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Starting From January 2009 It Is Envisaged To Make 3 Million Dram Ex

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  • Starting From January 2009 It Is Envisaged To Make 3 Million Dram Ex

    STARTING FROM JANUARY 2009 IT IS ENVISAGED TO MAKE 3 MILLION DRAM EXCEEDING DEALS IN CASHLESS WAY

    Noyan Tapan
    April 4, 2008

    YEREVAN, APRIL 4, NOYAN TAPAN. At the April 4 sitting, the Armenian
    government approved the bill on restriction of cash deals. The member
    of the Central Bank of Armenia (CBA) Board Vatche Gabrielian told
    reporters after the sitting that the bill stipulates which deals and
    operations shall be made in a cashless way. In his words, the bill
    is obviously aimed at fighting the shadow economy.

    According to V. Gabrielian, it is envisaged making deals on sale
    and use of goods, implemenation of work and provision of services
    in a cashless way if the amount of such a deal exceeds a particular
    sum. In particular, this amount will be fixed at 3 mln drams (about
    9.7 thousand USD) from January 1, 2009, at 2 mln drams from 2010,
    and starting from 2011 all deals exceeding 1 mln drams will have to
    be made in a cashless way. Besides, salaries exceeeding 60 thousand
    drams will be paid in a cashless way in Yerevan starting from January
    2009, in regional centers from 2010 and in other settlements from
    2011. V. Gabrielian said that there are also some restrictions on
    pensions, education fees, and payments for medical services.
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