The National Bank of Ukraine has cancelled the rule regarding the procedure for the use of current accounts of individual entrepreneurs and individuals engaged in independent professional activities (hereinafter – IE), which is contained in the resolution of the Board of the National Bank of Ukraine No. 162 dated December 27, 2019.
The National Bank's requirement to carry out on IE current accounts only those settlement-cash operations that are not connected with own needs, and the right to transfer funds to one's own account after paying all taxes and fees, caused incomprehension in the business community during its application.
Listening to the opinion of banks and their clients, the National Bank cancelled this rule in order to eliminate manipulations and possible obstacles to entrepreneurs' activity.
The corresponding decision is contained in the resolution of the Board of the National Bank of Ukraine No. 7 dated January 15, 2020 “On amendments to the Instruction on the procedure for opening and closing accounts of bank clients and correspondent accounts of resident and non-resident banks”. It comes into force from January 17, 2020.
