RE-DENOMINATION OF CURRENCY ACT

Arrangement of Sections

PART I
PRELIMINARY

   1.   Short title

   2.   Application and binding of Republic

   3.   Interpretation

PART II
RE-DENOMINATION OF CURRENCY

   4.   Re-denomination of Kwacha

   5.   Prohibition of charges for exchange

   6.   Circulation of re-denominated and existing currency

   7.   Risk management and money laundering

   8.   Display of prices and symbols

   9.   Treatment of subsisting obligations

   10.   Presentation of financial statements

   11.   Re-denomination not to constitute basis for non-performance of contract

   12.   Validity of act performed under legal instrument

   13.   Rounding off

   14.   Accounting for rounding off differences

PART III
GENERAL PROVISIONS

   15.   Technological adaptation

   16.   Inspections

   17.   General offence and penalty

   18.   Directives and guidelines by Bank

   19.   Regulations

AN ACT

to provide for the re-denomination of the existing currency; effective date of application of the re-denominated currency; circulation of the existing currency and re-denominated currency; display of prices in both the existing and re-denominated currency during the effective period; application of the re-denominated currency to acts performed under legal instruments; treatment of debt obligations and rounding off rules; technological adaptation connected with the re-denominated currency; and matters connected with, or incidental to, the foregoing.

[3rd December,2012]

Act 8 of 2012.

PART I
PRELIMINARY

1. Short title

This Act may be cited as the Re-Denomination of Currency Act.

2. Application and binding of Republic

   (1) This Act shall apply to all currency transactions using the legal tender.

   (2) This Act shall bind the Republic.

3. Interpretation