From 1 July, a number of transactions must, by virtue of law, be conducted exclusively in a non-cash manner; in case of violation of the law, the transaction will be considered as invalid, i.e. non-existent


As the public has been informed many times, the Law “On non-cash transactions” will enter into force on 1 July 2022, after which a number of transactions must be conducted exclusively in a non-cash manner.


It is worth mentioning that on 9 June, the National Assembly, in the second reading, fully approved the draft Law "On making a supplement and amendments to the Law 'On non-cash transactions'", according to which failure to comply with the Law “On non-cash transactions” will lead to invalidity of the transaction, in particular, such a transaction will be considered as null and void. For example, if the buyer fails to pay the selling price of the real estate or a car in a non-cash manner, the transaction will be initially invalid, i.e. non-existent. In this case, any interested person may apply to court within ten years and require declaring the transaction as null and void. As a result of this, the parties to the transaction will have to return to each other the proceeds of the transaction or compensate the value in money. The same will refer to the cases where the amount of the transaction is paid in instalments to avoid complying with the requirements of the Law.

In case of violating the Law, the person will be fined in the amount of AMD 100.000.

At the same time, the Law prescribed that economic entities shall be obliged to have POS-terminals and, at the request of the customer, to accept non-cash payment, regardless of the amount. Otherwise, the economic entity will be fined in the amount of AMD 300 000.

Compliance with the above-mentioned requirements is overseen and, in case of violation of the requirements, the State Revenue Committee shall apply liability measures.

We would like to inform that according to the requirement of the Law, a number of transactions exceeding AMD 300,000 must be conducted only in a non-cash manner. For example, the sales and purchase of goods, the provision of services, the payment of debts and other similar transactions must be made in a non-cash manner. In case of transactions subject to state registration (sales and purchase of cars, real estate, etc.), transactions with a threshold exceeding AMD 500,000 are subject to mandatory non-cash transactions.