The Ministry of Revenue & Duties reports

Any settlement for payment among legal persons and those involving natural persons, which are connected with entrepreneurship, are to be made as noncash payment. Unless as otherwise provided by the law, payment settlements can be made in cash too, according to the Main Directorate of the Ministry of Revenue & Duties in Kyiv city.

The resolution of the NBU’s Management Board titled On Cash Settlement Ceiling specifies the following limits for cash payments a day:

- for enterprises (entrepreneurs), between the parties involved, within one day, in the amount of UAH 10000;

- between a natural person and enterprise (entrepreneur), within one day, for goods (works, services) in the amount of UAH 150000;

- between natural persons under the purchase and sale agreements subject to notarization, in the amount of UAH 150000.

Natural persons are entitled to make payment settlements which amount exceeds UAH 150000 through transferring the money from one current account to another, through crediting and/or transferring the money to the current accounts (including notarial deposit in a separate current account, in national currency).

The amount of penalty charged for non-adherence to cash settlement  regulations is set forth by Edict of the President of Ukraine  On Fines for Breach of Cash Flow Regulation dd. 12.06.95, №436/95.

In case of cash payments made by business entities, which amount exceeds the ceiling, these payers can be sued pursuant to the norms of the Code of Administrative Infractions. Thus, the fine imposed on a natural person, entrepreneur, for the said violations amounts from 100 up to 200 non-taxable earnings of a citizen (from 1700 up to 3400 hryvnias). If a person has been already fined for such administrative infraction, then the penalty amount drastically increases - from 500 up to 1000 non-taxable minimum wages (8500 - 17000 hryvnias).