BUSINESS operators will be compelled to open a bank account and have a point-of-sale (PoS) machine as part of their licensing requirements, government said yesterday, as it steps up the use of plastic money.
Some supermarkets and food outlets have been using parallel market exchange rates when selling in Zimbabwe Gold (ZiG).
The new measures, announced during post-Cabinet briefing yesterday, come amid reports that some retailers and manufacturers are using unofficial exchange rates in their operations at a time when government is touting the new currency, Zimbabwe Gold (ZiG), as the solution to the country’s currency headache.
Information minister Jenfan Muswere yesterday said government was putting in place measures to combat the use of unofficial exchange rates and the proliferation of smuggled and counterfeit goods.
“Cabinet noted that some retailers and manufacturers have been reportedly using the unofficial exchange rate in their operations,” he said.
He said in order to promote the uptake of plastic money, the Reserve Bank of Zimbabwe would strengthen the mandatory licensing requirements for all business operators to include a bank account and PoS machine under the Shop and Shop Licensing Act.
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“Government will deploy inspectors to curb misdemeanours that militate against price stability and availability of basic commodities,” Muswere added.
But critics say government is barking up the wrong tree as citizens are against the use of plastic money due to high bank charges.
Muswere said there was a proliferation of smuggled and counterfeit goods that were unfairly competing with local products since they were 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,” he said.
Muswere said penalties would be imposed on those involved in unjust price hikes, manipulation of the ZiG currency, smuggling and other unfair trade practices.
The fines for these offences will range from a minimum of US$200 to a maximum of US$5 000 or the ZiG equivalent, depending on the severity of the violation.