Bank Negara defers 50 sen cheque charge to next year

  • Nation
  • Thursday, 20 Mar 2014

KUALA LUMPUR: Bank Negara has deferred the implementation of the 50 sen charges for cheques from April 1 to Jan 1 next year as not all the agencies have the hardware to accept e-payments.

Bank Negara said on the payment side, 95% of the government agencies were equipped to handle e-payments. However, on the receiving side, only 65% was ready to handle e-payments.

Following the deferment, the central bank’s unit Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) will spearhead the move to ensure all have the devices to handle e-payments.

The IBG plan was mooted in May last year to encourage the switch from cheques to e-payments including IBG services. The transaction fee for IBG, conducted via the Internet and mobile banking, was reduced to 10 sen from RM2 previously to encourage e-payment.

In tandem with the move towards e-payment and reduce usage of cheques in favour of the IBG, a cheque processing fee of 50 sen would have been imposed. Currently, it costs RM3 to process a cheque.

On whether the cost would be borne by MyClear, deputy governor Datuk Muhammad Ibrahim replied that it would be worked out with the various government agencies such as the Employees Provident Fund and the Inland Revenue Service.

He explained that it involved detailed projections such as the number of branches which each agency had across the country.

The details being worked out will include the financing of the devices, as there must be at least one per branch.

Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said a special fund had been set up for this.

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