Effective April 1, 2008, all over the counter payments in Malaysia will have to comply with the rounding mechanism whereby the total amount of a bill will be rounded to the nearest 5 sen, thus eliminating the use of 1 sen coins. The 1 sen coin is still legal tender.
The rounding mechanism applies to the total amount of a bill, and not on individual items.
If the total amount of the bill (including tax) ends with 1,2,6,7, it will be rounded downwards; if the total ends with 3,4, 8,9, then the amount will be rounded upwards to the nearest multiple of 5 sen. For example, a total bill amounting to RM82.01 will be rounded down to RM82.00. If the total bill is RM82.03, it will be rounded up to RM82.05. If the bill is RM82.07, it will be rounded down to RM82.05.
According to the BNM guideline, the rounding mechanism is applicable to all payments, be it cash or non-cash (including payments by cheque and credit card).
The rounding table must be clearly displayed at the point of sale to ensure customers are appropriately informed.
The receipts/ bills / invoices should clearly state the total amount before and after the rounding adjustment.
Visit the Bank Negara Malaysia (BNM) website for a copy of the rounding table.
Amongst the reasons for introducing the rounding mechanism are:
1. reduce handling cost for business and consumer
2. reduce government's cost in producing new 1 sen coins as the demand reduces.
Note :
The 1 sen coin is still legal tender for a maximum of RM 2.00 (ie 200 coins) for other payments.
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