Bond notes were introduced into the market legally using the Presidential Powers but the government had decided to regularize the currency through Parliament now instead of waiting until the Presidential Powers expire in six months.

This was said by Finance Minister Patrick Chinamasa when he was taken to task as to why the government had deployed the Finance Committee to consult the people when the notes were already in circulation as this appeared to be a waste of scarce resource.

“The law to introduce bond notes is there and this is for the lawyers to argue amongst themselves, but in order to reinforce that legal framework we came up with, it is the Presidential Powers.  In other words, if anyone wants to challenge the validity of the bond notes, we are standing on two grounds – the existing legislation and also the Presidential Powers regulations, but the Presidential Powers regulations last six months and in the mean time we must come with a permanent legislation which is the Reserve Bank Amendment Bill,” Chinamasa said.

Asked what the government was going to do about those who refused the new currency, Chinamasa said there was already a framework to deal with such people.

“There is already a hot line to assist the smooth introduction of the bond notes so that any issues of the nature raised by the Hon. Member can be followed up with the relevant culprits and we will be able to deal with those cases where they refuse to accept them,” he said.