Chinanews.com, May 10th. The central bank's website announced on the 10th the penalty for refusal to accept RMB cash in the first quarter of 2021.
In the first quarter of 2021, the People's Bank of China imposed economic penalties on 8 units that refused to accept cash and related persons responsible in accordance with the law. The penalties ranged from RMB 500 to RMB 50,000.
The units being punished include public service agencies, parking lots, playgrounds, insurance companies, and real estate companies.
The central bank stated that the People's Bank of China strictly implements the requirements of the State Council, adheres to the combination of publicity and guidance and severe punishment, and continues to promote the rectification and rejection of renminbi cash.
The People’s Bank of China will punish those who refuse to accept Renminbi cash in accordance with the law and regularly expose them to effectively protect the legitimate rights and interests of consumers and maintain the legal status of Renminbi.
The central bank pointed out that the general public can protect their rights in accordance with the "Announcement of the People's Bank of China" (2020 No. 18) when they encounter cash rejections.
The majority of business entities should strengthen the concept of the rule of law, maintain the legal status of the renminbi, operate with integrity, respect the public's right to choose payment, improve services, and jointly create a harmonious cash circulation environment.