16 institutions, merchants punished for cash refusal
The People’s Bank of China announced today that it punished 16 merchants and institutions for refusing to take payments in cash during the fourth quarter of 2020.
The central bank punished 16 violators, including parks, public service institutions, parking lots and insurance companies, as part of a clampdown on the practice of refusing cash payments launched in October.
The violators were issued with fines ranging from 500 yuan (US$77.28) to 500,000 yuan, for posting “no cash” signs or simply refusing to take cash as payments, the PBOC said.
The central bank launched its campaign last year in order to protect consumers’ legal rights, as a growing number of businesses have gone cashless amid the COVID-19 pandemic. Consumers who try to pay in cash but are prevented from doing so can lodge a complaint with authorities, as such practices are illegal.