28 Feb 2017

CRYPTO CURRENCY AND UGANDA’S FINANCIAL MARKET

CRYPTO CURRENCY AND UGANDA’S FINANCIAL MARKET

You have probably read or heard about the idea of a “cashless economy” and wondered why the need for one or how exactly It can be done. Well, change is a constant and just as with all other parts of the economy the banking sector has experienced changes attributed to the rapid advancements in technology. The conceptualization of a cashless economy has been mostly manifested by crypto-currency.

WHAT IS CRYPTO CURRENCY?

A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
To put it in the simplest of terms crypto-currency is digital money mostly traded in through the internet.
There various forms of Crypto-currency up to 700. The most popular forms include Bitcom and One coin.

HOW DO CRYPTO – CURRENCIES WORK?

Transactions with Cryto currency occur through the use and exchange altcoins which are independent from formal banking systems. The currency is valued against the known paper or fiat money and the same crypto-currency appreciates depending on the demand by private individuals to buy specified amounts of it. The more demand a particular form of crypto-currency gains the more it appreciates in value.

IS CYPTO-CURRENCY REGULATED AND IS IT LEGAL CURRECNCY?

Some countries have straight out rejected the use and application of this form of currency such as Uganda while others have adopted a taxing mechanism for it to be taxable as property of private individuals such countries include the United States of America. Since it’s a form of currency that operates outside the known banking system of countries there have been challenges in many countries to grant it legal basis.

WHAT IS THE RELEVANCE OF CYPTO-CURRENCY?

The founders of crypto-currency are of a view that it is time to embark on having a more secure currency , a currency that enables better and faster transactions in trade across borders , a currency that encourages more value for the private owners and lastly a form of currency that reduces the cost of international trade which involves exchange of various forms of Fiat or paper money into other known paper currencies when travelling around the world that has often led to people losing money amidst travel and trade.

STATUS IN UGANDA

As stated previously, crypto currency is not recognized in Uganda as legal tender, the Central Bank (Bank of Uganda) issued the following notice to the public recently informing everyone that crypto currency is not recognized or considered money or legal tender in Uganda and any dealings in it are outside of the law and the purview of the Central Bank and therefore at the risk of the individual.

Below is a recent warning by Bank of Uganda concerning crypto currency:

BOU announcement

28 Feb 2017

WHAT TO DO WHEN YOU RECEIVE FAKE MONEY

WHAT TO DO WHEN YOU RECEIVE FAKE MONEY

Tina boarded a taxi to Mukono, when they had just passed Seeta, the conductor turned to the passengers and asked if any of them had change for 50,000/-, Tina innocently offered to give away her changed money in exchange for the 50,000/- note. After alighting at Sombe supermarket, she went in, to do some shopping but to her surprise once at the counter, the cashier refused to accept the 50,000/- note saying it was a fake.

Bank of Uganda is the only mandated institution with authority to print, issue and destroy any currency of Uganda. However, many people like Tina and businesses, have suffered loss due to the presence of counterfeits in the market.

WHAT IS A COUNTERFEIT

Legal tender is a means of payment recognized by a legal system to be valid for meeting financial obligation. In Uganda, bank notes and coins are the forms of legal tender.

Fake notes and fake coins are imitations of what is considered legal tender and are known as counterfeit currency. They have no value and are intended to pass off as genuine currency.

iN the laws of Uganda, it is a criminal offence to make counterfeit currency. It is also an offence to give out counterfeit currency, knowing that it is counterfeit.


HOW TO DETECT COUNTERFEITS

It is relatively easy to detect a counterfeit bank note if you know what to look out for. It is important to get familiar with the feel of bank notes to tell the difference when handling a suspect note since most bank notes are made from special paper with unique tactility.

According to the Bank of Uganda, some of the key features on the bank notes include:

1. A watermark and electrotype formed within the paper – When held up to the light, the crested crane image is visible. You should look for the light area near the eye and the dark area above the beak. The denomination of each banknote is also shown vertically in the electrotype form below the beak.

2. A windowed security thread running through the banknote paper – A special thread is woven into the paper. On the front it appears a silvery stripe. When held up to direct light, it appears as a continuous line and changes colour from red to green when tilted.

3. High quality paper – Members of the public report that they recognize a banknote as a counterfeit by the texture of the paper; and the fineness of the print quality on a genuine banknote is difficult for current scanning equipment to resolve properly. Intaglio printing, where thick ink lends a raised surface to the print surface, is difficult to reproduce.

4. The foil images are distinctly different for each denomination. In addition to the denomination numeral, a main pattern, Shield (50,000), drums (20,000), and pots (10,000) can be seen clearly. Moving lines around the main pattern change in a different manner on tilting the note side to side.


HOW TO AVOID RECEIVING COUNTERFEIT MONEY

When you receive money make sure you:

1. Check for the various features pointed out above. Make it a habit of checking the banknotes you receive. Many people are conscious about looking silly lifting the notes into the light or feeling for the intaglio printing, but consider how much you would be saving yourself.

2. If you receive a note you suspect to be a counterfeit while in a bank, insist on the manager (and the police) being called. And if you have received the money from a customer at work, call the police immediately.

3. If you ever get into a situation similar to Tina’s, make sure to check it, and if you suspect it is a fake, do not accept it. Simply alert the person to the fact and get it replaced. Then check even that one, always be vigilant.

4. If as you are inspecting the bank notes that have been handed to you and the person who gave it to you gets upset, keep level headed and explain that there is nothing personal involved. At the same time, do not get upset when others check the money that you hand them either.

13 Feb 2017

MAKE SURE YOU ARE NOT IMPORTING PROHIBITED GOODS!!!

MAKE SURE YOU ARE NOT IMPORTING PROHIBITED GOODS!!!

MAKE SURE YOU ARE NOT IMPORTING PROHIBITED GOODS!!!

URA recently released information that it had impounded hundreds of cartons of cosmetics valued at well over 100 million shillings. Many of the products in the consignment were reported to be prohibited and selling them in Uganda is illegal. The companies which had purchased those goods therefore lost out on a lot of money.

WHY WERE THE PRODUCTS PROHIBITED?

The goods in question this time are said to have contained a component of Hydroquinone and mercury which are dangerous to health. Many skin lightening products are also banned since they are made from a carcinogen (cancer causing substance).
The Government through the Ugandan National Bureau of Standards has got the power to declare that a particular product should not be sold in Uganda. Whether it is imported from another country or made within Uganda, selling it is illegal and where it is discovered the authorities have go the power to take it away and can even destroy it after some time if there is no other way of disposing of it.

HOW TO KNOW IF WHAT YOU BUYING IS A PROHIBITED PRODUCT?

In law there is a rule that for something to be prohibited, the public must be informed. Likewise, the body which prohibits harmful products the UNBS publishes the prohibited goods which should not be imported or sold anywhere in Uganda.

Please check the list below for the cosmetic products banned by URSB for containing hydroquinone and mercury.

 

MERCURY COSMETIC PRODUCTS CONTAINING HYDROQUINONE CREAMS

1. Maxi Claire beauty cream

2. Rapid White

3. Caro Light

4. Carro 7

5. Djarabi

6. Clairmen

7. Skin light

8. Caro Liss

9. Citro Light

10. Top clair plus

11. L’abidjanaise

12. Mekako

13. Bio 21 Jours

14. Cocoderm

15. Rico

16. Maxi light

17. Pure White

18. Princess

19. C & G

20. Extra Toning

21. Butone

22. Carotone

23. Sivo Clair

24. Extra Cream

25. Yes To

26. Rejuvenating
Cream

27. Mic

28. Touch and Clear

29. Caro skin

30. Viva Super
Lemon

31. Ultra Skin Tone

32. Ikb Medicated
Cream

33. Princess Patra
Luxury
Complexion
Cream

34. Fade - Out

35. Crusader Skin
Toning Cream

36. Envi Skin Toner

37. Palmer`s Skin Success
(pack)

38. Tura Bright &
Even Cream

39. Zarina
Medicated Skin
Lightener

40. Fair & white Active
Lightening

41. Claire Cream

42. Ambi Special
Complexion

43. Fair & White Whitening

44. Miki Beauty
Cream

45. Lolane Cream

46. Fair & White Strong
Bleaching Treatment
Cream

47. Peau Claire
Crème
Eclaircissante

48. Glotone
Complexion
Cream

49. Fair & white Body
Clearing milk

50. Clear Essence
Skin Beautifying
Milk

51. Nindola Cream

52. Maxi – Tone fade

53. Tura Skin Toning
Cream

54. Tonight Night
Beauty Cream

55. Nadinola Fade

56. Madonna
Medicated Beauty

57. Fulani Cream
Eclaircissante

Cream

 

58. Clear Essence Medicated
fade

59. Mrembo
Medicated Beauty
Cream

60. Clere Lemon
Cream

61. Ultra Skin Tone

62. Shirley Cream

63. Clere Extra
Cream

64. Fade - Out

65. Kiss – Medicated
Beauty Cream

66. Binti Jambo
Cream

67. Palmer`s Skin Success
(pack)

68. UNO21 Cream

69. Malaika
Medicated
Beauty Cream

70. Fair & white Active
Lightening

71. Crusader Ultra
Brand Cream

72. Dear Heart with
Hydroquinone
Cream

73. Fair & White Whitening

74. Ultime Skin
Lightening Cream

75. Nish Medicated
Cream

76. Fair & White Strong
Bleaching Treatment
Cream

77. Rico Skin Tone
Cream

78. Island Beauty
Skin Fade
Cream

79. Fair & white Body
Clearing milk

80. Baraka Skin
Lightening Cream

81. Malibu
Medicated
Cream

82. Maxi – Tone fade

83. Fairlady Skin
Lightening Cream

84. A3 Tripple
action Cream
Pearl Light

85. Nadinola Fade

86. Immediat Claire
Lightening Body
Cream

87. Elegance Skin
Lightening
Cream

88. Symba crème Skin Lite
‘N’ Smooth

89. Mr. Clere Cream

90. Cleartone Skin
Toning Cream

91. No Mark Cream

92. Clear Touch
Cream

93. Ambi Extra
Complexion
Cream for men

94. Crusader Ultra Brand
Cream

95. Cleartone Extra
Skin Toning
Cream

96. Ultime Skin
Lightening
Cream

97. O`Nyi Skin Crème

98. Rico Skin Tone
Cream

 

LOTIONS

1. Tamarin

2. Camee

3. Extra Clair
lightening Body

Lotion

 

4. Yes To

5. White Express

6. Precieux
Treatment
Beauty Lotion

7. Jaribu Skin Lightening
Lotion

8. Clear Touch
Lotion

9. Super Max –
Tone Lotion

10. Caroderm

11. Shiny

12. Amira Skin
Lightening
lotion

13. L’abidjanaise

14. Meti’cee

15. A3 Cleartouch
Complexion
Lotion

16. Djarabi

17. Beauty oil Abana

18. A3 Lemon Skin
Lightening
Lotion

19. Caroliss

20. Peau Claire Body

21. Extra Clair
lightening Body
Lotion

22. Caro Top lotion

23. Reine Clair Rico
Super Body

24. Precieux
Treatment
Beauty Lotion

25. Top lemon

26. Immediate Claire
Maxi – Beauty

23. Amira Skin
Lightening
lotion

27. Bio liss

28. Tura Lotion

24. A3 Cleartouch
Complexion
Lotion

29. Maxi Claire

30. Sivoclair
lightening Body
Lotion

25. Kiss Lotion

26. Princess Lotion

27. Jaribu Skin
Lightening Lotion

 

SOAPS

1. Uniderm

2. Body Clear
Medicated
Antiseptic Soap

3. Topi Clear
Beauty
Complexion
Soap

4. Djarabi

5. Blackstar

6. Ultra Clear

7. Skin light

8. Cherie Claire Body
Beauty Lightening

9. Topi Clear
Beauty

& Treating Soap

Complexion
Soap

 

10. Immediate Clair
Lightening Beauty Soap

11. Lady Claire

12. M.G.C Extra
Clear

SKIN LIGHTNING COSMETIC PRODUCTS CONTAINING MERCURY (CREAMS & LOTIONS)

1. Maxi Claire

2. Shiny Beauty
cream

3. Top Claire Plus

4. Tamarin

5. Charms

6. Caro derm

7. Skin Light

8. Carro 7

9. L’abidjainaise

10. Rapid Clair

11. Beauty Lotion
Shinny

12. Djarabi

13. Yes To

14. Bio 21 Jours

15. Bio liss

16. Yes To lotion

17. Caro Top lotion

18. Maxi Claire

19. New Shirley Medicated

20. Top lemon

21. Pimplex
Medicated

22. Top Claire Plus

   

SOAPS

1. UnidermSoap

2. Djarabi Soap

3. Jaribu Soap

4. Skin Light Soap

5. Super Family

6. Binti Jambo Soap

7. Baby and Maman Soap

8. Movate Soap

9. Amira Soap

10. La Bamakoise Savon
Tamarin Soap

11. Miki Soap

12. Mekako Soap

13. Rico Soap

14. Tura Soap

15. Jaribu Soap

16. Acura Soap

17. Fair Lady

18. Elegance