Former Education Minister David Coltart has said that he expects commercial banks to challenge the legality of Statutory Instrument (SI) 205 of 2018 saying they have the primary duty of care towards their clients not Government.
Last Friday, Finance Minister Mthuli Ncube gazetted SI 205 of 2018 (Rate and Incidence of Intermediated Money Transfer Tax) Regulations. Coltart said if commercial banks do not challenge SI 205 of 2018 it will be another negligent act by them. Speaking on Twitter Coltart said:
Zimbabweans’ anger has been directed against the RBZ & Ministry of Finance regarding the destruction of their deposits. However commercial banks are also complicit by negligently not seeking to protect their clients’ money. I expect them to challenge the legality of S.I. 205/18.
If Commercial banks do not challenge the legality of S.I. 205/18 and simply start deducting money from their clients’ accounts this will be yet another negligent act by them. Banks’ primary duty of care is towards their depositors not Government.
Top Harare lawyer Chris Mhike told the Daily News yesterday that Statutory Instrument (SI) 205 is defective and ignores the letter and spirit of Section 3 (3) of the Finance Act, which compels the Finance minister to present to Parliament for deliberation, a Bill carrying proposed changes to financial laws.
David Coltart is a Zimbabwean lawyer, human rights advocate and politician. he is a member of the MDC party led by Welshman Ncube.In January of 2018 Senator Coltart issued an apology for his role as a member of the British South African Police in sustaining... Read More About David Coltart
Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube
The Ministry of Finance and Economic Development is a government organ which administers the country's fiscal and financial aspects through its respective departments. It has various organs administered by different personnel and these include among other the Reserve Bank of Zimbabwe and the Zimbabwe National... Read More About Ministry of Finance