ARMENIAN GOVERNMENT APPROVES DRAFT LAW ON CASH TRANSACTIONS

ARKA
April 4, 2008

YEREVAN, April 4. /ARKA/. Armenian government has approved the draft
law on cash transactions, Bache Gabrielyan, member of Armenian Central
Bank board, said on Friday. He said the law envisages greater numbers
of cashless transactions.

"The law contains the list of transactions and operations, which must
be carried out by written order", the board member said Friday at a
governmental briefing.

The bill specifies transfers from banking accounts of payers to
beneficiaries’ accounts as cashless transaction.

Gabrielyan said that goods alienation and usage deals and those
deals connected with services must be carried out by written order,
if their cost exceeds AMD 3 million. The board member added that this
requirement takes force on January 1, 2009.

In 2010, the set benchmark will be lowered to AMD 2 million and in
2011 to AMD 1 million.

"Under this law, salaries will be paid by written order in Yerevan
from Jan 1, 2009. From 2010, the requirement will apply also to
provincial capitals and in 2011 to other areas", he said.

Gabrielyan said that cashless way of salary payment will be introduced
in Armenia stage-by-stage and will apply to those workers whose
salary exceeds AMD 60 000. The same restrictions will be imposed on
scholarships and tuition fees.

POS terminals will be put in shops. He said that the law has worked out
as part of the crackdown on shady dealing and to lower cash turnover,
which makes more than 50% of Armenia’s money turnover now. ($1 =
AMD 308.12).

From: Emil Lazarian | Ararat NewsPress