Musalia Mudavadi warns on new currency deadline

The deadline set to scrap the old Sh1,000 bank note as legal tender should not be extended, Amani National Congress party Musalia Mudavadi (pictured) has said.

Mudavadi warned that a rush of huge cash transactions was imminent and asked Kenyans to be careful of people seeking to purchase their properties such as land with cash.

“If they extend the withdrawal date, they are giving room to the fellows who have illicit cash in go downs and mattresses time to launder it,” he said.

Mudavadi described the October 1 deadline as the “guillotine” date and urged authorities and financial managers to be vigilant and probe expected huge cash transactions.

“People might come buy your land or car in cash yet all they are doing is transfer their problems to you," he warned.

"The money might be counterfeit.”