202 people have so far been arrested for rejecting and labelling Zim dollars as “bond notes”. It is reported that fifty-one people have so far been brought to court, while five others have been fined between $200 and $500.
The arrests come after the launch of “Operation accept Zimbabwe currency as legal tender” by the police on June 26.
Apparently, there have been many mischievous reports circulating on social media platforms informing people that bond notes would soon be demonetized. A s a result, a number of businesses, especially manufacturers, retailers, and suppliers, are refusing to accept payment in local currency in preference for US dollars and Rands. The reason why there are rejecting the Zim currency is because is of the persistent volatility of the Zimbabwe dollar.
Police spokesperson Assistant Commissioner Paul Nyathi in a statement yesterday, warned traders and business people that they risk being arrested for refusing to accept any legal tenders. Under the 2004 Bank Use, Promotion and Suppression of Money Laundering Act regulations, the rejection of any legal tender is a criminal offence.
“Members of the public and businesses are urged to comply with the law to promote the maintenance of law and order,” said Assistant Commissioner Paul Nyathi.
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, supported by statements from the Finance and Economic Development Minister Prof Mthuli Ncube recently affirmed that the Zimbabwe dollar notes inscribed “bond note” remained legal tender and should be accepted for all domestic transactions.
The Finance Minister and the Reserve Bank of Zimbabwe have urged member of the public not to panic and that if ever the banknotes were to be demonetized, there will be a long period of notice while they still circulate, followed by another long period when they can still be banked if there are no longer circulating.
202 people have so far been arrested for rejecting and labelling Zim dollars as “bond notes”. It is reported that fifty-one people have so far been brought to court, while five others have been fined between $200 and $500.
The arrests come after the launch of “Operation accept Zimbabwe currency as legal tender” by the police on June 26.
Apparently, there have been many mischievous reports circulating on social media platforms informing people that bond notes would soon be demonetized. A s a result, a number of businesses, especially manufacturers, retailers, and suppliers, are refusing to accept payment in local currency in preference for US dollars and Rands. The reason why there are rejecting the Zim currency is because is of the persistent volatility of the Zimbabwe dollar.
Police spokesperson Assistant Commissioner Paul Nyathi in a statement yesterday, warned traders and business people that they risk being arrested for refusing to accept any legal tenders. Under the 2004 Bank Use, Promotion and Suppression of Money Laundering Act regulations, the rejection of any legal tender is a criminal offence.
“Members of the public and businesses are urged to comply with the law to promote the maintenance of law and order,” said Assistant Commissioner Paul Nyathi.
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, supported by statements from the Finance and Economic Development Minister Prof Mthuli Ncube recently affirmed that the Zimbabwe dollar notes inscribed “bond note” remained legal tender and should be accepted for all domestic transactions.
The Finance Minister and the Reserve Bank of Zimbabwe have urged member of the public not to panic and that if ever the banknotes were to be demonetized, there will be a long period of notice while they still circulate, followed by another long period when they can still be banked if there are no longer circulating.
