Salaries of more than UAH 50 000 thousand can be paid in cash

Salaries of more than UAH 50 000 thousand can be paid in cash

February 20, 2019
Legislation

Due to the introduction of new currency regulation from February 7 (more than 20 weakening in the foreign exchange market), the NBU has updated the Regulation on the conduct of cash transactions in the national currency in Ukraine.

Accordingly, since February 15, the restriction of cash settlements between business entities and individuals in the amount of more than 50 thousand UAH. does not apply to payments related to wages.

This means that from now on employers will be able to pay wages in excess of UAH 50 thousand in cash.

The said restriction ceases to apply also for the use of cash from the fund of operational-search (silent investigation) actions.

In addition, the NBU has changed the rules for cash withdrawal at the cashier's office. For example, companies that make cash payments using RRO without a cash book should keep their daily fiscal reporting checks electronically for three years and enter the relevant data in the accounting book (KORO).

Finally, the procedure for establishing a cash limit for non-bank financial institutions (NFI), which have a license for transferring funds in the national currency without opening an account and issuing cashless transfers, is established. Such a limit should be established subject to the timely and full implementation of obligations for the payment of sums of money at the first request of the recipient.

The relevant NBU Decree No. 37 "On Approval of Changes to the Regulation on Cash Flow Operations in the National Currency in Ukraine" was adopted on February 12 and entered into force on February 15, 2019.

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