BAKU, Azerbaijan, Apr.21
By Nargiz Sadikhova - Trend:
Kazakhstan’s National Bank has introduced new limit amounts for legal entities when withdrawing cash from country’s second-tier banks, Trend reports with reference to the National Bank.
The law on limit amounts allowed to be withdrawn in cash will enter into force starting from June 1, 2020.
Thus, the new cash withdrawal limits for legal entities are as follows:
- small business: 20 million tenge per calendar month ($45,890).
- medium business: 120 million tenge per calendar month ($275,360);
- large business: 150 million tenge per calendar month ($344,200).
These limit amounts do not apply to: physical entities; individual entrepreneurs; microenterprise entities; legal entities purchasing agricultural food products, fishery products; and legal entities involved in the retail sale of food, beverages, pharmaceutical, medical and orthopedic goods.
The National Bank also noted that established limits may be exceeded by legal entities when legal entities provide appropriate justification to the second-tier banks. In this case, second-tier banks will have to align the application with Kazakhstan’s State Revenue Committee within three working days.
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