Business / Companies
Retail shop in soup for not banking cash
18 Jul 2017 at 01:59hrs | Views
TOP managers at DCK Supermarket's Gweru branch appeared in court yesterday charged with failing to bank their daily cash receipts in contravention of the Reserve Bank of Zimbabwe's (RBZ) Bank Use Promotion Act.
The retail shop, which was represented by its general manager, Elimon Kwande appeared before regional magistrate, Morgan Nemadire, who reserved judgment in the matter to today.
According to the State, on June 22 last year, DCK was served with a disclosure order by RBZ representative, Simbarashe Taruvinga, compelling the retail shop to submit returns on cash sales and deposits on a daily basis as required by the RBZ Act.
The shop, through one of its managers, Aldin Mutariri acknowledged receipt of the disclosure order by signing at the back of it.
However, between June 22 last year to July 6 this year the shop failed to submit returns to RBZ, as required by the law.
Several retail shops, in most parts of the country have been dragged to court on similar charges, with the central bank accusing them of fuelling the cash shortages by not banking their daily takings.
Section 11 of the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24) requires all traders and parastatals to bank their money at the close of business.
The retail shop, which was represented by its general manager, Elimon Kwande appeared before regional magistrate, Morgan Nemadire, who reserved judgment in the matter to today.
According to the State, on June 22 last year, DCK was served with a disclosure order by RBZ representative, Simbarashe Taruvinga, compelling the retail shop to submit returns on cash sales and deposits on a daily basis as required by the RBZ Act.
The shop, through one of its managers, Aldin Mutariri acknowledged receipt of the disclosure order by signing at the back of it.
However, between June 22 last year to July 6 this year the shop failed to submit returns to RBZ, as required by the law.
Several retail shops, in most parts of the country have been dragged to court on similar charges, with the central bank accusing them of fuelling the cash shortages by not banking their daily takings.
Section 11 of the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24) requires all traders and parastatals to bank their money at the close of business.
Source - newsday
