Govt threatens to cancel operating licences for businesses that do not bank cash

The government has threatened to cancel the operating licenses for retailers and wholesalers that are not banking all their cash from sales. Finance minister Patrick Chinamasa says he was considering a law to criminalize cash hoarding. The law will target business owned by foreigners in sectors reserved fro Zimbabweans such as retail, hairdressing salons among other sectors. Already three businesses have been taken to court not banking cash.

Said Chinamasa before the National Assembly:

We recorded instances where on a daily basis some retailers received $1,5 million cash but only $35,000 is banked. They are hoarding bond notes in order to use the to buy foreign currency at the black market, and we will pass a law that any businessman who does not bank money will have his license withdrawn

Chinamasa also added that the government will not hesitate to craft a law soon that will criminalize businesses refusing plastic money.

More: Source

The SourcePatrick ChinamasaThe Source

The Source is an online media company that was started with aide from Reuters, an international news agency. The Source operates in Zimbabwe and runs a news company that has a special bias towards business and financial related news. The company operates online through its... Read More About The Source

Patrick Anthony Chinamasa is a Zimbabwean politician and a member of the ruling Zanu-PF party. He is the current 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

The Source is an online media company that was started with aide from Reuters, an international news agency. The Source operates in Zimbabwe and runs a news company that has a special bias towards business and financial related news. The company operates online through its... Read More About The Source

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