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The law on Non-Cash Transactions passed on January 18, 2022 will enter into force form July 1 according to which, the payments for more than 300.000 AMD should be made in non-cash way. It relates to the deals of property alienation, use, fulfilment of work and rendering services, and its price exceeds or for example, the deals exceeding 500.000 AMD, as a result of which the rights towards the property are subject to registration, for example, the purchase and sale of the real estate or the loans exceeding until 300.000 AMD between the physical persons. They are, for example, the purchase and the sale or the loans between the physical persons, in case of exceeding 300.000 AMD, etc. The RA Deputy Minister of Justice Yeranuhi Tumanyants informed about this during the debate in the first reading of the draft law on Making Addendum and Amendments to the law On Non-Cash Transactions.

“To call into life these regulations it is necessary to carry out similar deals in reality in non-cash way,”

the Deputy Minister said, clarifying that by the draft under debate proposes to set that in case when

the requirements of the mentioned law have not been preserved it will result in the relevance of the deal. In this case any concerned person, can apply to the court during ten years and demand to use the consequences of the deal being relevant. If the court makes a decision that the deal is relevant, then everybody from the parties of the deal is obliged to return the whole sum by the deal, and if it is impossible then compensate that received money in drams. The mentioned regulation will also be in force in cases, when for avoiding the requirements of the law and not fulfilling them, the deal was carried out fragmented. In this case also the deal will be considered relevant.

The entities shall get non-cash payment to obligatory provide through payment card at the customer’s wish. The receipt if non-cash payment through other payment tools (for example electronic wallets) being uses on the basis of the payment technologies will be carried out by the entities’ wish.

The NA Standing Committee on Financial-Credit and Budgetary Affairs endorsed the draft. According to the co-rapporteur Narek Grigoryan, the entries of the state budget will increase by passing the draft, as the shadow turnover will be decreased.

The issue was also debated in the second reading procedure and adopted.