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Remittances Into Kenya
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MunyaoTrader
#31 Posted : Sunday, January 24, 2016 11:36:48 AM
Rank: New-farer

Joined: 6/5/2010
Posts: 30
Location: Nairobi
In my opinion it would be good if the threshold would be riased internationally from $10,000 to $50,000 or more. I feel this rule is affecting many people who would like to reinvest back home. For example, undocumented Kenyans abroad who do a honest day work but because they over stayed their visit, they may not be holding bank accounts. So when they finally want to come home they are faced with this new requirement and now they have tens of thousands of US dollars in a mattress account.

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enyands
#32 Posted : Wednesday, January 27, 2016 1:21:19 AM
Rank: Elder

Joined: 12/25/2014
Posts: 2,301
Location: kenya
enyands wrote:
kaka2za wrote:
MunyaoTrader wrote:
I am thinking of hard working Kenyans who want to invest back home. They find themselves faced with two choices:

1. Having to justify where you got your money and what you want to do with it.
2. Sending it in smaller amounts thus delaying your projects.


I see no problem with choice No.1.


There is problem .I don't know how you fail to realize that. OK eg you are a doc in UK and they ask you source of money 10m,you produce your payslip for 2million, then you produce a documentation of kickback money you you received from some insurance 4million (which purportedly was from a secret deal to avoid paying taxes to UK GOVT-ILLEGALLY ), then you produce settlement you received from your divorce 2 million and HIV discrimination case against your employer another 2m .then you add up all this and justify in front of a bank manager who happen to have originated from the same village as you in Nyeri and is dating a consular at the British high commision in kenya .
My friend this is a hypothetical situation.other people have worse scenarios.try to imagine if you are this doc and have to provide all this docs showing your salary,you had a failed marriage ,your HIV status, your tax evasion habit to your village rival aka bank manager .




when I said its too intrusive it has come to pass today.CBK has announced that you have to declare why you are carrying cash to pay someone and not electronic means

Bank customers have to name beneficiaries of cash withdrawals above Sh1 million and justify not using electronic transfer, the Central Bank of Kenya (CBK) has ordered in a circular
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Ngogoyo
#33 Posted : Wednesday, January 27, 2016 10:54:46 AM
Rank: Member

Joined: 6/22/2011
Posts: 561
Location: House
MunyaoTrader wrote:
In my opinion it would be good if the threshold would be riased internationally from $10,000 to $50,000 or more. I feel this rule is affecting many people who would like to reinvest back home. For example, undocumented Kenyans abroad who do a honest day work but because they over stayed their visit, they may not be holding bank accounts. So when they finally want to come home they are faced with this new requirement and now they have tens of thousands of US dollars in a mattress account.



Where are you getting this directive on remittances. CBK said CASH DEPOSITS AND WITHDRAWALS ...hii ingine ni kelele

or am i lost
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