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NBU Settles Issues Related to Cash Transactions in Domestic Currency

14 February 2019

 

In order to reduce the regulatory impact on business entities, the National Bank of Ukraine has adjusted a number of issues related to the procedure for cash operations in domestic currency.

 

In particular, the following issues are detailed:

·         the norms for accounting of the cash income when applying electronic fiscal devices (EFD) taking into account Order of Ministry of Finance of Ukraine No. 547 dated 14 June 2016 On Approval of the Procedures for Registration of Cash Registers and Book of Record of Settlement Transactions (as amended - order No. 773 dated 20 September 2018). In particular, it provides for the possibility of cash accounting in standalone units of institutions/enterprises that conduct cash settlements by using EFDs without keeping a cash book, by ensuring the storage of daily fiscal checks (daily Z-reports) in the electronic form for three years and indication of the fiscal checks information in the relevant books of record (book of record of settlement transaction, when applicable)

 

·         the list of cases that are not subject to restrictions on cash settlements between business entities and individuals in the amount of UAH 50,000. Now, such restrictions apply neither to wage-related payments (in particular, taking into account the social significance of such payments) nor to the use of cash from the investigative activities fund (secret investigations) [*];

 

·         considering the requests and suggestions of financial market participants, changes were introduced to the procedure for setting the cash limit for nonbank 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.  It is proposed that nonbank financial institutions set a cash limit in the amount needed to ensure the fulfillment of obligations to pay out the amounts of transfers at the first request of a payee in due time and in full.

 

·         concept of standalone units of business entities has been specified and it is defined that these are branches, representative offices, offices that are allocated a share of the property of economic organizations, exercising in their respect the right to operational use or other property rights provided by the legislation of Ukraine, and other structural units (permanent or mobile), where goods are sold, services are provided, and settlement operations are carried out.

 

These issues are included into NBU Board Resolution No. 37 dated 12 February 2019 On Approval of Amendments to Regulation on Cash Transactions in the Domestic Currency in Ukraine (hereinafter - Resolution No. 37). The amendments are introduced to NBU Board Resolution No. 148 dated 29 December 2017 which approves the Regulation on Cash Transactions in the Domestic Currency in Ukraine. 

 

Resolution No. 37 comes into effect on 15 February 2019.

 

 

[*] established under part three of Article 24 of the Law of Ukraine On the National Anti-corruption Bureau of Ukraine.

 

 

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Last modification   14.02.2019