The South African Reserve Bank (SARB) has dismissed claims circulating online
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The South African Reserve Bank (SARB) has dismissed claims circulating online about a supposed new regulation requiring banks to report card withdrawals over R10,000 to the South African Revenue Service (SARS).
These claims originated from a widely shared article on social media, which alleged that "new ATM withdrawal rules" would come into effect across all major South African banks starting May 10, 2025.
The article further claimed that the rule aimed to crack down on tax evasion, unreported income, and financial fraud, warning that all cardholders must comply to avoid penalties or legal trouble.
In a statement posted on X (formerly Twitter), the SARB labelled the article as false and clarified that no such regulation had been issued.
"The article claiming that a 'New Card Withdrawal Rule' will take effect on 10 May 2025, requiring banks to report card withdrawals over R10,000 to SARS, is false," the Reserve Bank said.
"There is no such rule issued by the South African Reserve Bank (SARB). • No new directive has been announced requiring automatic @sarstax"
The Reserve Bank further encouraged the public to exercise caution and rely only on verified sources for financial information.
"We urge members of the public to always verify financial news on official SARB or SARS channels."
Earlier this week, it was reported that the South African Broadcasting Corporation (SABC) had labelled social media reports about a car radio licence fee as disinformation, aimed at causing panic among South Africans.
This followed a fake statement that went viral on social media, falsely attributed to the SABC, claiming the broadcaster would introduce car radio licences due to a dramatic decline in TV licence revenue.