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Leonard Ncube in Victoria Falls
DEPOSITORS have appealed to the Government for protection against numerous bank charges levied on repeat withdrawals they are forced to make as a result of the prevailing cash shortage.

Contributing at a public meeting organised by the Parliamentary Portfolio Committee on Finance and Economic Development to solicit people’s views on the Public Procurement and Disposal of Assets Bill and the Reserve Bank Amendment Bill in Lupane, Matabeleland North, participants implored the Government to craft a policy to compel banks to limit individual transaction charges.

“We support bond notes 100 percent but we have a problem with the gazetted withdrawal daily limit,” said one participant.

In the face of cash shortages, banks are limiting withdrawals to $50 per day.

“The gazetted $50 a day withdrawal limit is not viable. How many times does one need to withdraw his or her salary and we are charged on each transaction?

“There should be a law that compels banks to deduct charges only once and allow people to withdraw their salaries without being charged on ensuing transactions,” said another participant.

Some called for stiffer penalties on those who do money laundering as well as tight measures to contain the activities of cash barons.

The public said they expected the situation to improve with the coming in of bond notes.

Already banks have started issuing out bond notes with a $50 withdrawal limit.

The Public Procurement and Disposal of Assets Bill will repeal the Procurement Act and abolish the State Procurement Board, while the Reserve Bank Amendment Bill, seeks to give broader legal effect to the introduction of bond notes, introduced into the market last week.

On the State Procurement and Disposal of Assets Bill, participants said it will go a long way in protecting local authorities.

Lupane Local Board chairperson Mrs Monica Ngwenya said local authorities should be represented in the new board.

“We are happy that the Bill will ensure people do not travel to Harare to get tender documents and procedures,” she said.

Mr Nkosana Maphosa, however, said local authorities should not be included as they are policy makers.

The public expressed concern that they were not being given time to go through Bills beforehand as they are only ambushed for views, which are not well thought out.

@ncubeleon