The national Bank of Ukraine has forbidden to pay in cash more...

The national Bank of Ukraine has forbidden to pay in cash more than 50 thousand hryvnia

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Ukrainian hryvnia

Photo: Reuters/Pixstream

To buy anything more expensive than 50 thousand UAH in cash in Ukraine from 4 January 2017 will be impossible. The ban is explained by the need for the development of cashless payments

4 January 2017 in Ukraine the maximum amount of cash settlements under the contracts of sale between individuals and transactions between physical and legal persons is reduced from 150 thousand to 50 thousand UAH (about $1845), follows from the message of the national Bank of Ukraine (NBU).

The message of the regulator it is noted that the calculations in excess of 50 thousand UAH must be made in cashless form by transferring funds to Bank accounts, including the notary’s Deposit. This cashless settlement is possible without any restrictions.

“The establishment of the maximum amount of cash settlements at the level of 50 thousand UAH will not cause inconvenience to the citizens and will not affect daily shopping population, since it will apply only to major purchases (real estate, jewelry, vehicles, art objects, furs, expensive watches, etc.)”, — underlined in the message of the NBU.

The reduction of the maximum amount of cash payments, according to developers of restrictive document should provide a stable flow of cash in banks and acceleration of development of cashless payments.

In the message NBU noted that the restriction to citizens of the ability to conduct cash transactions complies with European rules. According to the NBU, in Spain the maximum amount that one can pay another cash equals €2500, Greece — €1500, in France, Portugal and Italy — €1000.

Russian authorities have also repeatedly announced the possibility of introduction of restrictions on settlements in cash to individuals. In 2012 was even drafted a law prohibiting from 1 January 2014 to pay the cash purchase worth over 600 thousand. Later the Ministry of Finance acted for the restriction of cash payments to citizens in the sum of 300 thousand rubles, however, in November 2016, the first Deputy Prime Minister Igor Shuvalov has assuredthat the government is discussing the imposition of such restrictions.

“Russia will not do” — said Shuvalov, explaining that to prove the advantage of a cashless payment method needed “through technology”.

Control over compliance with the NBU regulations on the procedure for conducting cash transactions imposed by the tax authorities.

Recall that in October 2016, the NBU obliged banks and non-Bank institutions to stop providing services of international payment systems, registered in Russia, — “Hummingbird” (controlled by Sberbank), the “Golden crown” (rnko “Payment center”), Unistream (Uniastrum Bank), international money transfers “Leader” (NPO “, JSC “Leader”), Anelik (Bank “Anelik RU”), Blizko (the Bank).