Money changers to stop buying, selling 500- and 1,000-rupee notes - MAMSB

All licensed money changers in Malaysia will no longer buy or sell the 500- and 1,000-rupee notes, said Malaysian Association of Money Services Business (MAMSB).

In a statement today, the association said, this was in line with the Indian government's decision to abolish the these notes, which were no longer be legal tender from Nov 9, 2016.

"The withdrawal of these notes affects all currency changers globally.

"Any members of the public who are in possession of these notes or who are travelling to India may refer to the notification and the frequently-asked questions (FAQ) issued by the Reserve Bank of India and the Ministry of Finance, Government of India," it said.

MAMSB said the FAQ provided details and specific guidance for members of the public intending to exchange the Rs500 or Rs1,000.

Any member of the public facing difficulty in exchanging foreign currencies may contact the Association at 03-7722 5808, it said.

On Tuesday, Indian Prime Minister Narendra Modi announced that the current Rs500 and Rs1,000 notes would not be valid and they would be replaced with new Rs500 and Rs2,000 notes from Nov 10, 2016.

The move is part of a crackdown on corruption and illegal cash holdings, while people will be able to exchange their old notes for new ones at banks over the next 50 days. -- BERNAMA