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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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B . Exporters
  Note : Yes - Allowed No - Not Allowed At All

EXPORTERS

Yes

Needs approval

No

1. Export proceeds
(a) Received in full, within a period of six months from date of shipment/export

X

   
(b) Received in full, after six months from date of shipment/export  

X

 
(c) Offset against payments to the non-resident  

X

 
2. Receive from non-residents in Ringgit for:-
(a) proceeds for export of goods and services contracted after 1300 hours on 1 September 1998    

X

(b) drawdown of loan    

X

3. Receive from nonresidents in foreign currency:-
(a) proceeds for export of goods and services

X

   
(b) drawdown of loans which has been approved by BNM (either under general or specific approval)

X

   
4. Pay to nonresidents in Ringgit for:-
(a) services    

X

(b) repayment of loan    

X

5. Pay to nonresidents in foreign currency for:-
(a) services

X

   
(b) repayment of loan which has been approved by BNM (either under general or specific approval)

X

   
6. Foreign currency accounts

To retain export proceeds in foreign currency:

(a) With commercial banks in Malaysia, up to the following limits
  • USD10 million for exporter with average monthly export receipts exceeding RM20 million;
  • USD 5 million for exporter with average monthly export receipts above RM10 million and up to RM20 million;
  • USD3 million for exporter with average monthly export receipts between RM5 million and RM10 million;
  • USD 1 million for new exporter or those with average monthly export receipts of less than RM 5 million/li>

X

   
(b) With commercial banks in Malaysia, in excess of the above limits  

X

 
(c) With banks overseas, including Labuan offshore banks  

X

 
7. Borrowing in foreign currency
(a) Obtain short-term (less than 12 months) trade financing facilities in foreign currency from commercial banks in Malaysia

X

   
(b) Other than (a) above, borrow in foreign currency up to the aggregate of RM5 million equivalent from banks in Malaysia, Labuan offshore banks or any non-resident

X

   
(c) Borrow in foreign currency exceeding the aggregate of RM5 million equivalent.  

X

 
8. Payment to another resident in foreign currency for:-
(a) Drawdown and repayment of loans from banks in Malaysia (with BNM approval - general/specific)

X

   
(b) All other purposes [other than 8 (a)]  

X

 

C . Importers
  Note : Yes - Allowed No - Not Allowed At All

IMPORTERS

Yes

Needs approval

No

1. Pay to nonresidents in Ringgit for:-
(a) import of goods and services contracted after 1300 hours on 1 September 1998    

X

(b) repayment of loan    

X

2. Pay to nonresidents in foreign currency for:-
(a) import of goods and services

X

   
(b) repayment of loan which has been approved by BNM (either under general or specific approval)

X

   
3. Receive from nonresidents in Ringgit for drawdown of loans    

X

4. Receive from nonresidents in foreign currency for drawdown of loans which have been approved by BNM (either under general or specific approval)

X

   
5. Borrowing in foreign currency
(a) Obtain short-term (less than 12 months) trade financing facilities in foreign currency from commercial banks in Malaysia

X

   
(b) Other than (a) above, borrow in foreign currency up to the aggregate of RM5 million equivalent from banks in Malaysia, Labuan offshore banks or any non-resident

X

   
(c) Borrow in foreign currency exceeding the aggregate of RM5 million equivalent.  

X

 
6. Payment to another resident in foreign currency
(a) For drawdown and repayment of loans from banks in Malaysia (with BNM approval - general/specific)

X

   
(b) For all other purposes [ other than 6 (a) ]  

X

 
7. Foreign currency accounts
(a) Convert Ringgit into foreign currency for placement pending payment to nonresidents for imports  

X

 

Information compiled & extracts
from Bank Negara Malaysia

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