Tuesday November 13, 2007

Bye-bye, 1sen coin

By WONG SAI WAN AND ROYCE CHEAH

KUALA LUMPUR: It is no joke but by April 1 next year, you would not have to use the one-sen coin anymore thanks to a "rounding mechanism" that would be used for all over-the-counter transactions.

The mechanism, which will be fully implemented by April 1, means all payment totals will either be rounded up or down to the nearest five sen.

For example, if the total amount to be paid is RM82.01 or RM82.02, it would be rounded down to RM82; if the total is RM82.03 or RM82.04, it would be rounded up to RM82.05.

Domestic Trade and Consumer Affairs Minister Datuk Shafie Apdal announced details of the mechanism on Tuesday, saying it would benefit both businesses and consumers.

"It will be more convenient for both parties. Businesses will no longer have to handle the coins or ensure they have a ready supply, while consumers would also not have to worry about carrying them," he said.

Shafie said the Government would also be able to reduce its minting costs as it was anticipated that the demand for the coin would reduce drastically once the mechanism was implemented.

"It will also not affect the current price structure. Businesses can continue to charge RM29.99 or other odd numbers they are currently using," he said.

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