DCK Supermarket’s Gweru branch general manager, Elimon Kwande appeared before regional magistrate, Morgan Nemadire charged with failing to bank their daily cash receipts a required by the Reserve Bank of Zimbabwe’s (RBZ) Bank Use Promotion Act. Magistratee Nemadire reserved judgment in the matter to today.
The court heard that on June 22 last year, DCK received a disclosure order from RBZ representative, Simbarashe Taruvinga. The retail shop was supposed to submit returns on cash sales and deposits on a daily basis as required by the RBZ Act. One of the shop’s managers, Aldin Mutariri acknowledged receipt of the disclosure order by signing at the back of it. Despite receiving the disclosure order the shop failed to submit returns to RBZ between June 22 2016 to July 6 2017.
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Formerly Gwelo, Gweru is the capital of the Midlands Province and Zimbabwe's third largest city. It is the main import and export centre as well the most accessible industrial center that oversees markets through South Africa to the South and Mozambique to the east. Read More About Gweru
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe