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Zambia legislation

Bank of Zambia (Amendment) Act, 1989

This section gives the Act its short title and says it is to be read together with the Bank of Zambia Act, 1985. This provision amends the principal Act by repealing section 33 and substituting a new section 33.…

cash withdrawalCompany lawlegal tenderstatutory amendmentwithholding tax
Jurisdiction
Zambia
Structure
3 provisions
Citation
Act 10 of 1989
Dates
As at 21 Jul 1989
More statute details
Dates
As at 21 Jul 1989

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  • The record does not meet this release's canonical indexing criteria. (market-indexing-disabled)
  • The record does not meet this release's canonical indexing criteria. (emergency-noindex)
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01

Purpose and legislative effect

“This section gives the Act its short title and says it is to be read together with the Bank of Zambia Act, 1985.”

This section gives the Act its short title and says it is to be read together with the Bank of Zambia Act, 1985. This provision amends the principal Act by repealing section 33 and substituting a new section 33. The President may call in Bank-issued notes or coins by statutory instrument, and holders must surrender them under the stated terms. Called-in money stops being legal tender on dates fixed by the President, and a 50% withholding tax applies to surrenders over K10,000, with listed exceptions.

02

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03

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(1) Notwithstanding any other provision of this President's

The President may call in Bank-issued notes or coins by statutory instrument, and holders must surrender them under the stated terms. Called-in money stops being legal tender on dates fixed by the President, and a 50% withholding tax applies to surrenders over…

Section 33

04

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Source record view

Source record from zambialii.org · As at 21 Jul 1989

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Official record

Source-indexed provision map

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Showing 3 of 3 provisions

Short titleRepealAmendment
§ 1This Act may be cited as the Bank of Zambia (Amend­Short title

This section gives the Act its short title and says it is to be read together with the Bank of Zambia Act, 1985.

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
Section 1Verify source
§ 2The prinrjpal Act is amended by the repeal of sectionRepeal

This provision amends the principal Act by repealing section 33 and substituting a new section 33.

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
Section 2Verify source
§ 33(1) Notwithstanding any other provision of this President'sAmendment

The President may call in Bank-issued notes or coins by statutory instrument, and holders must surrender them under the stated terms. Called-in money stops being legal tender on dates fixed by the President, and a 50% withholding tax applies to surrenders over K10,000, with listed exceptions.

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.
Section 33Verify source

Legislative relationships

3 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

G–M

1 instrument

  • Income Tax Act

    Section 33

N–S

1 instrument

  • of section This provision amends the principal Act

    Section 2

T–Z

1 instrument

  • Zambia Act, 1985

    Section 1

Recorded versions and source checkpoint

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Current-law checkpoint
  • 21 Jul 1989 · currentEnglish

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Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.