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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Central Bank of Iraq explains the importance of the POS system for cash payments

    Rocky
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    • Post n°1

    The Central Bank of Iraq explains the importance of the POS system for cash payments Empty The Central Bank of Iraq explains the importance of the POS system for cash payments

    Post by Rocky Sun 30 Apr 2023, 4:27 am

    [rtl]The Central Bank of Iraq explains the importance of the POS system for cash payments[/rtl]

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    [rtl]Baghdad-Iraq today:[/rtl]
    [rtl]The Central Bank of Iraq clarified the importance of applying the (POS) system in the field of economic activity and combating money laundering and financing terrorism, and while specifying the ministries and institutions covered by the system, it confirmed that points of sale (POS) will be spread in all institutions that contain collection.

    And the Central Bank said, in a statement: “Points of sale (POS) will spread to all institutions that contain collection, that is, the inclusion of every institution, ministry, authority, and contracting companies with ministries that have collection or have delivery or receipt of money, which will be covered by the application of the (POS) system.”

    He pointed out that "the ministries covered by the system are the Ministry of Interior, Electricity, Transport, Oil, and the Hajj Authority, in addition to other ministries that will use the credit card for the purpose of electronic payment instead of (cash). , which will reduce the risk of carrying money," noting: "If the card is lost, it can be disabled." And get a new card.

    And he indicated that "the adoption of the (POS) system will raise the economic level of the country, and dealing with the bank will greatly expand, and it will transfer funds from funds hoarded in homes to funds stored in banks, which will reduce The problem is the deficit in financing housing projects or housing loans and economic projects.

    He added, "The adoption of the (POS) system project was personally adopted by Prime Minister Muhammad Shia'a Al-Sudani through cabinet meetings and its decisions that obligated ministries to use the (POS) system."

    He added, however, by saying: “The (POS) system will be used in the future, even in restaurants and delivery, and the company and shop owners will be punished if the devices are not provided, especially those that collect a lot of money.

    He pointed out that "there is a decision that obliges everyone who sells a house that exceeds 500 million, to enter this money into the bank, and the owner of that money is asked about the source of the money, through the KYC account opening form , in order to get rid of the issue of money laundering and terrorist financing.”[/rtl]
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    [/rtl]
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