Malaysia's banknotes are free from pig fat, say deputy minister

The country's banknotes are free from any animal fat and do not contain any pig fat element, Deputy Finance Minister Amiruddin Hamzah said.

"The RM1 and RM5 banknotes are made from a polymer as it is four times more durable than regular banknotes (material).

"The banknotes do not contain any pig fat element as claimed," he told the Dewan Negara yesterday.

Amiruddin (photo, above) disclosed this during the winding-up of the Currency Bill 2019 debate.

He said Bank Negara Malaysia had received a detailed report from an independent laboratory confirming that there was no element of animal fat in the polymer banknotes and thus could be used without a misgiving.

The Senate then passed the bill.

Dewan Negara also passed six other bills under the Ministry of Finance, namely Finance Bill 2019; Income Tax Bill (Amendment) Bill 2019; Petroleum (Income Tax) (Amendment) Bill 2019; Labuan Business Activity Tax (Amendment) Bill 2019; Central Bank of Malaysia (Amendment) Bill 2019; Employees Provident Fund (Amendment) Bill 2019.

Amiruddin said the Finance Bill 2019 was aimed at amending the Income Tax Act 1967, Real Property Gains Tax 1976, Stamp Act 1949 and Finance Act 2018.

"The amendments to related Acts are needed to implement the government's decision to improve tax administration,” he said.

The Dewan Negara sitting continues today.

- Bernama