Traders in FBiH do not have to deposit daily takings, no more cash payments in wholesale

The Government of the Federation of BiH amended the Decree on Cash Operations, according to which even the smallest tradesmen in the Federation had to deposit their daily takings in the bank every day, writes the Patria News Agency.

According to the new Decree, which has been in force since Saturday, the deadline for depositing takings is extended to five days, for business entities whose daily cash takings do not exceed 200 KM, as well as for entities that are 15 or more kilometers away from the nearest bank or other authorized organization, such as a post office.

The new Decree also defines that Saturday is not considered a working day in terms of the obligation to deposit takings. Therefore, Friday's takings can be deposited on Monday.

The Government had previously adopted a Decree according to which even the smallest tradesmen had to deposit their takings in the bank every day. Experts assessed this as an ill-considered move by the Government, which in just a few months brought millions in profit to banks in the Federation based on commissions for depositing and withdrawing takings.

In addition to the relief, the new Decree also introduces some restrictions. According to the old Decree, business entities were prohibited from making cash payments in wholesale, but wholesalers were allowed to accept cash. Practically, payment was prohibited, but not collection. According to the new Decree, cash payment and collection of products in wholesale trade are prohibited, writes NAP.