Cap on the amount of cash payable for transactions
November 26, 2021The 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.
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