Purchase of houses, cars by cash may be banned

If it is adopted, the draft decree on cash payments will force people to pay through the bank if they want to buy real estate, stocks or cars, motorcycles..

The Government’s draft decree on payment in cash has been put out for the business community’s comment. The new feature in this draft document is the ban of paying for securities, houses, land and vehicles such as cars, motorcycles, electric vehicles by cash, applied to every individual.

Organizations are not allowed to use cash with the transactions of real estate, securities, aircraft, ships, cars (regardless of the transaction value). In addition to these transactions, the payment for organizations and individuals in the amount exceeding the limit, organizations will not be allowed to use cash.

The use of cash is only applied in the case of payment of salaries, wages, allowances, bonuses for employees. The specific limits for each transaction will be issued after discussion and consultation.

The draft also stipulates that banks will fix the cash service fees. The current fees under Circular 01/2007 are 0% - 0.05% on cash transactions.

The draft not only controls the payment of cash for those who use the state budget but the entire people. According to an expert of non-cash payment, the purpose of the draft is very clear: to combat waste, corruption and money laundering.

Also in the draft, the ministries concerned including the State Bank, the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Construction, the Ministry of Natural Resources and Environment, the Ministry of Public Security are responsible for accelerating non-cash payment.

According to the State Bank, by September 30, 2012, the market had nearly 51 million bank cards, including debit cards, credit cards and prepaid cards.

A representative of the Vietnam Card Association said, after nearly 20 years, tens of millions of Vietnam’s ATM card are mainly used to withdraw money at the ATMs instead of performing non-cash transactions.

vietnamnet

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