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Law on Payment Transactions of Legal Entities, Entrepreneurs and Natural Persons Not Engaged in Activity

01.10.2015.

The Law on Payment Transactions of Legal Entities, Entrepreneurs and Natural Persons Not Engaged in Activity (the Law) was published on 4th August 2015 in the Official Gazette of the Republic of Serbia No. 68/2015, and shall enter into force on 1sth October 2015.

The Law shall be applicable to:
- Legal entities
- Entrepreneurs
- Natural Persons
- Branches of foreign companies

Some of the most important provisions of the Law are as follows:
• Opening the account
The Law has prescribed the obligation for legal entities and entrepreneurs to open bank accounts and perform payments through those accounts, except for legal entities and entrepreneurs who have electronic money and are not obliged to perform payment transaction through bank accounts.
• Received cash
The Legal entities and entrepreneurs shall be obliged to transfer received cash on any grounds to their current accounts by not later than seven working days.
• Bank performing payments
The bank shall be obliged at the request of the entrepreneur to pay out the required amount of cash. However, if the payout of cash amount is more than 600.000,00 Dinars or if the value of foreign effective money at the official middle exchange rate of the National Bank of Serbia is greater than 600,000,00 dinars, the bank is obliged to pay out the amount over 600,000.00 dinars not later than the following day.
• Ways of performing payment monetary obligations
The Legal entities and entrepreneurs may fulfill their mutual monetary obligations by agreeing to substitute the creditor and/or debtor, or by compensation, only in the case when their accounts are not blocked due to enforced collection. Exceptionally, legal entities and entrepreneurs may perform their mutual obligations in the ways mentioned above, solely for execution of obligations on grounds of public revenues.
• Breaching of the Law
The Law has prescribed that in the event of breaching the provisions of this Law, fines may be issued.
1) From 50.000,00 RSD to 2.000.000,00 RSD for legal entities
2) From 5.000,00 RSD to 150.000,00 RSD for legal entity representatives
3) From 10.000,00 RSD to 500.000,00 RSD for entrepreneurs
• The Bylaws
The Law has stipulated that the Minister of Finances will regulate in more details the acceptance of deposits and withdrawal of cash in dinars on the current accounts of legal entities and entrepreneurs, within 60 days from the day when the Law entered into force and until the beginning of the application of these bylaws the Rulebook on conditions and ways of performing payments in cash in dinars for legal entities and natural persons who perform activities shall be applied, unless provided otherwise by the Law.

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