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NBU Proposes to Settle Certain Issues Related to Conduct of Cash Operations in Ukraine

5 September 2018

 

The National Bank of Ukraine (NBU) has developed and seeks public opinion on the NBU Board Draft Resolution On Approval of Amendments to the Regulation on Cash Operations in the Domestic Currency in Ukraine (the Draft Resolution).

 

The document has been developed due to the need to harmonize the Regulation with new legal requirements and decrease the regulatory impact on economic entities.

 

In particular, it provides for the possibility whereby the standalone units of institutions/enterprises that conduct cash settlements by using PTRs without keeping a cash book will be able to conduct cash recognition at their offices by automatically submitting electronic copies of payment documents and PTR fiscal accounting checks to the controlling authority via wire or wireless channels on the day of receipt of cash.

 

In addition, given the comments and suggestions of financial market participants, it is proposed that non-bank financial institutions set a cash limit in the amount needed to ensure the fulfilment of obligations to pay out the amounts of transfers at the first request of a payee in due time and in full. This applies to non-bank financial institutions that are licensed to transfer funds in the domestic currency without opening accounts and that pay out the transfers in cash, apart from accepting cash for its further transfer.

 

Furthermore, the proposed Draft Resolution clarifies the norm for the cases when maximum cash settlement amounts are not applied. In particular, the NBU proposes to establish that the maximum amount of cash settlements between economic entities and individuals, of UAH 50,000, will not apply to payments related to the compensation of employees. The corresponding clarification concerns compliance with employment laws.

 

Regulatory Impact Analysis of this Draft Resolution.

 

Comments and suggestions on the Draft Resolution will be accepted by the NBU by mail or email till 6 October 2018.

 

Postal address: Cash Circulation Department, National Bank of Ukraine, 9, Instytutska St., Kyiv, 01601.

 

Email: 11EMIS@U0H0, dzhumik@bank.gov.ua

 

The draft amendments have been published on the NBU’s official website for public consultation, since, in accordance with the Law of Ukraine On Fundamentals of the State Regulatory Policy in the Area of Economic Activity, they are to be published in order to receive comments and suggestions from individuals and legal entities, as well as their associations.


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Last modification   05.09.2018