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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

NBU Sharply Narrows Sphere of Hard Cash Turnover

15 June, 1999 - 00:00

By Vitaly KNIAZHANSKY, The Day
The NBU Board made changes in some of its regulatory documents, imposing
further restrictions on payments in currency. After the enactment of this
resolution any legal entity or natural person will be allowed to make payments
in cash for goods, work, and services of not more than UAH 3,000 in one
business day, Interfax Ukraine was told by NBU second-in-command Yaroslav
Soltis. The new resolution appears to be rooted in the State Tax Administration.
Its head, Mykola Azarov, recently shared the sensational news with the
Intellect of the Nation Society that an unidentified bank received UAH
39,970,000 in the name of a certain customer, and that the amount was withdrawn
the very same day. Mr. Soltis admits that the new restriction will not
be "completely convenient for business entities, but it will obstruct further
cash outflow to the shadow economy." One could agree with the latter if
one did not know about the numerous factors forcing bank customers to move
into the shadows. As for the inconveniences, The Day's experts are
convinced that they will add to the factors casting shadows.

 

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