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The document ceased to be valid since  January 1, 2018 according to article 445 of the Tax Code of the Republic of Armenia of  November 1, 2016 No. ZR-165

LAW OF THE REPUBLIC OF ARMENIA

of January 28, 2003 No. ZR-501

About cash transactions

(as amended on 06-05-2016)

Accepted by National Assembly of the Republic of Armenia on December 26, 2002

Chapter 1. General provisions

Article 1. Law purpose

This Law governs the relations connected with implementation in the territory of the Republic of Armenia of cash transactions in currency of the Republic of Armenia and foreign currency and also storage of cash.

Article 2. Law coverage

1. This Law extends on legal entities, the individual entrepreneurs who are considered as payers of the VAT, the public and other institutions operating in the territory of the Republic of Armenia, to their allocated divisions (branches, representations) operating in the territory of the Republic of Armenia, the allocated divisions (branches, representations) of the foreign organizations operating in the territory of the Republic of Armenia (further - the organizations).

2. This Law does not extend to banks and their allocated divisions (branches, representations), including to the allocated divisions (branches, representations) of foreign banks, persons performing transactions on purchase and sale of foreign currency, credit institutions.

Article 3. Legislation on cash transactions

The legislation on cash transactions includes this Law, and also the orders of the Government in the cases provided by this Law.

Article 4. The concepts used in the Law

The below-stated concepts are used in this Law in the following sense:

cash - currency of the Republic of Armenia and foreign currency in the form of paper or metallic currency;

cash transaction - receipt in the organization, expense from the organization of cash, and also movement of cash between cash desks and advance holders;

cash desk - the storage provided for acceptance, storage and cash disbursement of money;

the cashier - the employee of the organization performing acceptance (receipt) in cash desk of the organization and issue (expenditure) from cash desk of the organization of cash;

the cash issued on receipt - the cash issued to the staff of the organization or persons involved in governing bodies for the purpose of sending or implementation of payments on behalf of the organization;

the advance holder - the employee of the organization or person involved in governing bodies to whom cash for the purpose of sending or implementation of payments on behalf of the organization is issued;

the cash book, paper or electronic - the register in which the remaining balance of cash in cash desk as of the beginning and the end of the period, and also receipt to cash desk and expense from cash desk of cash is registered.

Chapter II. Implementation of cash transactions and restriction in their relation

Article 5. Implementation of cash transactions

1. Cash transactions are performed through cash desk and (or) advance holders.

2. The procedure of cash transactions, including their documentation and maintaining the cash book is established by the Government.

3. When the cash received from bank is subject to receipt in cash desk of the organization, receipt shall be made at least next day after cash withdrawal of money from the bank account. When the cash spent from cash desk is subject to receipt on bank accounts of the organization, receipt shall be made at least next day after dredging of cash from cash desk.

Article 6. Restrictions on cash payments with money

1. Concerning cash payments money sets the following restrictions:

a) the maximum size of payment amount cash upon one-time purchase of goods, services, works:

+--------------------------------------------+
¦     Дата применения   ¦Величина ограничения¦
¦ограничения (начиная с)¦ (в тысячах драмов) ¦
+-----------------------+--------------------¦
¦      01.07.2003 г.    ¦         500        ¦
¦      01.01.2004 г.    ¦         300        ¦
¦      01.01.2005 г.    ¦         300        ¦
+--------------------------------------------+

b) the maximum size of payment amount cash of goods (fixed assets, intangible assets and other assets), services, works upon their purchase within one month:

+--------------------------------------------+
¦    Дата применения    ¦Величина ограничения¦
¦ограничения (начиная с)¦(в миллионах драмов)¦
+-----------------------+--------------------¦
¦     01.07.2003 г.     ¦         5          ¦
¦     01.01.2004 г.     ¦         3          ¦
¦     01.01.2005 г.     ¦         3          ¦
+--------------------------------------------+

c) the largest amount of the accepted cash payments according to one-time transactions on goods (fixed assets, intangible assets and other assets), services, works (except for the payments accepted according to one-time transactions at the rate to 3.0 million dramas from the physical persons who are not individual entrepreneurs in the sphere of retail trade and services):

Date of application of restriction

(since)


Restriction size

(thousands of dramas)

01.01.2012.

300 

d) the largest amount of the accepted cash payments within one month for goods (fixed assets, intangible assets and other assets), service, work (except for the payments accepted from the physical persons who are not individual entrepreneurs in the sphere of retail trade and services):

Date of application of restriction

(since)

Restriction size

(millions of dramas)

01.01.2012.

3

2. In sense of application of the restrictions with cash payment with money specified in this Article all payments made for purchase, including advance payments, the payments made by the cash issued on receipt are considered.

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