Changes to the Law on Payment Transaction by Persons Not Engaged in a Business Activity
The Serbian Parliament has adopted the Law on Payment Transactions by Legal Entities, Entrepreneurs and Individuals Not Engaged in a Business Activity (“Official Gazette of the RS”, No. 68/2015), which entered into force on 12 August, and shall be applicable as of 1 October 2015.
Under the Law, legal entities and entrepreneurs must place into their current accounts any dinars received in cash on any grounds, within a period seven business days, with the exception of the persons performing foreign exchange operations. The Law also provides that banks shall honour any request by entrepreneurs for cash withdrawal from the current account in the amount of up to 600,000 RSD, free of charge and immediately, and in case of larger amounts not later than the next business day.
In tune with the earlier text of the Law on Payment Transactions, the Law does not allow the legal entities and entrepreneurs whose accounts have been blocked to settle their mutual financial obligations by agreeing to substitute the creditor and/or debtor in a certain obligation (assignation, cession, collateral promise, debt assumption, debt cession, and other), by offsetting (compensation) and otherwise, as provided by the law.
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