The Reserve Bank Amendment Bill which criminalises the practice of charging different prices for cash and electronic money sailed through the National Assembly on Wednesday. The Bill now awaits transition to the Senate.
Once the Bill become law all retailers and businesspeople using three tier pricing models i.e. for cash, swiping and bond notes will be prosecuted. Some business people have resorted to offering cash discounts, in order to charge different prices for cash and electronic money.
Finance Minister Patrick Chinamasa said:
The Reserve Bank Amendment Bill which is before this House, is addressing those concerns. It is coming up with a law to penalise and criminalise that kind of conduct.
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