Banks should destroy old notes

THE Reserve Bank of Zimbabwe will shortly be introducing a new $500 bill. One has to ask why this decision has been taken instead of introducing a higher denomination with immediate effect.



ial, Helvetica, sans-serif”>The normal practice where new bills are put into circulation is for the old ones to be destroyed immediately by the Reserve Bank upon receipt by collecting commercial banks.


Should this not happen and these old bills are re-introduced or are siphoned off by unscrupulous individuals as much as $200 billion could be gained for free and reused illegally.


It is important to remember that this government is effectively broke and has no cash to pay members of its security services such as the police and army and any others requiring large pay-offs.


There are a number of ways to circumvent this situation:


l Once the new $500 bills become available from commercial banks in return for old notes, ensure that the old notes handed over to the bank tellers are defaced by crossing through the notes with either a marking pen or ball point pen and insist that you receive new notes. If new notes are not available do not bank them, keep them until new notes are made available; or


l Insist that commercial bank tellers cut off one corner of the old notes using a guillotine immediately. (Serial numbers must be left visible for verification by the Reserve Bank.)


Both of these features will make old notes easily recognisable should they re-surface after having been through the system and should not be accepted as legal tender.


I urge you all to give this situation some very serious thought before we are subjected to another massive scam by the authorities.



Nick and Lydia Swanepoel,

Harare.