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Cap on the amount of cash payable for transactions

Cap on the amount of cash payable for transactions

November 26, 2021

The Central Bank of Myanmar (“CBM”) issued Notification No. 43/2021 on 3 November 2021 whereby it has capped the amount that can be paid in cash for the purchase, sale and transfer of basic goods, services or other types of payment at MMK 20 million per transaction.

The Notification further states that parties should use some digital payment methods using the banking system for paying amounts in excess of MMK 20 million, for example: :

  • mobile banking,
  • payment through internet banking,
  • payment by bank card,
  • payment by check/payment order (PO),
  • account transfer.

 The cap takes effect on and from 3 November 2021. Furthermore, the CBM also released a document in an FAQ form to explain this Notification in detail.

AUTHOR

Surath is a legal advisor in the firm’s Banking & Finance team. He advises international financial institutions, commercial banks and corporate borrowers in projects and inclusive finance transactions. He is registered as an advocate with the Bar Council of Delhi.


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