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FINANCIAL LAW - Exchange Control Rules
Related Topics : Banking Law . Offshore Banking Law . Broker Disputes . Commodities Law . Investment Terms . Raising Capital . Securities Law . Buying On Hire Purchase . Exchange Control Rules . Danaharta Act
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EXCHANGE CONTROL RULES

Definition of resident

Definition of non-resident

Definition of External Account

Definition of Ringgit asset in Malaysia

(a) Malaysian citizen; or

(b) Malaysian citizen with PR status of another country but resides in Malaysia; or

(c) Non- Malaysian citizen with PR status in Malaysia and resides in Malaysia; or

(d) Business enterprises / societies established / operating in Malaysia 		(a) Non- Malaysian citizen; or

(b) Malaysian citizen with PR status abroad and resides abroad; or

(c) Foreign embassies, high commissions, supranationals, central banks; or

(d) Business entities established abroad

A Ringgit account with a financial institution in Malaysia which is maintained by a non-resident or where the beneficial owner of the Ringgit funds is a non-resident

(a) Any form of bank deposits

(b) Land & building

(c) Malaysian securities (whether listed or unlisted)
Other Definitions


The Exchange Control Rules apply to all as follows : -
A. Travelers
1. Who should complete the Travelers Declaration Form (TDF)

(a) Regardless of the amount of Ringgit notes or foreign currency notes / traveler's cheques brought into or taken out of the country:
  • All residents must complete the TDF
  • All non-residents must complete the TDF
(b) Both residents and nonresidents must ensure approval is obtained for carrying above the permitted amount
 Note : Yes - Allowed No - Not Allowed At All
TRAVELERS
Resident
Non-resident
Yes
Needs approval
Yes
Needs approval
2. Bringing into Malaysia Ringgit or foreign currency on person or in baggage
(a) Bring in foreign currency notes and travelers' cheques of any amount
X
 
X
 
(b) Bring in Ringgit notes and coins up to RM1,000
X
 
X
 
(c) Bring in Ringgit notes and coins above RM1,000  
X
 
X
3. Taking out of Malaysia Ringgit or foreign currency on person or in baggage
(a) Take out foreign currency notes and travelers cheques up to the equivalent of RM10,000 (Resident & Non-Resident leaving Malaysia is permitted to carry Ringgit currency notes up to RM1,000 only)
X
 
Not applicable
(b) Take out foreign currency notes and travelers' cheques exceeding the equivalent of RM10,000  
X
Not applicable
(c) Take out foreign currency notes and travelers' cheques up to the amount brought in (with documentary evidence for amount brought in)
Not applicable
X
 
(d) Take out foreign currency notes and travelers' cheques (without documentary evidence for amount brought in)
Not applicable
 
X


Information compiled & extracts
from Bank Negara Malaysia

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