The National Bank of Ukraine (NBU) has proposed to limit cash payments carried out by individuals to UAH 50,000.
The proposal is submitted for public discussion, according to the NBU`s press service.
”The National Bank suggests that the maximum amount of cash payments for goods (work, services) between individuals with companies (entrepreneurs), as well as between individuals under purchase/sale contracts subject to notarization, should be limited to UAH 50,000 per day. The NBU submits for public discussion its draft resolution on amendments to the resolution of the National Bank of Ukraine`s Board No. 210 dated June 6, 2013,” a statement read.
Non-cash payments can be carried out without any restrictions and banks are required to ensure non-cash transfers in full upon the customer`s request.
The NBU expects that the growth of non-cash payments will increase the flow of financial resources of the national economy`s entities to the banking system and boost banks` liquidity.
”The reduction of cash payments will contribute to the de-shadowing of the country`s economy and higher revenues to the state budget of Ukraine,” the regulator emphasized.
The NBU also noted that the maximum amount of cash payments between businesses (entrepreneurs) is currently set at UAH 10,000 per day and cash settlements for goods (work services) between individuals with businesses (entrepreneurs) and between each other under purchase/sale contracts subject to notarization is at UAH 150,000.