Vietnam to limit use of cash for large transactions

HANOI, March 1 (Xinhua) -- The State Bank of Vietnam is going to submit a decree to the government for approval, under which it will limit the use of cash for large transactions, said director of the SBV's Payment Department Bui Quang Tien on Friday.

SBV's move aims to weaken the black market economy by making commercial transactions more transparency, said the bank official, adding that restricted cash payment would help the country fight tax evasion, counterfeit money production and money laundering.

For the first time, individuals will not be allowed to pay for securities, houses, land and large vehicles with cash.

Organizations will not be allowed to use cash for transactions in real estate, securities, aircraft, ships and cars, or transactions exceeding the limit set by the central bank.

SBV is implementing a project on non-cash payment, which aims to have 150,000 Point of Sales (POS) nationwide by 2015, over the current 94,000 POS.

As the end of September 2012, Vietnam had nearly 51 million banks cards, including debit cards, credit cards and prepaid cards. However, after nearly 20 years bank cards available, millions of Vietnam's ATM cards are still used to withdraw cash at ATMs instead of performing non-cash transactions, according to the Vietnam Card Association.

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