Section 31
Designation of payment instruments
of Financial Services Act 2013
ActIn forceProvision 31 of 124
Section 31
Where the Bank is of the opinion that—
(a)
a payment instrument may be of widespread use as a means of making payment and may affect the payment systems in
Malaysia; and
(b)
it is necessary to maintain the integrity, efficiency and reliability of the payment instrument, the Bank may, with the concurrence of the Minister, by an order published in the Gazette, designate such payment instrument as a designated payment instrument.