Law that limits cash transactions to be passed next week

Newsroom 05/02/2014 | 17:11

The law project that would limit cash transactions and reduce bank commisions will pass through the Government next week, according to Victor Ponta.

“We have discussed it with the Ministry of Finances and, most probably, next we will implement the law that limits cash transactions to RON 10.000 at the same time with the bank commissions plateau, so that people don’t lose anything. As for the banks, we don’t want their profits to grow on the backs of their clients. We want to turn these initiatives into weapons against tax evasion”, Ponta said in the Governments meeting.

The prime-minister announced on Thursday that cash transactions will be limited at the same time as the bank commissions will be decreased but the measures will not be part of an ordinance. It will be a new law and the banks must agree with it.

Since the project has been transformed into a law, it now must pass through the Parliament, not just the Government. Also, the president must sign the new law, which would not have been necessary in the case of an ordinance.

The Parliament can also make its own modifications to the law.