Let’s get familiar with the Rounding Mechanism practice.
Bill end in cent: 1, 2, 6, 7 = Round down to the nearest cent
Bill end in cent: 3, 4, 8, 9 = Round up to the nearest cent
Example:
RM82.01, RM82.02 : Payment = RM82.00
RM82.03, RM82.04 : Payment = RM82.05
RM82.06, RM82.07 : Payment = RM82.05
RM82.08, RM82.09 : Payment = RM82.10
Bank Negara Malaysia has recently announced the introduction of a “Rounding Mechanism” to the nearest multiple of 5 cent for over-the-counter purchases to be fully implemented by 1st of April 2008. The rounding mechanism is expected to save handling costs for businesses and to make it is faster and more convenient for customers to undertake small transactions.
The Rounding Mechanism applies to the total amount of a bill and not on individual items. It is applicable to all payments, be it cash or non-cash. It has been clarified that the non-cash payments include cheques and electronic payments such as credit cards, charge cards and debit cards.
More information on this announcement can be obtained from Bank Negara’s website: www.bnm.gov.my
Bill end in cent: 1, 2, 6, 7 = Round down to the nearest cent
Bill end in cent: 3, 4, 8, 9 = Round up to the nearest cent
Example:
RM82.01, RM82.02 : Payment = RM82.00
RM82.03, RM82.04 : Payment = RM82.05
RM82.06, RM82.07 : Payment = RM82.05
RM82.08, RM82.09 : Payment = RM82.10
Bank Negara Malaysia has recently announced the introduction of a “Rounding Mechanism” to the nearest multiple of 5 cent for over-the-counter purchases to be fully implemented by 1st of April 2008. The rounding mechanism is expected to save handling costs for businesses and to make it is faster and more convenient for customers to undertake small transactions.
The Rounding Mechanism applies to the total amount of a bill and not on individual items. It is applicable to all payments, be it cash or non-cash. It has been clarified that the non-cash payments include cheques and electronic payments such as credit cards, charge cards and debit cards.
More information on this announcement can be obtained from Bank Negara’s website: www.bnm.gov.my
4 comments:
That is such a great idea.
The customers will spend exactly the same amount on average. Less time will be spent paying and stores will have to hire less workers, which means cheaper prices.
It is the first step towards the eventual phasing out of the now almost worthless 1 sen coins.
In fact it cost more to mint the coin and most of them never go back into the banking system. Even if you donate them to charity, it takes 100 one cent coins to make up RM1. It take a lot of one cent coins to make up a meaningful sum!
This rounding up is a good step. So now, when paying for food at McD or while shopping, we don't need to scramble for 1 cent coins anymore!
Hi again!
Um, you can remove my Misspositive.net link already. I'm not maintaining that site anymore! Thanks.
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