ARMENIAN GOVERNMENT INTRODUCES LIMIT TO CASH TRANSACTIONS

arminfo
2008-04-04 15:11:00

ArmInfo. Today Armenian government proved a draft law "On cash
transactions limit", member of Central Bank Council Vache Gabrielyan
said at today’s briefing.

He also added that according to the draft law, beginning from 1 January
2009 all the bargains on alienation and using goods and property
to the sum more than 3 mln Armenian drams (about $10 thsd) will be
implemented with non-cash account. In 2010 the cash transactions
limits will be introduces for the deals up to 2 mln drams and in
2011 – to 1 mln. The draft law also supposes that beginning from
1 January 2009 in Yerevan and later in the regions salary which is
more than 60 thsd drams ($200) will be paid via cards. Such a limit
for cash will be introduced for pension payment as well as payment
for education and medical service, he added. According to the law,
POS-terminals will be set in stores. Gabrielyan added that the law
is directed to fight "shadow" economy.