Central Bank of Kenya(CBK) has broken his silence on what will happen to those found with old a thousand note after the expiry of the deadline.
The CBK through its social media account revealed that having the notes after the reported ultimatum will not be a reason to incriminate someone.
“There is no penalty for holding the older KSh 1000 notes after September 30, but you will have lost the value of your money,’ said the Bank.
The bank also revealed that they have worked with Kenya Prisons to ensure that even those detained with old notes of such value will have an opportunity to change their cash.
“We have worked with the prison authorities to convert any currencies they are holding on behalf of inmates.
We have also worked with the Judiciary on money which may be held as court exhibits,” added the CBK.
According to the bank, once the old KSh 1000 notes are returned, they will cross them off their register and destroy them as per protocol.
During the Madarka Day celebration on June 1, that was held in Narok, the CBK boss Patrick Njoroge announced the new set of notes and set the deadline for exchanging the Sh1000 note to September 30.
The lesser 500,200,100 and 50 notes will however still remain legal.
Until September 1, 58 per cent of currency exchange in value terms was less than KSh. 500,000.
75 per cent of exchange in value terms was less than KSh. 1,000,000.
91 per cent of exchange in value terms was less than KSh. 2,000,000.