Does limit on the maximum amount of payments apply to payments made using electronic payment means (payment cards)?Chapter: Question of the day on usage of Registrars of Settlement Operations / Software version
Paragraph 6 Section II of Regulation on conducting cash transactions in national currency in Ukraine, approved by Resolution of Board of the National Bank of Ukraine as of 29.12.2017 № 148 with changes and amendments (hereinafter – Regulation № 148), stipulates that business entities have a right to make cash payments within one day on one or more payment documents:
1) between themselves – in the amount of up to 10 000 UAH (ten thousand) inclusively;
2) with individuals – up to 50 000 UAH (fifty thousand) inclusively.
Business entities in case of withdrawal of cash from current accounts for purpose of cash settlements with individuals are obliged to provide supporting documents at bank’s request (branch, department) on the basis of which such cash settlements required by the bank (branch, department) to learn the client taking into account the risk-oriented approach.
Payments in excess of the established maximum amounts are made through banks or non-banking financial institutions / legal entities that are not financial institutions, but have a right to provide certain financial services that have been licensed to transfer funds in national currency without opening account (hereinafter – non-banking institution) by transferring funds from current account to current account or depositing funds in the bank or non-banking institution for their further transfer to current accounts in the bank. Number of business entities and individuals with whom cash settlements are made is not limited during the day.
Restriction set out in Paragraph 6 Section II of Regulation № 148 is also applicable to settlements for payment for products purchased for production (economic) needs at the expense of cash received by electronic payment means.
Article 1 of the Law as of 05.04.2001 № 2346-III “On Payment Systems and Funds Transfer in Ukraine” with changes and amendments stipulates that electronic payment mean is a payment instrument that allows its holder to use payment device to obtain information about funds due to the holder and initiate their transfer;
payment card is an electronic payment mean in the form of plastic or other type of card issued in manner prescribed by law, used, in particular, to initiate transfer of funds from payer’s account or from relevant bank account for payment for products and services, transfer of funds from their accounts to accounts of other individuals.
Given above specified, limit on the maximum amount of payments does is not applicable to payments made using electronic payment means (payment cards).
More information is in the “Knowledge Base” of public information and reference resource