Mon, 16 June
27.1 C
Yerevan
USD: 384.44 RUB: 4.83 EUR: 434.11 GEL: 140.51 GBP: 515.15

Some 30,000 business entities in Armenia fail to activate their cashless payment terminals

YEREVAN, August 12. /ARKA/. About 30 thousand business entities in Armenia have failed to activate their cashless payment (POS) terminals and did not apply for their activation, Public Television of Armenia reported citing the State Revenue Committee (SRC).

This is about half of the total number of business entities which are covered by the revised law on cashless payments.

The SRC was said to have started an active administration in order to ensure that the law is observed by all. Administrative fine for nonobservance of the law is 100 thousand drams, but no one has been fined so far.

Under a new law passed by the parliament on June 9, starting July 1, 2022 all business transactions worth more than 300,000 drams (about $700) and transactions between individuals worth more than 500,000 drams (about $1,100) will have to be made electronically, either through a mobile payment app, a payment terminal or via a bank wire transfer.  The limit for individuals will be reduced to 300,000 drams in July 2023.

The law applies to payments for such transactions as scholarships, public procurement, medical, educational, notary, legal and consulting services, as well as pensions, salaries and loans. Transactions made illicitly in cash can be annulled.

At the initial stage the law has come into force in Yerevan; in 2023 it will extend to regional centers, and in 2024 to the whole of Armenia. The law is part of Prime Minister Nikol Pashinyan’s government’s plan to reduce the shadow economy. ($1 – 406.09 drams). –0—

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Modern French language class opened in Mastara village school with the support of the Stepan Gishyan Foundation

Students of the Mastara village school in Aragatsotn region now have the opportunity to study French in a fully equipped classroom equipped with all the multimedia capabilities, the press service of Acba Bank reports.

Digital dram to be one of the items on the analytical agenda in Armenia – Central Bank Chairman

The digital dram will be one of the items on the analytical agenda in Armenia, said Martin Galstyan, Chairman of the Central Bank of the Republic.

Central Bank of Armenia will develop a by-law for the implementation of the law “On crypto assets”

The Central Bank of Armenia will begin work on developing a by-law after the adoption of the law "On crypto assets", said the head of the regulator Martin Galstyan, answering a question from the ARKA news agency.

Armenia’s banking system dominates the financial system’s asset structure with a share of 83% and an indicator of 11 trillion drams – head of...

The assets of the banking system continue to make up the overwhelming majority of the financial system's assets - about 83%, or about 11 trillion drams, said the head of the Central Bank of the republic Martin Galstyan, presenting a report on financial stability for the past year.

LATEST NEWS

spot_imgspot_imgspot_img