{"id":250422,"date":"2022-06-29T07:30:12","date_gmt":"2022-06-29T07:30:12","guid":{"rendered":"https:\/\/armbanks.am\/2022\/06\/29\/250422\/"},"modified":"2022-06-29T07:30:12","modified_gmt":"2022-06-29T07:30:12","slug":"armenian-central-bank-reminds-of-new-law-on-cashless-payments-that-comes-into-force-from-july1-2022","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2022\/06\/29\/250422\/","title":{"rendered":"Armenian central bank reminds of new law on cashless payments\u00a0that\u00a0comes\u00a0into\u00a0force from July1, 2022"},"content":{"rendered":"\n<p><strong>YEREVAN, June 29. \/ARKA\/. <\/strong>In a statement issued today Armenia&#8217;s Central Bank reminds that under a new law passed by the parliament on June 9, starting July 1, 2022 all business transactions\u00a0worth\u00a0more than 300,000 drams (about $700) and transactions between individuals\u00a0worth\u00a0more than 500,000 drams (about\u00a0$1,100) will have to be made electronically, either through a mobile payment app, a payment terminal\u00a0or via a\u00a0bank\u00a0wire transfer. \u00a0The limit for individuals will be reduced to 300,000 drams in July 2023.<\/p>\n\n\n\n<p>The law applies to payments for&nbsp;such&nbsp;transactions as scholarships, public procurement, medical, educational, notary, legal and consulting services, as well as pensions,&nbsp;salaries and loans. The regulator warns that transactions made illicitly in cash can be annulled.<\/p>\n\n\n\n<p>The Central Bank said two commercial banks- Acba Bank and Ameriabank&nbsp;-have undertaken to make large-scale investments and take measures to activate the system of cashless payments&nbsp;on&nbsp;cash register machines.<\/p>\n\n\n\n<p>It said all taxpayers will receive notifications about the new law through the information platform &#8220;Taxpayer-3&#8221; of the State Revenue Committee. After receiving the appropriate notification and informing the servicing bank, their&nbsp;cash register&nbsp;software&nbsp;will be activated by the bank.<\/p>\n\n\n\n<p>In line with the law,&nbsp;the Central Bank&nbsp;will&nbsp;set maximum and minimum limits of commission fees on non-cash transactions.<\/p>\n\n\n\n<p>At the initial stage the law will come into force in Yerevan, in 2023 it will extend to regional centers, and in 2024 to the whole of Armenia.<\/p>\n\n\n\n<p>The law is part of Prime Minister Nikol Pashinyan&#8217;s government&#8217;s plan to reduce the shadow economy. ($1 \u2013 408.39 drams). &#8211;0\u2014<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a statement issued today Armenia&#8217;s Central Bank reminds that under a new law passed by the parliament on June 9, starting July 1, 2022 all business transactions\u00a0worth\u00a0more than 300,000 drams (about $700) and transactions between individuals\u00a0worth\u00a0more than 500,000 drams (about\u00a0$1,100) will have to be made electronically, either through a mobile payment app, a payment terminal\u00a0or via a\u00a0bank\u00a0wire transfer. \u00a0The limit for individuals will be reduced to 300,000 drams in July 2023<\/p>\n","protected":false},"author":1,"featured_media":200793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[9214,9216],"tags":[],"class_list":{"0":"post-250422","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banks-en-en","8":"category-news"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/250422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=250422"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/250422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media\/200793"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=250422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=250422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=250422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}