RegAlertRule · BOZ · 6 Jan 2013
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
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
More like this from BOZ
We email you every new BOZ publication the day it's published.
Source: Bank of Zambia — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated