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VTB Bank informs about the change of the procedure for cash withdrawing from bank accounts of clients of legal entities from June 01, 2020

29.05.2020

Dear Clients!

Subsidiary VTB Bank JSC (Kazakhstan) informs you about the change of the procedure for cash withdrawing from bank accounts of legal entities from June 01, 2020

In accordance with the Decree of the Board of the National Bank of the Republic of Kazakhstan dated April 21, 2020 № 50 “On Ceiling Amounts of Cash Withdrawals by Legal Entities from Bank Accounts within a Calendar Month and Categories of Legal Entities Which Are Not Affected by the Requirement to Cash Withdrawals from Bank Accounts” (hereinafter referred to as the Decree), the following ceiling amounts for cash withdrawals from bank accounts of legal entities are defined:

  • small business entity* – not more than 20,000,000 (twenty million) KZT;
  • medium-sized enterprise* – not more than 120,000,000 (one hundred twenty million) KZT;
  • large-sized enterprise* – not more than 150,000,000 (one hundred fifty million) KZT.

Exceeding fixed limits is allowed when legal entities provide documents to the Bank confirming the purpose of cash withdrawing, and providing the client with consent to transfer data to the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan. An application for an increase in the amount of cash withdrawal is agreed by the Bank within three business days with the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan.

The limitations do not apply to the following categories:

1) in relation to legal entities which are self-employment entities;

2) legal entities engaged in the procurement of agricultural food products, aquaculture products (fisheries);

3) legal entities which are subjects of retail trade of food staff, beverages, as well as pharmaceutical, medical and orthopedic goods, with types of economic activity in accordance with the appendix to the Decree;

4) regulated banks and the National Post Operator when they withdraw cash from correspondent accounts opened with the National Bank of the Republic of Kazakhstan and legal entities operating exclusively through exchange offices under License of the National Bank of the Republic of Kazakhstan for exchange transactions with foreign currency in cash.

* to determine which category of business entity your company belongs to, you can at the following links:

http://adilet.zan.kz/rus/docs/K1500000375

http://elicense.kz/LicensingContent/Passport?servicesType=LicenseEl3&servicesParameters=%7B%22ActivityTypeId%22%3A%2242298%22%7D

You can read the version of the Decree and more detailed information on the withdrawal procedure on the website of the National Bank of the Republic of Kazakhstan.

Yours ever, Subsidiary VTB Bank JSC (Kazakhstan)

 

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