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New Generation Bank Notes
T-Bag
#1 Posted : Saturday, June 01, 2019 2:06:16 PM
Rank: Member


Joined: 9/25/2008
Posts: 407
HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....
I AM trust in GOD, I AM belief in THYSELF
Pedes
#2 Posted : Saturday, June 01, 2019 2:10:35 PM
Rank: Member


Joined: 9/30/2013
Posts: 652
T-Bag wrote:
HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....


October 1 2019 is the deadline. Those who have stashed illegally acquired 1000s notes in warehouses or homes are looking for get-rid-quick schemes.
If you stay ready, no need to get ready.
Fyatu
#3 Posted : Saturday, June 01, 2019 2:26:44 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,415
Location: Nakuru
T-Bag wrote:
HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....



Interesting perspective you got there....anyway, on a more lighter note, i can see that the 100 note is no longer a "red". The 50 bob is the new red. The green and the blue make a comeback as 200 and 500b. The 1000 bob is still a brown. All over sudden the sheng vocabulary for money changes
Dumb money becomes dumb only when it listens to smart money
kayhara
#4 Posted : Saturday, June 01, 2019 2:42:14 PM
Rank: Veteran


Joined: 5/5/2011
Posts: 982
How fast will okia omutata go to court because all the notes have kenyatta or a likeness of him which is unconstitutional, the notes look nice, funny I have not seen the coins yet.
To Each His Own
Ryko
#5 Posted : Saturday, June 01, 2019 3:19:36 PM
Rank: Member


Joined: 5/27/2016
Posts: 248
Location: Nairobi
Pedes wrote:
T-Bag wrote:
HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....


October 1 2019 is the deadline. Those who have stashed illegally acquired 1000s notes in warehouses or homes are looking for get-rid-quick schemes.

This will affect a very small group of people. Clearly (10M -100M) stashes can be rinsed up before 4 months are over. This may affect guys with over 0.5 billion. How many are they? Very few, the likes of past governors. I expect

1.Guys will rush to forex exchanges so forex will be hotcake in the next few days. Mattress banking will switch to dollar banking. Millions will be cleaned up easily in forex. It is likely to affect dollar buying rates in coming months

2. Convert to 500s and get a new lease of life, more timelines still legal tender

3. Land as an asset is likely to benefit from this and probably houses which have had a terrible run this year.

4. Banks deposits (trickledown effect of conversion) more deposits, more loans for mama mboga, slow rate of small banks acquisitions because of deposits

All in all very little effect on mattress war lords. Meanwhile the business that will likely be affected most is

1. Money printing/wash wash this guys will need new equipments for the latest currency with more security features and expensive to print.

2. Politicians who rely heavily on money printing for campaign stashes

I work so I can afford the amount of alcohol required to continue going to work
Kusadikika
#6 Posted : Saturday, June 01, 2019 4:26:39 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,407
Someone will be in court on Monday and because wakora judges are some of the biggest hoarders of cash bribes this move is likely to be quashed.
Kusadikika
#7 Posted : Saturday, June 01, 2019 4:37:21 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,407
Kusadikika
#8 Posted : Saturday, June 01, 2019 4:41:31 PM
Rank: Elder


Joined: 7/22/2008
Posts: 2,407
I suspect the initial confusion will start with matatus, mama mbogas and kiosks refusing to accept the 1,000 Ksh. note then there will be huge queues at banks because banks will require people to fill out forms stating the source of funds.......
2012
#9 Posted : Saturday, June 01, 2019 5:54:39 PM
Rank: Elder


Joined: 12/9/2009
Posts: 6,357
Location: Nairobi
T-Bag wrote:
HE. PORK launches new generation bank notes at Madaraka Day celebration. The fight against corruption gets new impetus, Old 1000 will become obsolete, corruption billions in safes and bunkers will trigger inflation as they enter the system.....or else.....


Are we talking of the same Kenya? We're the hub of corruption, I'm sure these people already know how to launder this billions. Let's wait and see if even one person will be arrested.

Stand for something or you will fall for anything. Today's mighty oak is yesterday's nut that held its ground. Rosa Parks
radio
#10 Posted : Saturday, June 01, 2019 6:23:49 PM
Rank: Veteran


Joined: 11/9/2009
Posts: 1,997
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail
Lolest!
#11 Posted : Saturday, June 01, 2019 6:41:47 PM
Rank: Elder


Joined: 3/18/2011
Posts: 11,493
Location: Kianjokoma
Kusadikika wrote:
Someone will be in court on Monday and because wakora judges are some of the biggest hoarders of cash bribes this move is likely to be quashed.

Yep, they're making it easy for the judges. Kenyatta's KICC sculpture is on all the new notes
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
Lolest!
#12 Posted : Saturday, June 01, 2019 6:59:29 PM
Rank: Elder


Joined: 3/18/2011
Posts: 11,493
Location: Kianjokoma
constitution of Kenya wrote:
4) Notes and coins issued by the Central Bank of Kenya may bear images that depict or symbolise Kenya or an aspect of Kenya but shall not bear the portrait of any individual


Guess portrait excludes sculpture images!

But I'm sure someone will rush and remind the courts about the spirit of the law
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
AlphDoti
#13 Posted : Sunday, June 02, 2019 6:31:41 AM
Rank: Elder


Joined: 6/20/2008
Posts: 5,925
Location: Kenya
We talked about this in 2016, when Uncle Sam instructed India to try it out and see. India was the guinea pig in this. And for sure paper money is going away... soon you won't need to carry money around. Digital money is coming...
AlphDoti
#14 Posted : Sunday, June 02, 2019 6:37:41 AM
Rank: Elder


Joined: 6/20/2008
Posts: 5,925
Location: Kenya
Kusadikika wrote:
I suspect the initial confusion will start with matatus, mama mbogas and kiosks refusing to accept the 1,000 Ksh. note then there will be huge queues at banks because banks will require people to fill out forms stating the source of funds.......

You are right... See what happened in India...
2012
#15 Posted : Sunday, June 02, 2019 8:45:42 AM
Rank: Elder


Joined: 12/9/2009
Posts: 6,357
Location: Nairobi
radio wrote:
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail


I think the idea is for vendors to refuse to take cash and only accept bank transfers due to existing counterfeits. I would not accept cash.

But I see many of these criminals using mpesa and purchasing construction materials in bulk to launder their loot.

Stand for something or you will fall for anything. Today's mighty oak is yesterday's nut that held its ground. Rosa Parks
masukuma
#16 Posted : Sunday, June 02, 2019 10:58:49 AM
Rank: Elder


Joined: 10/4/2006
Posts: 13,148
Location: Nairobi
2012 wrote:
radio wrote:
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail


I think the idea is for vendors to refuse to take cash and only accept bank transfers due to existing counterfeits. I would not accept cash.

But I see many of these criminals using mpesa and purchasing construction materials in bulk to launder their loot.

When will ATMs start dispensing pieces of this ugly paper?
All Mushrooms are edible! Some Mushroom are only edible ONCE!
tycho
#17 Posted : Sunday, June 02, 2019 12:09:12 PM
Rank: Elder


Joined: 7/1/2011
Posts: 8,455
Location: Nairobi
Kusadikika wrote:
I suspect the initial confusion will start with matatus, mama mbogas and kiosks refusing to accept the 1,000 Ksh. note then there will be huge queues at banks because banks will require people to fill out forms stating the source of funds.......


That probably means that I could fill the form as a retailer and buy each 1000 at a discount? Say 900?
tycho
#18 Posted : Sunday, June 02, 2019 12:17:47 PM
Rank: Elder


Joined: 7/1/2011
Posts: 8,455
Location: Nairobi
AlphDoti wrote:
We talked about this in 2016, when Uncle Sam instructed India to try it out and see. India was the guinea pig in this. And for sure paper money is going away... soon you won't need to carry money around. Digital money is coming...


Digital money is going to increase in usage but it won't replace hard cash, and for obvious reasons. Digital systems are not just vulnerable but also tend to be monopolized by non state actors that can't guarantee freedoms...
Bigchick
#19 Posted : Sunday, June 02, 2019 2:17:31 PM
Rank: Elder


Joined: 2/8/2013
Posts: 3,600
Location: At Large.
2012 wrote:
radio wrote:
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail


I think the idea is for vendors to refuse to take cash and only accept bank transfers due to existing counterfeits. I would not accept cash.

But I see many of these criminals using mpesa and purchasing construction materials in bulk to launder their loot.



Mpesa has daily limits.Cannot launder lots of cash through this method.
Love is beautiful and so are those who share it.With Love, Marriage is an amazing event in ones life time, the foundation of joy, happiness and success.
Wakanyugi
#20 Posted : Sunday, June 02, 2019 2:38:54 PM
Rank: Veteran


Joined: 7/3/2007
Posts: 1,535
Bigchick wrote:
2012 wrote:
radio wrote:
I've some prime plots in Nvs. For anyone interested, kindly drop me a mail


I think the idea is for vendors to refuse to take cash and only accept bank transfers due to existing counterfeits. I would not accept cash.

But I see many of these criminals using mpesa and purchasing construction materials in bulk to launder their loot.



Mpesa has daily limits.Cannot launder lots of cash through this method.


If had a billion or two to lauder I would be looking for a high cash business to 'invest' in, like a super market chain.

But I think what Uhuru should have done is give a four week amnesty. Bring the money from under the matress, no questions asked, as long as you pay tax on it. It doesn't stop the DCI from using the information to go after suspected drug money cleaning etc.

Meanwhile that KRA collection target problem? Solved.
"The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
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