ISSN 1452-6662
Over 180 up-to-date legal acts of the Republic of Serbia translated to English.
Group: BANKING AND FINANCE
Issue: LAW ON PERFORMING PAYMENTS BY LEGAL ENTITIES, ENTREPRENEURS AND NATURAL PERSONS NOT ENGAGED IN BUSINESS ACTIVITY
Published in the Official Gazette of the RS, No. 68/15 of 4 August 2015
Section: Full text

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  • Article 1

    This Law shall govern rights and obligations of legal entities, entrepreneurs and natural persons who do not carry out business activity, in connection with opening of a current and other payment account, as well as with performance of payment transactions through such account.

    The provisions of this Law relating to legal entities shall also apply to branches of foreign companies that are established in accordance with the law governing establishment of companies.

  • Article 2

    Legal entities and entrepreneurs shall be obliged to open a current account with a payment service provider which, in accordance with the law governing payment services, can maintain a current account (a bank, and/or the Treasury), maintain funds on such account and perform payment transactions through such account.

    Legal entities and entrepreneurs may have more than one current account with the same payment services provider and current accounts with several payment services providers.

    Notwithstanding paragraph 1 of this Article, legal entities and entrepreneurs, as electronic money holders in accordance with the law governing payment services, shall not be obliged to perform payment transactions through a current account on the basis of purchase and sale of goods and services by means of such money.

    The provisions of paragraphs 1 to 3 of this Article shall also apply to legal entities and entrepreneurs when performing payment transactions, and in accordance with the regulations on foreign exchange management.

    The minister responsible for financial affairs may prescribe detailed conditions and method of payment referred to in paragraph 3 of this Article, as well as other cases where legal entities and entrepreneurs shall not be obliged to perform payment transactions through a current account.

  • Article 3

    Legal entities and entrepreneurs shall be obliged to deposit dinars received in cash on any grounds into their current account within seven working days.

    The provision of paragraph 1 of this Article shall not apply to persons referred to in the same paragraph authorized by the competent authority to perform exchange operations, and which perform cash payment in dinars, realized through exchange operations, in accordance with the regulation governing exchange operations.

    If an entrepreneur requests cash payment from a current account, a bank shall be obliged to pay out such money to him/her immediately, without fee, with a proviso that where it comes to cash payment in an amount exceeding 600,000 dinars or effective foreign money in an amount dinar countervalue of which according to the official middle exchange rate of the National Bank of Serbia exceeds 600,000 dinars - the bank shall pay out funds exceeding 600,000 dinars to him/her, without fee, no later than the following working day.

    The minister responsible for financial affairs shall prescribe detailed conditions and method of payment and payments to be made in cash in dinars from current accounts of legal entities and entrepreneurs.