Tue, 10 June
19.1 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

Euro and ruble exchange rates to the Armenian dram fell, the dollar rose

The average market exchange rate of the US dollar to the Armenian dram, formed on the Armenian currency market as of June 6, 2025, increased by 0.06 points compared to June 5 and amounted to 383.46 drams.

Mechanism to stimulate cashless payments to be developed in Armenia

On Friday, the Armenian government held a meeting on issues related to stimulating cashless payments in the country.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Acba Bank contributed to the construction of a modern sports ground in Goris

In the “Haghtanak” park of Goris, a sports ground that meets modern standards was built in cooperation with Acba Bank, the Hayastan All-Armenian Fund and the Goris City Hall, the bank’s press service reported.

Acba Bank and NABU launch free 2025 program for organic agriculture development

Acba Bank and the Armenian branch of the German "Nature and Biodiversity Conservation Union" (NABU) are launching a free 2025 Organic Agriculture Development Program, the bank's press service reported.

LATEST NEWS

spot_imgspot_imgspot_img