Bank of Zambia (Amendment) Act, 1989

1. This Act may be cited as the Bank of Zambia (Amend­ ment) Act, l 989, and shall be reacl as one with the Bank of Zambia Act, 1985, hereinafter rcforred to as the principal Act. Enaconent Short title Aot No. 24 of 1985

2. The prinrjpal Act is amended by the repeal of section the following thirty-three and the substitution therefor of section: Repea.l and replaoeinent of section 33

33. (1) Notwithstanding any other provision of this President's Act, the President may, by statutory instrument and on r0;••�rs of such terms and conditions as he may impose, for the purpose of withdrawing from circulation, or payment of the face value thereof, call in any notes or coins which the Bank has issued. re a (2) Any person holding or having in his possession any notes and coins which have been issued by the Bank anrl which have been called in under subsection (1) shall on the publication of the statutory instrument, surrender, in accordance with �uch terms and conditions as may be imposed by the President, such notes and coins. (3) Any notes and coins called in under subsection (1) shall cease to be legal tender on a date or dates fixed by the President and shall not be redeemed. at their face value after a date or dates fixed by the President. (4) Any person or partnership who surrenders notes or coins in accordance with subsection (2) and in excess of Kl0,000 shall pay a withholding tax at the rate of 50 per cent on the excess amount: Single copies of thi8 Act may be obtained from the 001J6mment Printw, P.O. Btn 30136, UWJaka. Price 20n. • 118 No. 10 of 1989] Banlc of Zambia (Amendment) Cap. 668 Oap. 668 Cap. 608 Provided that any tax withheld shall be allowed as a credit or set off by way of assessment, under the Income Tax Act, for the charge year in which such tax is or was withheld against any tax charged or due under the Income Tax Act. (5) Subsection (4) shall not apply to persons or partner­ ships who or which are exempt from tax under section fifteen of the Income Tax Act. (6) Subsection (4) shall not apply to the surrender of notes and coins by- (a) a dealer as defined by the President in a statutory instrument issued under this section: (b) any person, parastatal or partnership who or which maintains a bank account with the Bank; (c) a parastatal. (7) Any person who, with the intention of evading the tax imoosed under subsection (4), surrenders, on mo1e than one occasion, within the period prescribed by the President, notes and coins in excess of I<.10,000 in aggregate, shall be gui11y of an offence and shall be liable, upon conviction, to a fine of twice the amount in excess of Kl0,000 or to imprisonment for a term not exceeding three years, or to both.