1. The Exchange Control Act, 1953 (hereinafter referred to as "the Act") prohibits all dealings and transactions falling within the purview of the Act, unless the permission of the Controller of Foreign Exchange (hereinafter referred to as "the Controller") is obtained.
2. Pursuant to section 39 of the Act, the Controller hereby issues the following Exchange Control of Malaysia Notices (hereinafter referred to as "ECM Notice"), embodying the general permissions and directions of the Controller -
ECM 1 - Definitions
ECM 2 - Dealings in Gold and Foreign Currency
ECM 3 - External Accounts
ECM 4 - General Payments
ECM 5 - Export of Goods
ECM 6 - Credit Facilities to Non-Residents
ECM 7 - Foreign Currency Accounts
ECM 8 - Domestic Credit Facilities to Non-Resident Controlled Companies
ECM 9 - Investments Abroad
ECM 10 - Foreign Currency Credit Facilities and Ringgit Credit Facilities from Non-Residents
ECM 11 - Inter-Company Accounts
ECM 12 - Securities
ECM 13 - Import and Export of Currency Notes, Bills of Exchange, Assurance Policies, etc.
ECM 14 - Dealing with Specified Persons and in Restricted Currencies
ECM 15 - Labuan International Offshore Financial Centre
ECM 16 - Approved Operational Headquarters
3. These ECM Notices shall come into force on December 1,1994.
4. The general permission granted under the ECM Notices shall not apply to dealings and transactions relating to Specified Persons, and transactions in Restricted Currencies.
5. The ECM Notices may be revoked or varied by the issuance of subsequent notices.
6. All ECM Notices and related circular letters issued prior to the date of coming into force of these ECM Notices are hereby revoked and the revocation shall not affect the validity of -
6.1 The permission granted and directions given under the revoked notices and circular letters; and
6.2 Acts done pursuant to the said permission and directions.
7. Specific permission and consent of the Controller may be sought for exceptional cases and for matters falling within the purview of the Act, which have not been dealt with under the ECM Notices.
8. Permission granted by the Controller and compliance with conditions imposed therein shall not relieve any person of the requirement of obtaining the necessary approval, consent, or authorization of other relevant authorities.
9. Non-compliance of any direction, restriction, requirement or condition subject to which permission is given in the ECM Notices constitutes an offence under paragraph 7 of the Fifth Schedule to the Act.
10.1 Availability of Forms and Statements
All Forms referred to in the ECM Notices can be obtained from any authorised dealer or Bank Negara Malaysia and their branches.
All Statements referred to in the ECM Notices can be obtained from Bank Negara Malaysia and its branches.
10.2 Forms, Reports, Returns and Statements
10.2.1 All forms, reports, returns and statements required to be submitted to the Controller are to be sent to :-
The Manager
Balance of Payment Department
Bank Negara Malaysia
P.O. Box 10922
50929 Kuala Lumpur
10.2.2 Form KPW XA can also be submitted to the Manager of any branch and the Labuan Offshore Unit of Bank Negara Malaysia.
10.3 Examination of books, records and accounts
The Controller or person authorised in writing by the Controller may call for the books, records and accounts of any person and/or any other information from any person for the purposes of ascertaining the compliance with the requirements of the Act and these ECM Notices.
11. All enquiries and applications regarding exchange control matters are to be directed to the Balance of Payments Department of Bank Negara Malaysia.
AHMAD MOHD DON
Controller of Foreign Exchange
December 1,1994