The National Bank of Ukraine reduces the limit on total cash payments per day
On the 3rd of January, the National Bank of Ukraine announced the reduction of the total limit amount of individual cash payments from UAH 150,000 or about $55,570 to UAH 50,000 or approximately $18,520 beginning from the 4th of January 2017.
As the website of the National Bank of Ukraine reports, the limits apply to total cash payments between individuals and enterprises per day and also between individuals themselves under sale-purchase agreements, which are subject to notarization.
However, the limit on total cash payments per day between enterprises or entrepreneurs remains unchanged at UAH 10,000 or approximately $375, the report says. Individuals have the right to make payments for an amount that exceeds UAH 50,000 by transferring funds from current account to current account, making deposits or transferring funds to current accounts.
The National Bank of Ukraine reiterates that non-cash payments can be carried out without any restrictions and banks are obliged to ensure non-cash transfers in full upon the customer’s request.
The NBU emphasized that the new limits would contribute to ensuring stable cash flow to the banking system, acceleration of cash turnover and also reduction of the scope of use of cash and acceleration of the development of the non-cash segment. The State Fiscal Service will implement control over observance of cash payment procedure.