RE-DENOMINATION OF CURRENCY ACT
Arrangement of Sections
1. Short title
2. Application and binding of Republic
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
15. Technological adaptation
17. General offence and penalty
18. Directives and guidelines by Bank
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.
Act 8 of 2012.
This Act may be cited as the Re-Denomination of Currency Act.
(1) This Act shall apply to all currency transactions using the legal tender.
(2) This Act shall bind the Republic.
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