Amos Kimunya

All parliamentary appearances

Entries 5991 to 6000 of 6175.

• 9 Nov 2006 in National Assembly: November 9, 2006 PARLIAMENTARY DEBATES 3583 view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, the Bill be amended by inserting a new clause immediately after Clause 14 as follows- Amendment of the Eighth schedule to Cap.447 view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, this is an amendment that seeks to zero-rate non-commercial fishing vessels. In the past, the non- commercial fishing vessels were taxable at 16 per cent. We are now zero-rating tax on both the commercial and non-commercial fishing vessels. view
• 9 Nov 2006 in National Assembly: 3584 PARLIAMENTARY DEBATES November 9, 2006 view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, the Bill be amended by inserting the following new clause immediately after Clause 46- Amendment of section 2 of Cap.488 view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, this clause is very straight forward. Currently, the Banking Act only regulates the opening of branches inside Kenya. All we are saying is that any bank in Kenya opening a branch in or outside Kenya should be put under the same regulations. Therefore, we are amending the law to cover opening of branches outside Kenya. view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, we are not regulating a Kenyan opening a bank anywhere. Right now, for a bank to open a branch anywhere in Kenya it requires the authority of the Minister. However, the term "branch" has not been defined to cover branches outside Kenya. Now, we are defining the term "branch" to mean a branch anywhere in or outside Kenya of a bank that is operating in Kenya. It is not about a Kenyan opening a bank anywhere in the world. That is not what we are looking for. It is about a Kenyan bank opening a ... view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, with capital now flowing across the globe, it is very easy for a bank to start operations in Nairobi, then open a branch in country X and transfer all its Kenyan money to that country. We would then not have control over country X. That is why we are trying to make sure that a Kenyan bank is known by its branches both in and outside Kenya, and that our Banking Act can extend, in terms of the public money invested, to branches in Kenya and elsewhere. It is really an administrative regulation to help ... view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, let me explain slowly. A bank that is operating in Kenya receives deposits from Kenyans. When it opens a branch, we need to know where the money is going to be used and who are the people who are going to draw it. If the bank moves outside the Kenyan jurisdiction, it is the Kenyan citizens' money that is going to be used outside the country. If we have no control over that, then we are likely to lose our money because someone might just vanish with it through mischief. This is something that is ... view
• 9 Nov 2006 in National Assembly: Mr. Temporary Deputy Chairman, Sir, I beg to move:- THAT, a new clause be inserted immediately after Clause 55 as follows – Amendment of section 14 of Cap.491. 55A. Section 11 of the Central Bank of Kenya Act is amended in sub-section (1)(c) by inserting the words "or his representative" immediately before the words "who shall be a non-voting member". 3586 PARLIAMENTARY DEBATES November 9, 2006 As of now, the Act says that the Permanent Secretary to the Treasury is a director of the Central Bank. It does not say that if the Permanent Secretary was not there, he could ... view