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| Cabinet to decide on Malay reserve land [ 30/9/2002 ] |
The proposed amendments to several chapters and schedules in the Malay Reserve Land Enactment will be submitted to the Cabinet next month for approval and immediate enforcement.
Minister in the Prime Minister's Department Datuk Seri Dr Rais Yatim said the task force looking into the matter would hold its last meeting tomorrow.
"We need to do this urgently and I hope the proposals will be accepted and implemented immediately," he said.
Rais said this was necessary as the enactment had not been amended since 1913.
Speaking after opening the "Lost Jewel - A meeting with loyal rakyat" at Bandar Al Muktafi Billah Shah today, he said the owners of Malay reserve land in Kuala Lumpur and Langkawi would be able to use their land as collateral for shares and capital with the amendments.
The amendment to Chapter 124 of the Enactment will also enable authorised banks such as Bank Islam and agencies approved by the Treasury, including Mara and certain co-operatives, to act on behalf of the land owners.
Rais said the amendments would liberalise the holding of the land while ownership remained constant. He said the composite value of the land would be enhanced based on the liberalisation of the physical and contractual commercial dealings. "At present, many banks cannot accept Malay reserve land as collateral because of the restrictions on holdings." On why the focus was on Kuala Lumpur and Langkawi, Rais said the position of Malay reserve land was unique as it was under the jurisdiction of State Governments.
"It is difficult to get a composite agreement all at once. Therefore, we will study its effectiveness in these two areas. Kuala Lumpur is under the Federal Governmment and in Langkawi, we can monitor through the relevant agencies like Kada," he said.
Source : NST 30/9/2002
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