Why CBK Governor Should Retire Old Currency Notes to Help Expose Grave Economic Crimes

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In 2016, in what was termed as a ‘surgical strike,’ Indian Prime Minister Narendra Modi announced that Indian currency in the denominations of Rs 500 and Rs 1,000 would cease to be legal tender from the midnight of 8 November, 2016.

While the PM’s announcement sent the nation into a tizzy, with many labeling it a sudden and hasty decision, it was a well-calculated strategy of the government to introduce this change.

The Indian government took this bold move to help it thwart illegal activities related to Fake Indian Currency Notes (FICN).

The Kenyan Government has today introduced new currencies, a move seen by many as one that would help deal with the problem of money laundering.

The government, through the Central bank has however not recalled the currencies currently in circulation.

There are large sums of illegal money apparently in the hands of a few Rogue Kenyans. It remains to be seen how the affected individuals will have their fake currencies running to billions changed to the new ones.

Lawyer Donald Kipkorir seem to have come up with a solution that if adopted by the Central bank will help expose various economic crimes committed in the country.

According to Kipkorir, CBK Governor, Patrick Njoroge should invoke Section 22 of Central Bank Act & retire all Currency Notes Of Kshs. 500/= & Kshs. 1,000/=

He says that Holders of the notes should be given One Week to return to CBK for a Bearer Certificate pending issuance of new notes.

“CBK Governor ought to invoke Section 22 of Central Bank Act & retire all Currency Notes Of Kshs. 500/= & Kshs. 1,000/= … Holders of the notes should be given One Week to return to CBK for a Bearer Certificate pending issuance of new notes. We’ll be SHOCKED ..” he tweeted.

Retiring the Old Notes will help combat corruption and and hording of large sums of money by corrupt individuals.

Will retiring of the Old Notes help the Country Curb illegal trade an Corruption?

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