On the Use of the Secure Payment System

The first paragraph of Article 17 of the Regulation on the Trade of Second-Hand Motor Land Vehicles stipulates that, if payment is made in cash in the purchase and sale of a second-hand motor land vehicle, the sale price of the vehicle shall be paid through the electronic system established by the organization authorised by the Ministry in a manner ensuring the simultaneous exchange of vehicle ownership and the sale price.

With the protocol signed between the Ministry of Trade of the Republic of Türkiye and the Union of Turkish Notaries (TNB) on 07.01.2020, TNB was authorised to establish and operate the secure payment system. Although the Secure Payment System was made ready and opened for use by TNB on 03.02.2020, it has been determined from the reports on the number of second-hand motor land vehicle sales and the number of uses of the System that the provisions of the Regulation have not been complied with.

In sales made by businesses engaged in second-hand motor land vehicle trade, if all or part of the vehicle price is paid in banknotes or by methods such as bank transfer or EFT, the Secure Payment System must be used, and it is important that businesses fulfil this obligation in order not to be subject to administrative sanctions.

This is submitted for your information.

 

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Date Added :2021-03-16 04:31:00