RBZ forms administrative arrangement for externalisers
THE Reserve Bank of Zimbabwe (RBZ) has officially instructed banks not to question those returning externalised funds and assets in the next three months.
President Emmerson Mnangagwa last month gave individuals and corporates a three-month moratorium to return the money and assets they externalised.
The amnesty period runs from on December 1 to February next year.
Last week, the President said he would name and shame culprits who will not heed his call to return externalised funds in March.
In a statement yesterday, RBZ Governor Dr John Mangudya said the apex bank has come up with an administrative arrangement to cater for those returning externalised funds.
Dr Mangudya said those who externalised funds will have to file a confidential report for administrative purposes while cementing the President’s call that no questions should be asked.
“Pursuant to the amnesty in respect of illegal expatriated foreign exchange and assets (gold, precious stones, currency, securities) granted in terms of the Presidential Powers Temporary Measures (Amendment of Exchange Control Act Regulations, SI 145 OF 2017, the Reserve Bank of Zimbabwe wishes to advise the administrative arrangements that will apply for repatriation of the expatriated foreign exchange and assets during amnesty. The administrative arrangement will also apply to legitimately expatriated foreign exchange and assets,” said Dr Mangudya.
He said culprits should not be asked any questions at the banks but will have to fill a confidential form obtained from financial and exchange institutions.
“Illegally expatriated foreign exchange and assets should be declared to the Bank or affected person’s bankers on a “no questions asked” basis. An application for amnesty should be filed with the Bank or through the affected person’s bankers and such application will be treated with confidentiality,” said Dr Mangudya.
He said the application form is obtained upon request from the Bank’s Exchange Control Department or any authorised dealer.
Filing an amnesty confidential form, Dr Mangudya said, is meant to promote financial accountability in the banking sector.
Dr Mangudya said individuals and corporates who also expatriated funds legally will be governed by the new arrangement to promote sound financial administration.
“The administrative arrangements will also apply to legitimately expatriated foreign exchange and assets. The Bank requests all persons who may have legally expatriated foreign exchange and assets, for a variety of reasons, to declare such foreign exchange or assets as a way of promoting financial integrity and transparency and also to repatriate all such foreign exchange or assets as a way of promoting financial integrity and transparency and also repatriate all such foreign exchange and assets for investment in the country,” he said.
Dr Mangudya said the amnesty covers those who exported any currency above permissible limits, smuggling of gold and other precious stones, nonreturn of temporary exports disguised as exports samples.
He said the amnesty also caters for those who had manipulated imports and exports of properties for profiteering as well as trade mis-invoicing by importers to evade customs duties among others.
Accounting for externalised assets is part of a raft of measures that government is implementing to revive the country’s economy.
Last week, the government announced it would be laying off 538 civil servants who did not have requisite qualifications and retiring those who are 65-years-old and above. — @nqotshili.