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EX-PREMIER OF ARMENIA: GOVERNMENT'S INITIATIVE TO RESTRICT CASH OPERATIONS SEEKS TO MAKE THE BANKS EVEN RICHER
arminfo
Friday, February 10, 19:17
The bill "On restriction of cash operations" initiated by the
Government of Armenia seeks to make the local banks even richer,
the ex-premier of Armenia, economist Hrant Bagratyan said at today's
press conference in Yerevan.
He thinks that the expansion of the noncash turnover in Armenia,
like in many developed states, should go on gradually and without
compulsory measures. Bagratyan is sure that this bill cannot contribute
to reduction of shadow turnover in the country. "The "shadow" may be
both cash and noncash", he said. Bagratyan added that due to this
bill the incumbent prime minister is trying to turn the oligarch
importers into "financial" oligarchs.
To recall, at the Feb 6 session of the Armenian Parliament the
draft amendments to the Law "On restriction of cash operations"
failed to obtain the sufficient number of votes to be adopted in the
first reading.
To note, the bill regulates noncash operation, in particular,
the transfers to the name of a recipient. The bill provides for
non-cash operations for the operations exceeding 300,000 AMD at medical
establishments, 100,000 AMD at educational establishments. In addition,
the bill sets a specific term for the non-cash operation to avoid
delay of financial receipts. Realty deals of individual's exceeding 3
mln drams should also be non-cash. Earlier, such law applied to legal
entities only. The bill stipulated that starting 2014 Post-terminals
will be installed at all the public catering, trade facilities and
medical establishments with an area exceeding 200sq.m in Yerevan.
arminfo
Friday, February 10, 19:17
The bill "On restriction of cash operations" initiated by the
Government of Armenia seeks to make the local banks even richer,
the ex-premier of Armenia, economist Hrant Bagratyan said at today's
press conference in Yerevan.
He thinks that the expansion of the noncash turnover in Armenia,
like in many developed states, should go on gradually and without
compulsory measures. Bagratyan is sure that this bill cannot contribute
to reduction of shadow turnover in the country. "The "shadow" may be
both cash and noncash", he said. Bagratyan added that due to this
bill the incumbent prime minister is trying to turn the oligarch
importers into "financial" oligarchs.
To recall, at the Feb 6 session of the Armenian Parliament the
draft amendments to the Law "On restriction of cash operations"
failed to obtain the sufficient number of votes to be adopted in the
first reading.
To note, the bill regulates noncash operation, in particular,
the transfers to the name of a recipient. The bill provides for
non-cash operations for the operations exceeding 300,000 AMD at medical
establishments, 100,000 AMD at educational establishments. In addition,
the bill sets a specific term for the non-cash operation to avoid
delay of financial receipts. Realty deals of individual's exceeding 3
mln drams should also be non-cash. Earlier, such law applied to legal
entities only. The bill stipulated that starting 2014 Post-terminals
will be installed at all the public catering, trade facilities and
medical establishments with an area exceeding 200sq.m in Yerevan.