Warning: from July 1st you will no longer be able to pay many things in cash

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Warning: from July 1st you will no longer be able to pay many things in cash. Have you ever seen 2000 euros in cash? Probably not. This is because for a long time we have lived in an era where money has become mainly electronic, even if we do not notice it. We don’t realize it because our expenses are mostly small, and for this we use the cash.

But salaries are also credited electronically, as well as consultancy services, very often. However, know that, in any case, 2000 € all together you will never see them again. And do you know why? Because in a few days the law will change. Those who receive more than 1,999.99 euros as a gift or as a donation will suffer a very severe penalty. Do you want to know how much? Up to 50 thousand euros. So be careful: from July 1st you will no longer be able to pay many things in cash.

Warning: from July 1st you will no longer be able to pay many things in cash

On July 1, 2020, the rule that limits non-traceable payments to € 1999.99 enters into force. Which means that cash payments of 2,000 euros to go up will become outlawed. Anyone who wants to give 2 thousand euros to someone not only as the price of a sale, but also as a donation, will never be able to do it again in cash. You can only do this by bank transfer or non-transferable check, credit card or debit card. The decree n. 124/2019 connected to the Budget Law.

This rule was created to avoid money laundering and tax evasion, but ends up also affecting families.

Not only entrepreneurs or companies must respect it, but all citizens, including you. If a grandfather wants to give his grandson € 2,000 for a trip, he will have to give him a check or make a bank transfer. What if the grandson doesn’t have a checking account? You can still withdraw cash at the bank counter. What matters is that upstream of all this there was a check. Then it doesn’t matter if whoever changes the check will ask for cash at the counter. The same rule also applies to payments. Which means that if you have accumulated 2 thousand euros at home, you will no longer be able to buy a television or a computer in cash. You will have to do it by first depositing the money in the bank, and then delivering a check, or making a payment by bank transfer or credit card.

And it’s not over here …

In short, any exchange of cash for cash will fall under this new ban. If this seems difficult enough to comply with, you should know that the penalties for anyone who violates the limit are far from light. They range from 2,000 to 50,000 euros, and that’s not all. The 2,000 euro limit will remain valid for a year and a half. Then it will drop even further. In fact, from January 1, 2022 it will drop to € 999.99. It means that all cash payments of a thousand euros to go up will be outlawed. However, payments made by contract or cash custom remain outside the prohibition. Like those at the dentist, often in installments and, therefore, even if higher than 2000 euros, not punishable.



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