Cheque payment Limit 10 Million!

[Watu]

Please Note, as per adverts in various banks in Tanzania as of 1.1.2009 banks will no longer accept cheques of above Tshs 10,000,000.00 (Ten million Tanzanian Shillings Only.

Instead payments of above that limit will be paid via TISS(interbanking wire transfer System).

will update soon as I get full details ...

 

[IronBroom]

Please Note, as per adverts in various banks in Tanzania as of 1.1.2009 banks will no longer accept cheques of above Tshs 10,000,000.00 (Ten million Tanzanian Shillings Only.

Instead payments of above that limit will be paid via TISS(interbanking wire transfer System).

will update soon as I get full details ...

Wakati nasubiri details,ni nini hiyo?

 

[Mshiiri]

Do you think it may help against fraudulent transactions??

 

[Mwanjelwa]

Do you think it may help against fraudulent transactions??

This will be very effective check against fradulents and it has worked all over the world. This will minimise or completely elimate issues like, the one now under probation, Kagoda. In Kagoda issue, it is very difficulty to pinpoint the exact final receipient of the funds, though there are middlemen, who in one of the biggest surprises of this country and the authorities concerned, appear to know nothing about the transactions made for the money transited through their account!

Next in a pipeline, control of USD dolar.

 

[Watu]

Wakati nasubiri details,ni nini hiyo?

Tanzania Inter-bank Settlement System (TISS) [media]http://www.bot-tz.org/PaymentSystem/TISS%20Bronchure.pdf[/media]

 

[Gashle]

Cheque capping/value limitation to the tune of TZS 10 Million for cheques that goes through the clearing house is meant to minimise risks that are normally associated with high value instruments. The trend was agreed upon by the East African Central Banks whereby Uganda has succeeded in almost eliminating the high value cheques.

I personally reccomend this move as I believe the intention behind the move will avert the risks which if left uncontrolled would otherwise cause ripples in the economy.

BoT should take more innovative ways to instill discipline in the financial markets, hopeful we can avoid some madudu as one noted "kama Kagoda".