What Does the State Control Look For on Our Bank Cards?

The National Bank quietly adopted a new regulation.

Now all the information about non-cash payments exceeding 300 rubles will be transferred to the State Control Committee (SCC).

The National Legal Portal published the regulation. According to the document, the amount of the minimum payment for the information provision has changed - earlier operations exceeding 5 million of non-denominated rubles (500 denominated rubles) were taken to the SCC.

Moreover, in addition to banks, now non-bank financial institutions and development banks will serve the relevant information about customers.

What is it done for?

Tarasau: This is hunting for a small fish

Financial expert Uladzimir Tarasau believes that the measures are unlikely to affect the shadow economy, Zautra Tvaye Krainy writes.

- There are only few non-banks organizations, he explains. - And their activity is based on mechanisms not related to the shadow economy. I think that this measure is taken, probably, to be safe.

The interviewee admits he is surprised by a decrease of the minimum payment.

- I think that this amount is too small, Uladzimir Tarasau says. - Apparently, law enforcement agencies want to monitor even miserable transactions.

The expert explains the work of the mechanism:

- The SCC simply looks at sums and checks any suspicious information related to the man who has made the transaction.

But when the information gets to the tax office, it sums up all expenses and incomes making claims to people, the financial expert explains.

- The supervisory authorities have already begun to prey on small fish, which, in my opinion, does not make sense, Uladzimir Tarasau sums up.

Iasub: The effect is still unpredictable

According to senior analyst of Alpari Vadzim Iasub, the aim of this decision is obvious and transparent.

- This is an attempt to control almost all costs of people, he notes.

They will compare those costs with revenues, and identify the shadow income.

- Another thing is that the effectiveness of the measure is not so clear. This is a fairly large amount of data, which is automatically provided to the State Control. Does it have enough equipment to analyze all the information? The effect is still unpredictable.

Moreover, amid current situation these measures can result into something extraordinary, the analyst says.

- For example, people who have something to hide, who have undeclared income will try to avoid non-cash payments. Thus, it can lead to an increase of cash payments in the economy, Vadzim Iasub stresses.