AZE.US
Most people in Azerbaijan are expected to continue using card-to-card transfers as before, despite the introduction of new daily and monthly limits, according to lawmaker and economist Vugar Bayramov.
The proposed mechanism includes exemptions for transfers between close relatives and transactions involving individuals who are not classified by banks as high-risk, Bayramov told Globalinfo.az.
“According to the figures currently being discussed, the daily limit is 5,000 manats, while the monthly limit is 150,000 manats,” he said. The amounts are equivalent to approximately $2,940 and $88,200, respectively.
Bayramov said the limits are sufficiently high and are therefore unlikely to affect most ordinary cardholders. The measure is primarily intended to improve financial transparency, reduce card-related theft and prevent tax evasion.
The restrictions could have a greater impact on entrepreneurs who accept payments for goods or services through transfers to personal bank cards.
Some businesses use card-to-card transfers instead of official payment terminals or cash registers, allowing transactions to remain outside formal accounting and potentially avoiding taxes, the lawmaker said.
“Payments related to business activity must be processed through banking and cash-register systems in accordance with the law,” Bayramov added.
Because transfers between close relatives and people outside designated risk groups are expected to remain exempt, most residents should be able to continue making personal card-to-card transfers without significant disruption.
AZE.US