New Rules for Cash Payment to Be Introduced in Russia

In Russia, on January 10, 2021, new rules for cash payment will start to operate, Ekonomika Segodnya reports. According to the lawyer, Pavel Utkin, after the adoption of the amendments, the life of a legal business will become much easier. 

It is specified that the innovations will eliminate loopholes in companies that prefer to conduct double-entry bookkeeping. Experts will strengthen control over operations under lease agreements and any operations, the amount of which exceeds 600 thousand rubles.

According to the new amendments, transactions on anonymous accounts and payments through non-banking institutions will be excluded from the list subject to control. The most specific operations for banks, organizations in the fields of leasing and insurance, including microfinance organizations and credit cooperatives, will be controlled.

Ru-Main, 17.12.2020 

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