• Latest

Government Has no Plans to Take Depositors ‘Idle cash’- PS Ggoobi

September 20, 2021
Parliament passes Income Tax Amendment Bill 2021

Oil and Gas Sector Will Propel Economic Growth- Minister Musasizi

May 26, 2022
BOU Concerned About Delays in Financial Sector Amendments

BoU Approves Afriland First Bank Request for Voluntary Liquidation

May 26, 2022
MP Okin Ojara, FDC Agents Arrested in Omoro

MP Okin Ojara, FDC Agents Arrested in Omoro

May 26, 2022
VP Alupo in Equatorial Guinea for AU Summit on Terrorism

VP Alupo in Equatorial Guinea for AU Summit on Terrorism

May 26, 2022
4 Children Killed in Kira House Fire

4 Children Killed in Kira House Fire

May 26, 2022
5 Dead, 8 Injured in Kyegegwa Accident

5 Dead, 8 Injured in Kyegegwa Accident

May 26, 2022
Museveni Appoints 16 High Court Judges in Largest Appointment of the High Court Ever

Museveni Appoints 16 High Court Judges in Largest Appointment of the High Court Ever

May 26, 2022
Mental Health: Calls for Big Budget as 14 Million Ugandans Become Mentally Sick

Mental Health: Calls for Big Budget as 14 Million Ugandans Become Mentally Sick

May 26, 2022
Museveni Meets Saudi Royal Court Advisor, Sinovac Vaccine Team

Museveni Meets Saudi Royal Court Advisor, Sinovac Vaccine Team

May 25, 2022
Kenya, Uganda Tour Operators Call for Joint Promotional Activities to Boost Tourism

Kenya, Uganda Tour Operators Call for Joint Promotional Activities to Boost Tourism

May 25, 2022
Besigye Refuses to Pay Shs30m Bail, Sent to Luzira

Besigye Refuses to Pay Shs30m Bail, Sent to Luzira

May 25, 2022
Fire Guts School Along Entebbe Road

Army, Police Shoot Two Thugs Trying to Rob New Vision Journalist

May 25, 2022
SoftPower News
Thursday, May 26, 2022
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women
No Result
View All Result
SoftPower News
No Result
View All Result

Government Has no Plans to Take Depositors ‘Idle cash’- PS Ggoobi

Ggoobi said the legal framework which manages the financial system was designed to protect owners of money saying rumors that the money is needed by government to pay its debt is false

by Muhamadi Byemboijana
September 20, 2021

PS/ST Ramathan Ggoobi

  • Facebook
  • Tweet
  • WhatsApp
  • Telegram
  • Email

The Permanent Secretary and Secretary to the Treasury (PS/ST) Ramathan Ggoobi has assured Ugandans in the diaspora that government of Uganda has no intention of taking over or even taxing unclaimed balances in Bank Accounts or Mobile Money Accounts.

Ggoobi said the legal framework which manages the financial system was designed to protect owners of money saying rumors that the money is needed by government to pay its debt is false.

“Rumors that money is needed by Government of Uganda to pay its debt is false, Uganda is among the few Sub-Saharan Africa Countries with a sustainable debt portfolio. I encourage Ugandans in the diaspora to come & invest at home & take advantage of available opportunities”

Ggoobi made the remarks while addressing members of The Uganda North American Association (UNAA) an organization that brings together Ugandans who live in the diaspora.

This follows media reports that the Ugandan government plans to take depositors idle cash on dormant bank accounts under the National Payment System Act and that upon implementation, huge accounts holders are likely to lose what government has announced as “Idle Money” in bank accounts.

The Uganda Bankers Association (UBA) in a press statement issued on September 16, said the National Payment System Act regulates payment systems, provides for safety and efficiency of payment systems, regulates payment service providers.

“In the Act under section 57, Sub Section (1) it is stated that an electronic money account t that do not have a registered transaction for nine consecutive  months will be considered Dormant, this account could be a mobile money account or a bank account,” UBA noted.

UBA says the practice of transferring balances on dormant accounts to the central bank unclaimed balances account is standard practice that has been in existence already and not new.

For bank accounts the period of declaration of dormancy is two years and the period for declaration assets as unclaimed after dormancy, is eight years meaning a customer has up to 10 years to reclaim their balances after dormancy.

UBA said as a sector, they believe that the Enactment of The National Payment System Act, 2020 will bring about more positive changes in the payment space.

Post Views: 180
  • Facebook
  • Tweet
  • WhatsApp
  • Telegram
  • Email
Tags: Bank of UgandafinancePS GgoobiSoft Power NewsUganda Bankers Association
Leave Comment

Recent Stories

Oil and Gas Sector Will Propel Economic Growth- Minister Musasizi

BoU Approves Afriland First Bank Request for Voluntary Liquidation

MP Okin Ojara, FDC Agents Arrested in Omoro

VP Alupo in Equatorial Guinea for AU Summit on Terrorism

4 Children Killed in Kira House Fire

5 Dead, 8 Injured in Kyegegwa Accident

SoftPower News

SoftPower News is a subsidiary of SoftPower Communications LLC, a Ugandan digital media group. Keep posted of the latest from Uganda and East Africa.
Plot 4B Malcolm X, Kololo
P.O Box 1497, Kampala - Uganda
Tel: +256-392-001-701
Email: info@softpower.ug

This news site is licenced by Uganda Communications Commission (UCC)

ADVERTISEMENT
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
  • Regional
  • Defence & Security
  • Sport
  • Entertainment
  • More

© SoftPower News

No Result
View All Result
  • News
  • Tourism & Travel
  • Business
  • Lifestyle
    • Fashion
  • Regional
    • Kenya
    • Rwanda
    • Tanzania
    • Burundi
    • South Sudan
    • DR Congo
  • Defence & Security
  • Sport
  • Entertainment
  • More
    • Agriculture
    • Africa
    • Columnists
    • Education
    • Health
      • COVID-19
    • International News
    • News in Pictures
    • OpEd
    • Pearl Of Africa
    • People
    • Politics
    • Special Reports
    • Women

© SoftPower News

error: Content is protected

Send this to a friend