A day after the government unveiled new bank notes and set 01 October as the deadline when the older Ksh 1000 will cease to be legal tender, a section of MPs allied to DP Ruto under the Tanga Tanga team have protested the against the deadline.
Tanga Tanga MPs protest, want the deadline for the old Ksh 1000 bank note moved
Those with the older Ksh 1000 bank notes have until 01 October 2019 to return them
Addressing the congregation at a church service in Kahawa Wendani on Sunday, the MPs who accompanied DP Ruto to the event stated that the deadline for those with the older Sh1000 bank notes to exchange them, after which the older ones will cease to be legal tender should be moved.
While welcoming the move to abolish the OLDER Ksh 1000 bank note, Kikuyu MP Kimani Ichungwah maintained that the 01 October 2019 deadline is too far and opined that the deadline should be brought forward to 01 July 2019.
"The Central Bank Governor said we have four months up to October. In my opinion, that is too far away. Kenya's financial year starts in July so if it is possible, the president should make that the deadline for the validity of the Ksh 1000 notes," stated Ichungwah.
Speaking when he unveiled the new legal tender at the Madaraka Day celebrations in Narok, CBK Governor Patrick Njoroge said that “All the older Ksh.1000 series shall be withdrawn. All persons have until October 1, 2019 to exchange these notes, after which the older ones will cease to be legal tender”.
The lawmaker maintained that the economy would benefit tremendously as soon as millions stashed in people’s homes and offices is released into the mainstream financial system following the directive.
He revealed that the Parliamentary Budget Appropriations Committee would meet with Treasury CS Henry Rotich to implement President Uhuru Kenyatta’s directive that all Accounting Officers pay and settle all pending payments that do not have Audit Queries, on or before 30th June 2019.
Treasury will in the coming days allocate funds to ensure full compliance with this directive even as County Governments do the same.
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