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On January 18, 2022 the package of the draft laws to the law on Non-Cash Transactions and the enclosed draft laws was passed and will enter into force. However, certain legislative gaps emerged, which are intended to make addendum to the draft law on Making Addendum and Amendments to the law On Non-Cash Transactions, which was debated at June 8 extraordinary sitting of the RA NA Financial-Credit and Budgetary Affairs.

According to RA Deputy Minister of Justice Yeranuhi Tumanyants, the payment for a number of deals shall be carried out in non-cash way. It relates to the deals of property alienation, use, fulfilment of work and rendering services, and its price exceeds 300.000 AMD or for example, the deals exceeding 500.000 AMD, as a result of which the rights towards the property are subject to registration, for example, the purchase and sale of the real estate or the loans exceeding until 300.000 AMD between the physical persons. To call into better life, these regulations it is necessary to carry out similar deals in reality in non-cash way, and it will not be of formal character. The draft law proposes to set that in case, when the requirements of the mentioned law have not been preserved it will result in the relevance of the deal, which means that the deal will be considered invalid. According to Yeranuhi Tumanyants, in this case any concerned person, can apply to the court during ten years and demand to use the consequences of the deal being relevant. If the court makes a decision that the deal is relevant, then everybody from the parties of the deal is obliged to return the whole sum by the deal, and if it is impossible then compensate that received money in drams. The mentioned regulation will also be in force in cases, when for avoiding the requirements of the law and not fulfilling them, the deal was carried out fragmented, in this case also the deal will be considered relevant.

The requirements of receiving non-cash payments through payment cards. The entities shall get non-cash payment to obligatory provide through payment card at the customer’s wish. The receipt if non-cash payment through other payment tools (for example electronic wallets) being uses on the basis of the payment technologies will be carried out by the entities’ wish.

The draft law was endorsed.