Transactions Exceeding 300,000 AMD to Face Fines If Conducted in Cash

The Deputy Minister of Justice, Eranuhi Tumanyants, presented the newly adopted regulations of the "Cashless Transactions" law during a press briefing at the Armenpress media hall. She stated that citizens are required to conduct transactions exceeding 300,000 AMD without cash starting July 1.

According to her, for transactions requiring registration, those exceeding 500,000 AMD must also be conducted cashless, with the threshold being reduced to 300,000 AMD starting July 1, 2023. Tumanyants also informed that a slight exception is established for pawnshops, which are required by law to provide loans exclusively in cashless form for amounts exceeding 80,000 AMD starting July 1, 2022, then reduced to 50,000 AMD on January 1, 2023, and down to 20,000 AMD by January 1, 2024.

Deputy Central Bank Governor Hovhannes Khachatryan added that other credit organizations, besides pawnshops, are already providing loans cashless, while repayments can still be made in cash. "There are limit thresholds for zeros, for example, all payments to state administrative bodies, notary offices, and health and educational institutions must be cashless starting July 1," said the Central Bank Deputy Governor. He explained that for hospitals, the law would come into effect in Yerevan on July 1, followed by regional centers one year later, and in all settlements two years later.

Eranuhi Tumanyants emphasized that the tax authorities, the Central Bank, and the Labor Inspection will oversee these transactions. If payment terminals fail, they must be restored within two days, while cash register devices must be repaired within one day. The Central Bank Deputy Governor announced that starting July 1, large transactions requiring registration, such as the purchase and sale of apartments or vehicles in cash, will be deemed null and void unless supported by documentation proving a cashless transaction.

The Deputy Minister of Justice added that citizens will not be able to split payments into amounts less than 300,000 AMD over a certain period to avoid cashless transactions, as this issue is also regulated by law and will be considered an attempt to evade the requirement. "The nullification of the transaction means that any interested party can appeal to the court within ten years, and the consequences of nullification will apply, meaning that everything given will be returned to each party," explained Eranuhi Tumanyants, noting that if individuals violate the law for the first time, they will be fined 100,000 AMD, and in case of a repeated violation within a year, they will face a fine of 200,000 AMD, although the transaction will still be nullified.