Business

Central Bank Warns On “New” 7,000 Note

This 7000 Bill has been circulating on Social media. BoU warns its a hoax

Bank of Uganda has come out to distance itself from an allegedly introduced Shs 7000 Bank note. The bill [pictured above], has been making rounds on social media with claims that it had just been released by the Bank.

This caused anxiety and sparked speculation amongst sections of the population.  Some commentators rushed to relate the new note to the looming 2016 general elections campaigns.

In statement released by the Central Bank this afternoon,  all Ugandans were cautioned against taking the bill seriously.

Header advertisement

The producers of the 7000 bill are still unknown, but face criminal charges according to the Central Bank Statement.

Section 120(373) of the Penal Code, bars any person, “without the prior consent in writing of Bank of Uganda, from reproducing on any substance whatsoever, and whether or not on the correct scale, any Bank of Uganda banknote/coin or any part of a Bank of Uganda banknote.”  Bank of Uganda also owns the copyright in its banknotes and coins.

The Central Bank described the action as illegal, and warned the designers to stop it immediately.

“The Bank of Uganda has not issued any such banknote and there are no proposals to issue any such a Banknote in the nearby future.”

“The public is informed that reproduction of any images of the Uganda Currency can only be done with the express permission of the Bank of Uganda.

“More specifically, the production of ‘novelty’ currency purportedly issued by the Bank of Uganda and bearing denominations and features alien to legal tender is expressly forbidden and punishable under the Law,” added the statement.

Ugandans were urged to ignore the image as a hoax and requested to report known perpetrators to this number 0414344681.

 

Comments

Header advertisement
To Top