{"id":1681,"date":"2023-11-16T08:39:38","date_gmt":"2023-11-16T08:39:38","guid":{"rendered":"https:\/\/nartea.ro\/en\/?p=1681"},"modified":"2023-11-16T08:39:38","modified_gmt":"2023-11-16T08:39:38","slug":"what-are-the-current-limits-for-cash-payment","status":"publish","type":"post","link":"https:\/\/nartea.ro\/en\/2023\/11\/16\/what-are-the-current-limits-for-cash-payment\/","title":{"rendered":"What are the current limits for cash payment?"},"content":{"rendered":"<h2>What are the current limits for cash payment?<\/h2>\n<p>Lately there has been a growing debate on the idea of modernising payment methods by moving away from cash payments and introducing new ceilings. There has been a lot of discussion about amendments to Law 296\/2023 on fiscal and budgetary measures to ensure Romania&#8217;s long-term sustainability and to reduce tax evasion, given that Romania&#8217;s economy relies to a fairly large extent on cash payments. More specifically, the aim was to amend Article 64 of Law 296\/2023.<\/p>\n<p><a href=\"https:\/\/nartea.ro\/en\/2023\/11\/16\/what-are-the-current-limits-for-cash-payment\/img_4713\/\" rel=\"attachment wp-att-1682\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-1682\" src=\"https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4713-300x274.jpg\" alt=\"\" width=\"300\" height=\"274\" srcset=\"https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4713-300x274.jpg 300w, https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4713.jpg 363w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>After several controversial debates in Romanian society, it was decided to return to the original ceilings. In this regard, on 10 November 2023, i.e. one day before the provisions of Law 296\/2023 came into force, GEO 98\/2023 was published, which returned to the old limits for cash transactions.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Thus, the ceilings established so far are maintained and the limitations on cash payments will continue to be as follows:<\/strong><\/p>\n<ul>\n<li>The cash amounts in the cashier&#8217;s office of legal entities (companies, PFA, II, self-employed, etc.) may not exceed, at the end of each day, the ceiling of <strong>50,000 lei;<\/strong><\/li>\n<li>Cash received <strong>by a Legal Entity from another Legal Entity<\/strong>: daily ceiling of <strong>5.000 lei;<\/strong><\/li>\n<li>Cash receipts and payments made <strong>between Legal Entities and Natural Persons<\/strong> (representing the value of supplies or purchases of goods or services, dividends, assignment of claims or other rights and receipt or repayment of loans or other financing), shall be made within the daily ceiling of <strong>RON 10,000 to\/from one person.<\/strong><\/li>\n<li>Payments to <strong>cash and carry stores<\/strong> (e.g. Metro) may be made up to a total daily limit of <strong>RON 10,000;<\/strong><\/li>\n<li>Payments from advances for settlement may be made up to a daily ceiling of<strong> 1,000 lei,<\/strong> set for each person who has received advances for settlement;<\/li>\n<li><strong>Fragmented cash payments<\/strong> from Legal Entities to suppliers of goods and services for invoices with a value of more than <strong>5,000 lei and 10,000 lei<\/strong> respectively to cash and carry shops <strong>are prohibited;<\/strong><\/li>\n<li>Collection and payment transactions between <strong>legal entities and natural persons<\/strong> as partners\/shareholders\/managers\/natural persons\/other creditors, excluding institutional creditors performing financial intermediation activities provided for by law, representing loans, regardless of their nature and purpose, <strong>shall be carried out only through non-cash payment instruments;<\/strong><\/li>\n<li>Cash collection and payment transactions<strong> between natural persons<\/strong>, other than collection and payment transactions carried out through institutions providing payment services authorised by the National Bank of Romania or authorised in another Member State of the European Union and notified to the National Bank of Romania, carried out as a result of the transfer of ownership of goods or rights, the provision of services, as well as those representing the granting\/return of loans, may be carried out up to a daily ceiling of RON <strong>50,000\/transaction.<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/nartea.ro\/en\/2023\/11\/16\/what-are-the-current-limits-for-cash-payment\/img_4711\/\" rel=\"attachment wp-att-1683\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-1683\" src=\"https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4711-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4711-300x300.jpg 300w, https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4711-150x150.jpg 150w, https:\/\/nartea.ro\/en\/wp-content\/uploads\/sites\/8\/2023\/11\/IMG_4711.jpg 640w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>In conclusion, we would like to mention that cash payments will not be completely abandoned and the ceilings will remain the same as before, without any reduction. However, for further tax guidance and information, please do not hesitate to contact our team of specialist lawyers to arrange an appointment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are the current limits for cash payment? Lately there has been a growing debate on the idea of modernising payment methods by moving away from cash payments and introducing new ceilings. There has been a lot of discussion about amendments to Law 296\/2023 on fiscal and budgetary measures to ensure Romania&#8217;s long-term sustainability and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1681","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/posts\/1681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/comments?post=1681"}],"version-history":[{"count":2,"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/posts\/1681\/revisions"}],"predecessor-version":[{"id":1685,"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/posts\/1681\/revisions\/1685"}],"wp:attachment":[{"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/media?parent=1681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/categories?post=1681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nartea.ro\/en\/wp-json\/wp\/v2\/tags?post=1681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}