ARMENIA TO TIGHTEN PENALTY FOR MONETARY OFFENCES
ARKA
Feb 19, 2009
YEREVAN, February 19. /ARKA/. Armenian Government has approved
amendments to the law on currency regulation and control and to the
code on administrative offences.
Arthur Javadyan, chairman of the Central Bank of Armenia, speaking
at Thursday’s governmental meeting, said that the amendments tighten
punishment for monetary offences.
He said that those commercial and non-commercial organizations
violating rules for price-marking procedures as well as those failing
sign and implement monetary agreements properly will be fined AMD 2
million instead of present 500,000 or stripped of their license for
one year, if they violate the law for the first time.
The fine of 4 million is intended for the second time instead of
present 200,000 to 7,000.
The amendments also implies stricter punishment for offenders having no
Central Bank’s license – AMD 2 million instead of present 100,000 and
4 million for the repeated violation instead of present 200,000. ($1=
AMD 305.41)