BANK Negara clarified yesterday that cash remittances for overseas investment by individuals under its relaxed rules would still have to be done through the banking system and that the current limits on cash and travellers cheques that may be carried into or out of the country would remain.
The relaxation is aimed at providing greater flexibility to overseas investments. The remittances for investment abroad will have to be done through formal remittance channels via the banking system, the central bank said in a statement.