Updated requirements for legal entities intending to withdraw cash from their bank accounts

Dear clients,

We herewith inform you of the additional requirements that shall take effect from June 1, 2020 with regards to cash withdrawals from bank accounts by LEGAL ENTITIES, in compliance  with the following documents enacted: Resolution #50 of the Board of the National Bank of the RoK dated 21.04.2020, Joint Resolutions #51 of the Board of the NB of the RoK dated 21.04.2020, #54 of the Board of the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market dated 29.04.2020, and Order #435 of the First Deputy Prime Minister of the RoK – Finance Minister of the RoK dated 29.04.2020 (the "Resolutions").

Pursuant to the above Resolutions, during the period from June 1 to December 31, 2020:
 

  1. The maximum cash amounts that may be withdrawn from legal entities' bank accounts in a calendar month, have been established as follows:
    • for small businesses – 20,000,000 (twenty million) Tenge per calendar month;
    • for medium-sized businesses – 120,000,000 (one hundred and twenty million) Tenge per calendar month;
    • for large businesses – 150,000,000 (one hundred and fifty million) Tenge per calendar month;
       
  2. If legal entities intend to withdraw cash from their bank accounts in excess of the established ceiling amounts, such legal entities are required to agree this with the state revenue authority and submit documents to the bank to confirm the purpose of the cash withdrawal from the bank account, as well as their Consent to data transfer to the State Revenue Committee of the Finance Ministry of the RoK and/or its regional offices.

 

Please see the file for more details. 

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