The rounding rules will be applied fairly and transparently for both sides of the calculations, writes Depo.
The application of rules for rounding the total sums of cash settlements will simplify the daily calculations of citizens and will enable you to cut government spending on coinage and ensure the circulation of money more than 90 million hryvnas a year.
Such an effect will be achieved due to the cessation from July 1, 2018 of coinage and issue into cash circulation of coins with denominations of 1, 2, 5 and 25 cop. and the continuation of coinage and issue of only coins with denominations of 10 and 50 kopecks.
Coins issued earlier and will be used as a means of payment in the future. The National Bank will not specifically withdraw from circulation these coins, and they will be in circulation for an unlimited period of time until a separate decision of the bank.
In this regard, banks and retail establishments are fully entitled not to give the buyer or the customer a change until the last penny.
The rounding of the sums should also be reflected in the acts on the issuance of money that are drawn up when the goods are returned, and in other similar documents.
The rounding of the sums will occur until the last zero, that is, within 10 kopecks. Rounding rules are identical to those taught by children in grade 5: if the number (the amount in the check) ends at 1, 2, 3 or 4, rounding occurs to a smaller side. If the number in the check ends at 5, 6, 7, 8 or 9, rounding goes to the higher side.
At the same time, the National Bank of Ukraine declares that rounding will be applied only in cases where there are no coins of small denominations in cash.
If the buyer has coins of small denominations, he and in the future can be calculated by them, and if these coins are from the seller, he can give the buyer a delivery of these denominations.
Rounding will occur according to such mathematical rules:.
- the amount that ends from 1 to 4 kopecks. , rounded down towards the nearest amount, which ends at 0 kopecks.
- the amount that ends from 5 to 9 kopecks. , rounded up towards the nearest amount, which ends at 0 kopecks.