Bond notes valid for six months

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The controversial bond notes due to be introduced any time, should only be  in circulation for six months, a legal watchdog, Veritas has said.

Veritas says President Robert Mugabe promulgated the notes using “invalid and unconstitutional” Temporary Measures Act.

At law the Act is valid for six months, they said.

“As the title of the Presidential Powers (Temporary Measures) Act suggests, and as the text of the Act confirms, regulations made under the Act are temporary measures only,” Veritas said.

“Unless confirmed by an Act of Parliament, they expire after 180 days.”

It adds, “If, as must be the case, the government intends bond notes to be a feature of life in Zimbabwe for longer than 180 days, it will have to go to Parliament with an appropriately worded Bill”.

This week, Finance Minister Patrick Chinamasa said bond notes will only be introduced when the Reserve Bank of Zimbabwe is satisfied that the public is sufficiently conversant with the salient features.

Awareness campaigns on the notes kicked off on Monday.

The bond notes will be in $2 and $5 bills.

Source : Bulawayo24

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