GEORGE TOWN: Much of the business community in Penang is up in arms over the plan by Bank Negara Malaysia to cap cash transactions at RM25,000 to combat financial crimes. He added that Bank Negara should look into measures to curb online financial crimes instead, and provide a high level of confidence to encourage businesses to do online transfers. He said in certain industries, like construction, cash transactions are important when an employer wants to pay its employees or to buy materials. Datuk Seri Abdul Rafique Abdul Karim said the move would limit the scope of doing business for businessmen like him as the amount was too small for transactions. “If Bank Negara decides to go ahead with the plan, it will cause delays in our business transactions.

Source: The Star November 07, 2019 23:04 UTC