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The NBU has established cash payment limits that will take effect on September 1, 2013. They apply to both business entities and ordinary individuals.
The NBU has established cash payment limits that will take effect on September 1, 2013. They apply to both business entities and ordinary individuals.
Until now, there were no restrictions on cash settlements between individuals — citizens and legal entities (entrepreneurs). But from now on, NBU Resolution No. 210 dated 06.06.2013 introduces limits concerning cash payments.
Thus, the following limits will come into effect at the beginning of autumn:
- Payments between individuals and entrepreneurs for provided services, goods, or work cannot exceed 150,000 within a single day;
- In the case of a purchase and sale agreement between individuals that requires notarization, the amount of cash payments must not exceed 150,000.
Amounts that exceed these limits must be processed through a bank current account or a notary’s deposit.
These changes were introduced into clause 2.3 of the regulation that was approved by NBU Resolution No. 637 dated 15.12.2004. It is worth noting that these restrictions also apply to payments for goods necessary for production needs made with cash funds obtained via electronic payment means.
In addition, these restrictions concern:
- settlement operations between enterprises and the state (budget, targeted funds);
- donations and charity;
- use of business trip allowances.
A new requirement will be that if a company receives worn banknotes from customers as payment for products (works, goods, services), the company will have to hand such banknotes over to the bank (that services the company) together with the takings, rather than keep them in the cash register to give change (updated clause 2.13 of Regulation No. 637). Clear deadlines or procedures for handing over worn banknotes are not specified anywhere, so such matters depend on the honesty of a certain circle of officials.
As before, during cash inspections in the trade sector, great importance will be attached to permanently having banknotes of various denominations and coins available to give change, except for those whose issuance has been discontinued by the National Bank of Ukraine.
Besides the cash-related innovations, there are several other provisions updated by NBU Resolution No. 212 regarding the procedure for opening, using, and closing accounts in national and foreign currencies.