The National Bank of Ukraine (NBU) has introduced changes to the procedure for conducting cash operations in hryvnia, which will directly affect enterprises. From now on, according to the new rules, businesses will no longer be able to receive cash from citizens without opening an account. This initiative is aimed at increasing the transparency of payment transactions and combating tax evasion.
New rules for enterprises
As explained in the press service of the NBU, from now on all funds received by enterprises through transfers without opening an account must first be credited to the current or payment account of the enterprise. Only after that they can be issued from these accounts in cash.
This new norm was introduced to minimize the risks of using the payment infrastructure in illegal activities, in particular, to avoid taxation during transactions of buying and selling goods.
What does this mean for citizens?
At the same time, the changes will not affect ordinary citizens. Ukrainians, as before, will be able to pay for services and goods in a way convenient for them: in cash or non-cash transfers, in particular when transferring funds without opening an account.
Restrictions on card-to-card transfers
In addition, from October 1, 2024, the NBU will introduce a temporary restriction on card-to-card (P2P, C2C) transfers of individuals. For six months, a limit of UAH 150,000 per month will apply for outgoing transfers from all client accounts opened in one bank to the accounts of other individuals. This limit does not apply to volunteers' accounts whose official income exceeds the limit, as well as to transfers between the client's own accounts in the same bank and to transactions using IBAN details.
