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On November 16, during the convened NA regular sittings the parliament debated in the first reading the draft law on Non-Cash Transactions with the enclosed legislative package. As the Deputy Governor of the Central Bank Vakhtang Abrahamyan informed, it is designed to regulate the legal relations on the non-cash payments. The aim is to reduce the cash turnover, to create conditions for the citizens for carrying out non-cash payments, to strengthen the tax administration and fight against shadow economy, to increase the financial mediation volumes and shape a culture of carrying out non-cash payments. The threshold of the cash transactions being carrying out by physical persons is set 300.000 AMD, therefore the transactions exceeding that sum should be carried out in non-cash way. The transactions will be carried in such way in the republic by stages: from 2022 – in Yerevan, from 2023 – in the marz centres, and from 2024 – in the whole country.

“Due to pandemic and digital technologies, in recent years the non-cash transactions have abruptly increased,” Vakhtang Abrahamyan said. According to him, the citizens should have an opportunity to pay non-cash by their wish for the goods or service, and the entity should not have a right to refuse it.

Gevorg Papoyan presented in his co-report the endorsement of the NA Standing Committee on Financial-Credit and Budgetary Affairs. He urged his colleagues to vote for the package.

The deputies presented a number of proposals and touched upon the provisions concerning them.