Wednesday, November 14, 2007

One Sen coin to be discontinued

Just like the RM1 coin that has been discontinued, come April 1 of next year, the RM0.01 sen will no longer be used. The one-sen coin will effectively become worthless. All prices will either be rounded up or rounded down to the nearest five sen.

For example, if the total amount to be paid is RM82.01 or RM82.02, it will be rounded down to RM82. However, if the total that has to be paid is RM82.03 or RM82.04, it will be rounded up to RM82.05.

All quarters will benefit from this move - consumers, businesses and the Government. Businesses will no longer have to handle the coins or ensure a ready supply, while consumers will also not have to worry about carrying the coins. The Government will save RM18mil which it spends yearly to mint these coins.

Source: The Star

No comments:

Related Posts Plugin for WordPress, Blogger...