Effective 2 May 2013, the fee for Interbank GIRO or IBG transactions
that is performed online via internet banking and mobile banking, will
be at 10 sen. (compared to RM 2.00 existing).
In contrast, the charge for cheques will be progressively increased .
Effective 1 April 2014, banks will charge a cheque processing fee of 50
sen on the issuer of the cheque. This fee is in addition to the existing
stamp duty of 15 sen per cheque leaf..
Why is Bank Negara doing this?
The fee for electronic payment methods will be reduced to
incentivise businesses and consumers to adopt the more cost effective
electronic payment methods while charges will be levied on cheques to
reflect its higher cost. This effort is to reduce the cost and inefficiencies associated with the use of
cheques. The low online IBG fee is aimed at providing the incentive
for users to switch from other more costly payment methods to lower
cost alternatives
Bank Negara is giving a period of
one year for the general public and businesses to familiarize
with, adjust and migrate to using IBG for their payment transactions.
Online payment via internet banking and mobile
banking lends significant benefits to both individuals and businesses.
Individuals enjoy the convenience of transacting anytime anywhere,
avoiding the queues at bank counters while businesses can lower the
costs of doing business through the reduction or redeployment of
resources used for handling cash and cheques. With more payments done
electronically, there will also be cost savings from manual processes
including postage.
blog managed by MYOB Malaysia Professional Partner
Showing posts with label Running A Business. Show all posts
Showing posts with label Running A Business. Show all posts
Apr 24, 2013
Oct 17, 2008
Is being self employed, being in business?
Running a business is not kid's play. When I first started out doing consultancy work, I thought I was in business. How wrong was I. I was merely changing employers.
As an employee, the boss is the paymaster. As a self employed person, I am the paymaster.
And as a paymaster you have to wear many hats and pick up many skills, FAST! You have to learn how to sell (your skills), learn how to manage people (employees, customers, suppliers), learn how to market your products (advertising, the media), learn how to operate the gadgets (and also learn how to fix the gadgets when it fails) and much much more.
Along the way, you pick up 'business skills' or 'entrepreneurial skills'.
Here's some quotes which i find relevant
Rory Laing
It’s serious, business, it’s not a game. And you put your heart and soul into it, otherwise don’t bother at all.
Michael Gerber
If your thinking is sloppy, your business will be sloppy. If you are disorganised, your business will be disorganised. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more.
Tacitus
Not because of any extraordinary talents did he succeed, but because he had a capacity on a level for business and not above it.
Warren Buffett
Many people who are smart, articulate and admired have no real understanding of business. That’s no sin; they may shine elsewhere. But they don’t belong on corporate boards.
Neil McConnelee
If you think you know everything then you probably don't understand much at all.
Peter Rip
There is only one way to grow the bottom line - make the business algebra actually work.
Anon
You’ll always get what you always got if you always do what you always did
Duke of Wellington
Call on a business man at business times only, and on business, transact your business and go about your business, in order to give him time to finish his business.
BC Forbes
The man who has won millions at the cost of his conscience is a failure
As an employee, the boss is the paymaster. As a self employed person, I am the paymaster.
And as a paymaster you have to wear many hats and pick up many skills, FAST! You have to learn how to sell (your skills), learn how to manage people (employees, customers, suppliers), learn how to market your products (advertising, the media), learn how to operate the gadgets (and also learn how to fix the gadgets when it fails) and much much more.
Along the way, you pick up 'business skills' or 'entrepreneurial skills'.
Here's some quotes which i find relevant
Rory Laing
It’s serious, business, it’s not a game. And you put your heart and soul into it, otherwise don’t bother at all.
Michael Gerber
If your thinking is sloppy, your business will be sloppy. If you are disorganised, your business will be disorganised. If you are greedy, your employees will be greedy, giving you less and less of themselves and always asking for more.
Tacitus
Not because of any extraordinary talents did he succeed, but because he had a capacity on a level for business and not above it.
Warren Buffett
Many people who are smart, articulate and admired have no real understanding of business. That’s no sin; they may shine elsewhere. But they don’t belong on corporate boards.
Neil McConnelee
If you think you know everything then you probably don't understand much at all.
Peter Rip
There is only one way to grow the bottom line - make the business algebra actually work.
Anon
You’ll always get what you always got if you always do what you always did
Duke of Wellington
Call on a business man at business times only, and on business, transact your business and go about your business, in order to give him time to finish his business.
BC Forbes
The man who has won millions at the cost of his conscience is a failure
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