The scope of transactions that must be carried out only in the cashless manner, as well as the limit of cash spending, which are allowed to be carried out in the cash manner, shall be regulated by the Law “On Cashless Settlements”.
According to Article 3.3 of the Law, the amounts of debt received from the founder, which are not registered with the tax authority, can be returned in cash within the limits specified in that article (30 000.00 manats and 15000.00 manats). During the calendar month, payments for settlements exceeding AZN 30 000.00 or AZN 15 000.00, including the repayment of received debts, must be carried out only in thecashless manner.
According to Article 3.4.6 of the Law, the founder registered with the tax authority must return the loan amounts only in the cashless manner.
Due to the violation of the mentioned requirements of the Law, if the person who pays and accepts the debt funds in cash commits this violation for the first time in the calendar year, a financial sanction shall be applied in the amount of 10 percent of the total amount of the transaction carried out in violation of the Law,and if this case happens for the second time – 20 percent, and in the third or more times – 40 percent.
Basis: Article 58.7-1 and the Law “On Cashless Settlements”