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Russia to ban cash transactions over $10,000

Posted By admin On March 28, 2013 @ 6:30 am In Money Watch | Comments Disabled

Viktor Kuzmin
rbth.ru [1]
March 28, 2013

Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015. The move is expected to boost banks’ cash reserves and put a damper on Russia’s shadow economy. However, the middle class will most likely end up having to pay the price for the scheme.

Moscow is looking to kill two birds with one stone: Firstly, it wants to bring some of the population’s “grey” income out of the shadow; secondly, it wants to increase the volume of cash reserves in the banks. The government’s bill will introduce the new rule to the State Duma. The document was prepared by the Ministry of Finance and approved by the government.

The restrictions on cash transactions will develop in two phases. In 2014, a ban on cash payments for purchases worth more than 600,000 rubles (about $19,500) will be introduced; the limit will then be halved to 300,000 rubles in 2015. Furthermore, the document introduces mandatory, cash-free, salary payments.

Smaller companies with fewer than 35 employees will be the only exception, and trade companies will be able to pay salaries in cash if they employ no more than 20 people on staff.

Full article here [2]


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URLs in this post:

[1] rbth.ru: http://www.shtfplan.com/emergency-preparedness/the-reality-of-combat-everything-that-you-have-prepared-and-stored-for-shtf-will-be-pushed-to-the-limit_03272013

[2] Full article here: http://rbth.ru/business/2013/03/25/russia_to_ban_cash_transactions_over_10000_24203.html

[3] Large Cash Transactions Banned In Mexico: http://www.prisonplanet.com/large-cash-transactions-banned-in-mexico.html

[4] The Death Of Cash? All Over The World Governments Are Banning Large Cash Transactions: http://www.prisonplanet.com/the-death-of-cash-all-over-the-world-governments-are-banning-large-cash-transactions.html

[5] Thanks To QE Bernanke Has Injected Foreign Banks With Over $1 Trillion In Cash For First Time Ever: http://www.prisonplanet.com/thanks-to-qe-bernanke-has-injected-foreign-banks-with-over-1-trillion-in-cash-for-first-time-ever.html

[6] Insane Ban on Cash Transactions in Louisiana: http://www.prisonplanet.com/insane-ban-on-cash-transactions-in-louisiana.html

[7] Currency Wars – Russia Officially Adds 19.5 Tonnes of Gold Reserves in October Alone: http://www.prisonplanet.com/currency-wars-russia-officially-adds-19-5-tonnes-of-gold-reserves-in-october-alone.html

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