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| Friday, 16 July 2004 |
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Central Bank on Pyramid schemes "It has been brought to the notice of the Central Bank that some foreign companies which operate Pyramid or similar Referral schemes are now attempting to collect payment for participation in foreign currency as membership charges or request payments in other forms such as bank drafts and mail transfer," a media release from the Central Bank said. The Central Bank invited the attention of the public to its press notices published recently in the newspapers with regard to Pyramid Schemes and the use of credit cards with global access to make payments to foreign companies in foreign exchange and for enrolment of persons to such schemes on behalf of third parties in violation of existing Exchange Control Laws. This change in the mode of payment would not alter the risk inherent in such schemes and the Central Bank, therefore, cautions the public of such risks, the release said. |
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