Moldova to postpone for 3 months - from January 1 to April 1, 2025 - the entry into force of the law introducing limits on cash payments
This is stipulated by an amendment to the law on cash settlements and modification of some normative acts, approved on Thursday by the parliamentary committee on economy, budget and finance. As specified by the commission chairman Radu Marian, the amendment delays the entry into force of this law by 3 months and it will come into force on April 1 instead of January 1, 2025, as previously planned. “We will allow more time to improve electronic/bank transfer procedures for real estate sales contracts between individuals. I remind you that this law limits the value of monetary transactions between 2 individuals to 100 average salaries per economy (approximately 1.6 million lei, or 80 thousand euros in 2025) for real estate transactions, and to 50 average monthly salaries per economy in the case of a vehicle. Any transaction exceeding these values will have to be carried out electronically,” Radu Marian emphasized. He recalled that this fall, a working group was created under the committee on economy, budget and finance to optimize the process of electronic transfers in the case of real estate transactions. “We have made significant progress in simplifying the procedure for providing supporting documents required for depositing money in financial institutions. However, we still need time to resolve the issue of exchange rate differences in cases where the parties have transactions in euros rather than lei. We will present solutions as soon as they are finalized. I remind you that this law was adopted because reducing cash in the economy means lower costs, more transparency and less risk of fraud or money laundering. There is a reason why in the EU and other developed countries, transfers of large sums of money are made by cashless means, bank transfer or other electronic means. It is easier, cheaper and safer. Moreover, the EU has recently set a 10 thousand euros limit for cash transactions, similar to the one in Romania. Ukraine has also previously introduced a limit for cash transactions at the level of 50 thousand hryvnia (24 thousand lei),” the chairman of the parliamentary committee on economy, budget and finance said. //26.12.2024 - InfoMarket.
