Introduction
As Malaysia embarks on a new era of currency with the introduction of the new MyRinggit, many people are left wondering what will happen to their old Malaysian Ringgit banknotes and coins. The good news is that the old Malaysian Ringgit will still be accepted as legal tender for a period of time. However, there are some important things to keep in mind about using old Malaysian Ringgit.
What Old Malaysian Ringgit Notes and Coins Are Still Valid?
All old Malaysian Ringgit banknotes and coins issued before the introduction of the new MyRinggit are still valid for use. This includes all banknotes and coins from the first series (1963-1992), the second series (1993-1998), and the third series (1999-2017).
How Long Will Old Malaysian Ringgit Be Accepted?
The old Malaysian Ringgit will be accepted as legal tender until June 30, 2023. After this date, the old Malaysian Ringgit will no longer be accepted as payment for goods and services.
Where Can I Use Old Malaysian Ringgit?
Old Malaysian Ringgit can be used anywhere in Malaysia, including banks, shops, and restaurants. However, some businesses may choose not to accept old Malaysian Ringgit after the June 30, 2023 deadline.
What Should I Do With My Old Malaysian Ringgit?
If you have any old Malaysian Ringgit, you should deposit it into a bank account or exchange it for new MyRinggit before the June 30, 2023 deadline. You can also exchange your old Malaysian Ringgit at any money changer in Malaysia.
Penalties for Using Counterfeit Malaysian Ringgit
It is important to note that it is illegal to use counterfeit Malaysian Ringgit. Anyone who is caught using counterfeit Malaysian Ringgit may be subject to a fine or imprisonment.
Conclusion
The old Malaysian Ringgit will still be accepted as legal tender until June 30, 2023. After this date, the old Malaysian Ringgit will no longer be accepted as payment for goods and services. If you have any old Malaysian Ringgit, you should deposit it into a bank account or exchange it for new MyRinggit before the deadline.
Frequently Asked Questions
- Can I still use old Malaysian Ringgit coins?
Yes, all old Malaysian Ringgit coins are still valid for use until June 30, 2023.
- Where can I exchange old Malaysian Ringgit?
You can exchange old Malaysian Ringgit at any bank or money changer in Malaysia.
- What is the penalty for using counterfeit Malaysian Ringgit?
Anyone who is caught using counterfeit Malaysian Ringgit may be subject to a fine or imprisonment.
Additional Information
For more information about the old Malaysian Ringgit, please visit the Bank Negara Malaysia website: https://www.bnm.gov.my/
Table 1: Old Malaysian Ringgit Banknotes
| Series | Year of Issue | Design |
|---|---|---|
| First Series | 1963-1992 | Blue, green, and yellow |
| Second Series | 1993-1998 | Purple, blue, and green |
| Third Series | 1999-2017 | Red, orange, and yellow |
Table 2: Old Malaysian Ringgit Coins
| Denomination | Year of Issue | Design |
|---|---|---|
| 1 sen | 1967-1994 | Copper-plated steel |
| 5 sen | 1967-1994 | Copper-plated steel |
| 10 sen | 1967-1994 | Cupro-nickel |
| 20 sen | 1967-1994 | Cupro-nickel |
| 50 sen | 1971-1994 | Cupro-nickel |
| 1 Ringgit | 1971-1994 | Cupro-nickel |
Table 3: Timeline for the Withdrawal of Old Malaysian Ringgit
| Date | Event |
|---|---|
| June 30, 2023 | Old Malaysian Ringgit ceases to be legal tender |
| December 31, 2023 | Deadline for exchanging old Malaysian Ringgit at banks |
| June 30, 2025 | Deadline for exchanging old Malaysian Ringgit at money changers |
Table 4: Penalties for Using Counterfeit Malaysian Ringgit
| Offence | Penalty |
|---|---|
| Possession of counterfeit Malaysian Ringgit | Fine of up to RM100,000 or imprisonment for up to 10 years |
| Using counterfeit Malaysian Ringgit | Fine of up to RM100,000 or imprisonment for up to 20 years |
**Motiva
