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Bernama : One Sen Coins To Be Phased Out For Over-the-counter Payments From April |
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Written by Administrator |
Friday, 11 September 2009 14:24 |
13 November 2007
KUALA LUMPUR, Nov 13 (Bernama) -- The government will phase out the one sen coins for the over-the-counter (OTC) payments to cut handling costs and effect greater convenience via a rounding mechanism from April 1, 2008. Domestic Trade and Consumer Affairs Minister, Datuk Mohamed Shafie Apdal, said under the mechanism, OTC payments would be rounded up to the nearest multiple of five sen and it would apply to the total amount of a bill and not on individual items.
"The total amount of the bill that ends in one, two, six and seven sen will be rounded down and three, four, eight and nine sen will be rounded up to the nearest multiple of five sen," he told a press conference on the implementation of the rounding mechanism here Tuesday.
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