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*Shops to give a maximum cash back of only $20 says RBZ* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?xz The Reserve Bank of Zimbabwe has ordered retailers and wholesalers to limit the amount of cashback to not more than $20. This is with immediate effect. According to the central bank, this is being done to promote the use of plastic money, curb money laundering and tax evasion. There is a severe shortage of cash in Zimbabwe with people spending hours in bank queues to get as little as $50. In a statement yesterday, the Reserve Bank said: ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > Any cash-back facility made available by retailers and wholesalers shall not exceed an amount of $20.00, > Retailers and wholesalers shall be enjoined, in compliance with the provisions of the Bank Use Promotion Act [Chapter 24:24], to bank the cash generated from their businesses and maintain records of all transactions (including purchases, sales, discounts and banking). The central bank also ordered businesses to stop charging different prices depending on the mode of payment. Part of the statement reads: > For the avoidance of doubt, retailers and wholesalers shall not charge any premium for the sale and purchase of their wares on the basis of mode of payment. Similarly any cash or quantity discount shall, in accordance with best practice, be granted in the normal course of business and not on the basis of the multiple pricing system. More: Chronicle _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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