FIMSA: Individuals can cash funds from current accounts without restrictions

FIMSA: Individuals can cash funds from current accounts without restrictions Restrictions entered into force apply only to accounts of individuals engaged in entrepreneurial activities
Finance
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April 14, 2017 16:18
FIMSA: Individuals can cash funds from current accounts without restrictions
Report.az

Baku. 14 April. REPORT.AZ/ Financial Markets Supervision Authority of the Republic of Azerbaijan (FIMSA) has not imposed any additional restrictions on withdrawal of funds from current accounts and deposits of individuals in banks. 

Report informs, Adviser to the Chairman of the FIMSA Board of Directors Rufat Abbasov said.

Notably, in recent days rumors spread about bans on cashing funds from current accounts and deposits of individuals - bank customers. According to R. Abbasov, the relevant regime, which follows from the law "On Non-Cash Settlements", applies only to individuals engaged in entrepreneurial activities, as they are equal to legal entities.

"This rule applies to accounts of individuals - entrepreneurs opened by TIN and does not apply to other current accounts and deposits of individuals", R. Abbasov said.

In other words, individuals - entrepreneurs will be able to cash out funds only after paying relevant taxes.

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