The national Bank plans to introduce drastic changes in the economy of Ukraine
NBU staff has prepared the Ukrainians, the draft Resolution”On approval of amendments to the regulations on conducting cash transactions in national currency in Ukraine”. It provides for severe restrictions on the cash payment for both businesses and individuals.
Representatives of Department have declared that they are going to reduce the limit amount of settlements in cash between legal entities and individuals from 50 thousand to 15 thousand hryvnia. The limit of cash payments that can be made in one day with one or more payment documents, 50 thousand hryvnia. The draft proposes to reduce this threshold to “amount not to exceed 10% of the amount established for financial transactions with cash, which are subject to obligatory financial monitoring”.
Current legislation exposes monitoring cash transactions of more than 150 thousand hryvnia. But the national Bank believes that we should prohibit cash payments for the sum more than 15 thousand hryvnia. If the amount of financial monitoring will change along with it will reduce the size of cash payments to legal entities with ordinary Ukrainians. In addition, the NBU offers to introduce entrepreneurs to the obligation to inform banks to request information about customers, which required a large amount of cash.
While there is a limit of cash in 50 thousand hryvnias allocated for the purchase of products. But the changes will affect even calculations of physical persons — “business entities that have received cash to run a separate civil action in the name and at the expense of such an entity”. Simply put, the ban could affect calculations on wages. When the order comes into force, Ukrainian employers will not be able to withdraw large sums from the accounts, to give employees wages in cash. The same fate may befall loans, deposits, insurance and all other cash transactions. They will have to be done only through card.
Meanwhile, the Ukrainians will still be able to pay in stores for the sum to 50 thousand. This provision of the state controller does not change. The size of cash payments between business entities, according to the draft resolution, also remains unchanged 10 thousand hryvnia. Debate on the bill ended on 27 March. Very soon it needs to be enforced.
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