Offenders to face up to 7 years for damaging bond notes
According to the newly gazetted Reserve Bank of Zimbabwe Amendment Bill 2016 which seeks to create a legal basis for bond notes to be used as legal tender in the country, Zimbabweans may face up to 7 years for damaging bond notes.
Legal experts, Veritas, note that the Reserve Bank of Zimbabwe Amendment Bill [H.B. 12, 2016] was published in a Government Gazette Extraordinary dated 16th November and that the purpose of the Bill is to replace the temporary Presidential Powers (Temporary Measures) (Amendment of Reserve of Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, 2016, with an Act of Parliament which does not have a time limit.
A new section 44B(3) will also make section 42 of the Act applicable to bond notes as if they were banknotes. Section 42 of the Reserve Bank of Zimbabwe Act states that,
any person who, (a) without the authority of the Bank, engraves or makes any material whatsoever any words, figures, letters, marks, line or devices, the print of which resembles in whole or in part any words, figures, letters, marks, lines or devices peculiar to and used in or upon any bank note; or (b) willfully defaces, soils or damages any banknote or writes or places any drawing thereon or attaches thereto anything in the nature of an advertisement…
Those who violate these provisions are liable “to imprisonment for a period not exceeding seven years”, the law says.
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More: NewZimbabwe.com, Veritas
