Zimbabwe’s Finance Minister Patrick Chinamasa threatened to withdraw trading licences for companies that are not banking their money in terms of the Banking Use Promotions Act.
The Reserve Bank of Zimbabwe (RBZ), through its Financial Intelligence Unit, has been positioning people at traders to find out cash sales of that day and how much was banked. We are going to intensify those efforts and it will not stop us from passing a law that any businessperson who does not bank money will have his licence withdrawn. We have instances where on a daily basis $1,5 million is received, but only $35 000 is banked and if it is bond notes, they are hoarding them to buy foreign currency on the black market and they must stop because we are going to take stern measures to bring these saboteurs to book. We have observed that most traders operating in businesses reserved for locals like public transport, retail shops, hairdressing salons and others are abusing their operations in the reserved sectors by not banking, and we will cancel their licences.
Chinamasa said to date three traders had been arrested and appeared before the courts where they pleaded guilty and would be sentenced soon for not banking proceeds from their daily cash sales.
Read More About Reserve Bank Of Zimbabwe
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Patrick Anthony Chinamasa is a Zimbabwean politician and a member of the ruling Zanu-PF party. He is the former Minister of Finance and Economic Planning .He was reappointed to the ministry after President Emmerson Mnangagwa had appointed his cabinet in November 2017.Chinamasa is former Minister... Read More About Patrick Chinamasa