Procedure for depositing daily cash receipts simplified considerably

A presidential decree of March 6 greatly simplified the procedure for depositing daily cash receipts, and also canceled a number of sanctions for financial offenses.

According to the amendments and additions to some legislative acts, the sanctions applied by the Central Bank, financial and tax authorities, in cases of enterprises hiding the proceeds in foreign currency, are lifted. In particular:

- application of financial sanctions and administrative fines;

- bringing to responsibility of officials for the non-application of appropriate measures against the violator and to ensure the implementation of the norms of currency control and regulation.

In addition, business entities that have daily cash receipts of more than 20 times the minimum wage, pass it daily to the cash desks of banks through the collection service or independently.

Those persons whose revenues are less than 20 times the MMW pass it to the cash departments of banks through the collection service during the periods they determine or independently. Earlier, they were not allowed to deliver it independently. 

The practice of the Central Bank approving the minimum amount of cash reserves in branches of commercial banks has been abolished. The activities of special units for monitoring the issuance of cash in commercial banks have been terminated.