Regulatory Alerts2013-01-01
CB Circular 07/2013 Clearing of Non-CTS Cheques for ZRA
The Bank of Zambia directed all commercial banks to accept non-CTS compliant cheques issued in favor of the Zambia Revenue Authority from February 1 to March 31, 2013. This temporary measure facilitates government revenue collection by accommodating taxpayers who had not yet received compliant cheques. Banks are levied a ZMW 50 penalty per non-compliant cheque cleared for ZRA, a cost they must absorb and not pass on to customers.
/, BANK of ZAMMA DEPUfY GOVERNOR· OPERATIONS January 6, 2013 CB Circular No: 07/2013 To All Commercial Banks CLEARING OF NON· CHEQUE TRUNCATION SYSTEM CHEQUES FOR ZAMBIA REVENUE AUTHORITY The Bank of Zambia hereby directs all commercial banks to accept non Cheque Truncation System (CTS) compliant cheques issued in favor of Zambia Revenue Authority (ZRA) after 1st February, 2013 with immediate effect up to 31S1-March,2013. This measure is aimed at facilitating revenue collection for Government by ZRA. This is on account of the fact that most tax payers have not yet been issued with CTS complaint cheques by their banks. Commercial banks are further advised that they will be levied a penalty fee amounting to ZMW 50 for every non CTS compliant cheque cleared on behalf of ZRA. The charge is on account of commercial banks' failure to comply with the directive to print and issue CTS compliant cheques to customers by 1st February, 2013 and therefore, shall not be passed on to customers. Kindly be advised accordingly. Bwaly K. E. Ng'andu (Dr) DEP TY GOVERNOR - OPERATIONS .1 Cc: Governor Commissioner General· ZRA Deputy Governor - Administration Acting Director - Banking, Currency & Payment Systems Manager - ZECHL '- @!!ilr t:!. J!!!!_ Bank Square. Cairo Road P.O. Box 30080. Lusaka. Zambia. Tel+ 260- 211-226844. 228888. Fax: +260-211-237070. E-mail: bngandu@boz.zm, http://boz.zm