Uzbekistan to introduce a new order of encashment effective from November 1

From November 1, a new procedure for depositing and using cash receipts will be introduced in Uzbekistan, Kun.uz correspondent reports referring to a presidential decree.

The new order of encashment will include the followings:

-the opportunity for business entities with an average daily cash proceeds of more than 20 times the minimum wage to submit it daily to banks through the encashment service or independently;

-the possibility for business entities with an average daily cash proceeds of less than the volumes specified in paragraph two of this subparagraph to hand it over to the cash offices of banks through the encashment service during the periods they determine or independently;

-the abolition of encashment of cash proceeds exclusively through the encashment services of the Central Bank of the Republic of Uzbekistan with the creation of the possibility to organize alternative collection services envisaged by law;

-the implementation of non-cash payments between legal entities and individual entrepreneurs using corporate bank cards without concluding contracts of sale, with the issuance of an invoice billing.