CBK wants 2 weeks to comply with MPs demands on cash withdrawal regulations

CBK BOSS NJOROGE - CBK wants 2 weeks to comply with MPs demands on cash withdrawal regulations
The CBK Governor said he was working with the Committee on Delegated Legislation so that he can comply provisions with of the Statutory Instrument Act

NAIROBI, Kenya, Mar 12 – Central Bank of Kenya Governor Patrick Njoroge on Tuesday failed to appear before a House Committee which had invited him to explain why he has failed to implement provisions of the Banking Act which had been passed by the House.

MPs in the Committee on Implementation wanted him to explain why he had enforced the Know Your Customer Prudential Regulations without seeking approval of the House as required by the Statutory Instruments Act.

Njoroge instead wrote to the House Committee requesting for 14 days to submit the regulations to the Committee on Delegated Legislation and provide its report to the House and recommendations either to annul the law or amend it.

The CBK Governor said he was working with the Committee on Delegated Legislation so that he can comply provisions with of the Statutory Instrument Act which requires State/government agencies to submit within 30 days their gazetted regulations to the House for approval.

The Committee on Delegated Legislation which is chaired by Gladys Shollei (Uasin Gishu) provides the procedural safeguards against abuse of administrative powers and insists on the observance of the principles of natural justice where the individual is adversely affected by administrative actions under the rules.

The Committee on Implementation led by Chairman Moitalel Ole Kenta (Narok North) agreed to the requested but cautioned that they would not hesitate to recommend a censure motion against the CBK Governor for failing to violating provisions of the law.

“They have undertaken to give it to them. We were forced to come in because they had initially told the Finance Committee that they cannot do it because the law is not implementable. Now he says he is going to implement it. Failure to do that, he will be the first person to sanction,” he said.

Njoroge and the MPs have been at loggerheads after the latter refused to implement of Section 33(C) of the Banking Act which required CBK to develop and submit regulations prescribing conditions on deposits and withdrawals for parliamentary approval within 30 days claiming it is unimplementable.

Author: worldwidenewscast

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