Baku/25.04.17/Turan: Under the pretext of fulfilling the requirements of the Law "On non-cash calculation", NGOs face problems created by banks, reads the statement of Rena Safaraliyeva, executive director of the public association for combating corruption "Transparency Azerbaijan." In her opinion, banks misunderstood the prescriptions of the Chamber for Supervision of Financial Markets and apply the law to all legal persons, entrepreneurs and NGOs without exception. As a result, the work of non-governmental organizations is difficult.
Banks, regardless of the source of funding, have banned to cash all corporate bank cards and all cards are blocked, she said. The letter of the chamber indicated that the funds received under the contract on state purchases can be used only by non-cash way.
"However, banks apply this requirement to NGOs that received grants from the state budget," she said.
Despite the legal limit for a private entrepreneur to cash out funds from an ATM at 15,000 manats, banks arbitrarily lowered this bar to 5,000 manats. According to the law, VAT payers, whose turnover is more than 200,000 manats a year, can cash out 30,000 manats, while those with less than 200,000 manat have 15,000 manats. The Chamber has no right to instruct the banks on additional restrictions not provided for in the law, she believes. "It is necessary that the Chamber further explain to banks the procedure for applying the law to different subjects," she noted. -71D-
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