perniagaan Perkhidmatan Wang Malaysia (the Malaysian Association of Money Services Business) is currently engaging all relevant parties including the currency wholesalers to find a workable solution on the issue of the demonetization of the existing 500 and 1000 Indian rupee (INR) currency notes. For the public in Malaysia in possession of the existing 500 and/or 1000 Indian rupee currency notes and not traveling to India by 30 December 2016, you may register your details for us to update if there are any pertinent latest developments or information on this matter. To register your details, kindly email us at [email protected] with the following information: 1. Name 2. Nationality 3. E-mail Address 4. Mobile Number 5. Indian Rupee amount in possession (INR500 & INR1000) You may also call us at 03-7722 5808 to register your details as mentioned above. For those traveling to India by 30 December 2016, you may exchange the existing 500 and/or 1000 Indian rupee currency notes with the banks in India or the Reserve Bank of India as guided by the notification and frequently asked questions issued by the Reserve Bank of India and the Ministry of Finance, Government of India.

About The Malaysian Association of Money Services Business (MAMSB) The Malaysian Association of Money Services Business or MAMSB is the national association for companies in Malaysia that have been granted licences under the Money Services Business Act 2011 (the MSBA). All licensees and approved money services business agents are eligible for membership in MAMSB. The MSBA governs three main types of money services businesses. The first is the money-changing business, where currency is exchanged at an established rate. The second is the

Page 2: Indian Rupee 500 and 1,000 Cease To Be Legal Tender

remittance business, where money is transferred, often to a different country, for example in the case of a migrant worker sending money home. The third type of money services business is the wholesale currency business which supports the retail money-changing business. Media Enquiries Ms. Shalini Pavithran Chief Executive Officer Malaysian Association of Money Services Business Tel: 03 7722 5808 Fax: 03 7722 5008