New regulations that empower the RBZ to arrest and fine businesses that continue to charge in forex were yesterday put in place in light of SI213-2019 that completely bans such dealings. The regulations stipulate that if a business continues to demand forex for its goods and or services, it will be fined $6000, or face jail if they default to pay for more than 90 days.
According to the Herald:
According to SI-213 of 2019 Government has stipulated a $6 000 fine for anyone found pricing goods and services in foreign currency, with a view to stopping the price madness on the market where some traders continue to wilfully violate national regulations to price their goods and services in local currency.
According to the regulations, failure to pay the prescribed fine will attract an extra $100 daily, for each day in default. The extra charge will run for 90 days before the accused is committed to civil imprisonment. However, for crimes deemed more serious, defaulters will be fined a cumulative fee of $1 200 per day over 90 days. This is over and above the $6000 fixed fine in the event they fail to comply with the law.
The government issued the new SI a couple of days ago in order to curb the rate at which businesses were openly charging goods and services in forex despite the multi-currency system ban.
More: The Herald
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