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In forceUpdated to 28 Feb 2020Read it in Bahasa Malaysia
Contents

Act of Parliament

Currency Act 2020

Feedback & supportManaging the country's currency and regulating currency processing

Part I

Official textFrom Laws of Malaysia Online, unchanged

s 1

(1)

This Act may be cited as the Currency Act 2020.

(2)

This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette and the Minister may appoint different dates for the coming into operation of different Parts or provisions of this Act.

(1)

In this Act, unless the context otherwise requires—

“currency processing activities” means—

(a)

the sorting of currency note or currency coin by authenticity or quality; or

8

(b)

the packing of currency note or currency coin by quality, quantity or denomination;

“Bank” has the same meaning assigned to it in subsection 2(1)

of the Central Bank of Malaysia Act 2009 [Act 701];

“Governor” means the Governor of the Bank;

“financial institution” means—

(a)

a licensed bank under the Financial Services Act 2013

[Act 758], a licensed Islamic bank under the Islamic

Financial Services Act 2013 [Act 759] and a prescribed institution under the Development Financial Institutions

Act 2002 [Act 618]; or

(b)

any person declared as a financial institution in the

First Schedule;

“instruments and materials” includes—

(a)

relating to currency note, origination film, progressive, plate, proof, and unprinted, semi-printed or finished currency note;

(b)

relating to currency coin, design, mould, lettering wheel, punch, collar, die, working tool, rimming and lettering block, coin blank and finished currency coin; and

(c)

any apparatus, equipment and machinery which are related to the issuance, printing or minting of currency note or currency coin;

“Monetary Penalty Review Committee” means the Monetary

Penalty Review Committee established under section 238 of the

Financial Services Act 2013;

“computer” has the same meaning assigned to it in section 3

of the Evidence Act 1950 [Act 56];

“currency note” means a note issued by the Bank including a commemorative note issued by the Bank for, or to commemorate, a particular event or purpose;

Currency 9

“currency coin” means a coin issued by the Bank including a commemorative coin issued by the Bank for, or to commemorate, a particular event or purpose;

“Minister” means the Minister charged with the responsibility for finance;

“person” means any natural person, corporation, statutory body, local authority, society, trade union, co-operative society, partnership or any other body, organisation, association or group of persons, whether corporate or unincorporated and includes the

Government and any State Government;

“computer output” means a statement or representation, whether in written, printed, pictorial, film, graphical, acoustic or other form—

(a)

produced by a computer;

(b)

displayed on the screen of a computer; or

(c)

accurately translated from a statement or representation so produced;

“registered currency processor” means a person registered under subsection 26(1) to carry on a currency processing business and for the purpose of Division 3 of Part IV includes any financial institution carrying on currency processing activities;

“currency processing business” means—

(a)

the business of—

(i)

collecting currency note or currency coin;

(ii)

sorting currency note or currency coin by authenticity and quality; and

(iii)

packing currency note or currency coin by quality, quantity and denomination, by a person for or on behalf of another person; or

10

(b)

any activity declared as a currency processing business under section 23.

(2)

A currency note shall be deemed defaced—

(a)

if any word, sign, symbol, drawing, caricature, or other thing, has been written, inscribed or in any other manner or by any other means has been shown on its surface;

or

(b)

if the currency note is torn, marred, burnt, stained, spoilt or otherwise in any manner mutilated.

(3)

A currency coin shall be deemed tampered with—

(a)

if the currency coin is impaired, diminished or lightened otherwise than by fair wear and tear; or

(b)

if the currency coin is stamped, engraved or pierced, regardless whether the coin has been diminished or lightened.

s 3Person declared as financial institution

Any person specified in the First Schedule is declared as a financial institution for the purposes of this Act.

(1)

The powers and functions of the Bank under this Act are in addition to, and not in derogation of, the powers and functions of the Bank under the Central Bank of Malaysia Act 2009.

(2)

The Governor shall exercise such powers and perform such functions of the Bank under this Act on behalf of the Bank.

(3)

The Bank may, either generally or in a particular case, appoint any person, including an officer of the Bank, whether in or outside Malaysia—

(a)

to exercise any of the powers or perform any of the functions, of the Bank, under this Act on behalf of and in the name of the Bank; or

Currency 11

(b)

to render such assistance in the exercise of any of the powers or performance of any of the functions, of the

Bank, under this Act.

Part II

Powers Relating to Currency

Read on from Part II

Part III

Offences Relating to Currency

Read on from Part III

Part IV

Currency Processing Business

Read on from Part IV

Part V

Enforcement

Read on from Part V

Part VI

General

Read on from Part VI

Part VII

Saving and Transitional

Read on from Part VII

Schedules