Ali Baba wrote:THIONG"O: You sound like you are a money launderer!!!However,here are the current rules.$10,000 is the amount you must declare while travelling internationally.Any amount below that you need not worry:its beer money.However,for security reasons,its advisable not to carry lots of cash.There are other ways of moving large sums of cash internationally.But my friends say I shouldn't talk about them on Wazua because if I do,sirikali will be watching.....know w'at I mean???!!
@ Ali baba,
Any amount in excess of $5000 (not $10,000) should be declared.
12.2 The Legal Notice permits persons leaving or entering Kenya to take out or bring into the country currency upto five hundred thousand Kenya Shillings (Kes 500,000) or the equivalent of five thousand United States Dollars (US$ 5000) in foreign currency. Any amounts beyond these limits may be taken out or brought into this country provided they are declared at the point of entry or exit.I doubt that these declarations in any way help govt to track the unofficial cash flows – (inflow/outflow).
http://www.businessdaily.../-/eqptmcz/-/index.html
However,for security reasons,its advisable not to carry lots of cashGood advice, I have always transacted through the bank and that is what the forex regulations advise.
12.4 In view of the risks associated with cash, travelers and the business community should be advised to reduce the amount of cash carried as much as possible and instead use traveler’s cheques, credit cards, bank drafts, electronic and direct bank transfers and other more secure modes of money transmission. This was a one off transaction necessitated by circumstances.
There are other ways of moving large sums of cash internationally.But my friends say I shouldn't talk about them on Wazua because if I do,sirikali will be watching.....know w'at I mean???!!The issue here is about compliance -No monkey business with the big brother.