Interesting facts on RM500 and RM1000 notes to share with collectors.
On May 1999, Bank Negara Malaysia had issued an reminder to the public that effective on 1 July 1999 the currency notes of RM500 and RM1000 denominations (2nd Series of Malaysian Banknotes) will be demonetized and shall cease to be legal tender. This was mainly due to the Asian monetary crisis of 1997 whereby huge amounts of Malaysian currency were taken out of the country to be traded in these notes.
In the recent answer given by the Deputy Finance Minister to the Parliament, he has pointed out that there are still 150,599 and 26,018 pieces of RM500 and RM1000 still have yet to be "recalled" by BNM. In other words, a total amount of RM75,299,500.00 of RM500 and RM26,018,000.00 of RM1000 have been ceased to be legal tender.
As of 30 January 2011, BNM has withdrawn 92.4% of RM500 and 99.4% of RM1000 note.
2nd Series of RM1000