News / National
ZiG manipulators face stiff sentences
07 Aug 2024 at 11:24hrs | Views
Cabinet considered the report on basic commodities prices and availability and issues constraining local industry as presented by the Honourable Vice President Gen (Rtd) Dr CGDN Chiwenga.
On modalities to operationalise the ZiG currency as legal tender for use in the economy, a de-dollarisation roadmap is now in place in terms of the presentation with a timeframe by the Minister of Finance, Economic Development and Investment Promotion.
Cabinet noted that some retailers and manufacturers have been reportedly using the unofficial exchange rate in their operations.
To promote the uptake of plastic money, the Reserve Bank of Zimbabwe will strengthen the mandatory licensing requirements for all business operators to have a bank account and Point Of Sale (POS) machine under the Shop and Shop Licensing Act, and deploy inspectors to curb misdemeanours that militate against price stability and availability of basic commodities.
Cabinet also noted that there is a proliferation of smuggled and counterfeit goods that are unfairly competing with local products since they are not subjected to taxation and import duty.
The Government of Zimbabwe, going forward, will increase border patrols, increase the number of inspectors and implement a Whole-of-Government Approach to deal with the menace at border posts.
Penalties are being enforced against all perpetrators of unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices. The Government is going to review the fines from a minimum of US$200 Level 5 to a maximum of US$5,000 Level 14 or the ZiG equivalent for the various offences.
Licences will be rationalised and consolidated to be obtained in one office as a measure to enhance efficiency. Cabinet noted that there is a significant amount of idle, underutilised, and abandoned industrial space in the form of empty shells, rail infrastructure, and other properties that belong to private and public entities which have been abandoned by their owners.
An Inter-Ministerial Task Force will be established to focus on coordinating the identification of idle and abandoned industrial infrastructure spaces.
On modalities to operationalise the ZiG currency as legal tender for use in the economy, a de-dollarisation roadmap is now in place in terms of the presentation with a timeframe by the Minister of Finance, Economic Development and Investment Promotion.
Cabinet noted that some retailers and manufacturers have been reportedly using the unofficial exchange rate in their operations.
To promote the uptake of plastic money, the Reserve Bank of Zimbabwe will strengthen the mandatory licensing requirements for all business operators to have a bank account and Point Of Sale (POS) machine under the Shop and Shop Licensing Act, and deploy inspectors to curb misdemeanours that militate against price stability and availability of basic commodities.
Cabinet also noted that there is a proliferation of smuggled and counterfeit goods that are unfairly competing with local products since they are not subjected to taxation and import duty.
Penalties are being enforced against all perpetrators of unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices. The Government is going to review the fines from a minimum of US$200 Level 5 to a maximum of US$5,000 Level 14 or the ZiG equivalent for the various offences.
Licences will be rationalised and consolidated to be obtained in one office as a measure to enhance efficiency. Cabinet noted that there is a significant amount of idle, underutilised, and abandoned industrial space in the form of empty shells, rail infrastructure, and other properties that belong to private and public entities which have been abandoned by their owners.
An Inter-Ministerial Task Force will be established to focus on coordinating the identification of idle and abandoned industrial infrastructure spaces.
Source - The Herald
