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Limits imposed on cash payments

Limits on cash payments were introduced for legal entities, regardless of the type of ownership and legal form of organization, except for public authorities and institutions. The new conditions will be applied to noncommercial organizations, individuals carrying out entrepreneurial activities, permanent representative offices and branches of nonresident entities, and individuals buying real estate or means of transport from other individuals. Depending on the category, the limit on cash payments will be 100,000 lei cumulatively monthly or annually. A draft law to this effect was given a first reading by Parliament, IPN reports.

According to the bill, the limit for collecting cash payments from individuals who do not carry out entrepreneurial activities will be 100,000 lei per payment. Thus, when buying real estate, a cash payment will be accepted only if its value does not exceed 100 average monthly salaries in the economy, while when buying a means of transport – 50 average salaries in the economy.

The draft law stipulates that notaries will be obliged to ensure that payment is made by transfer. Otherwise, they will not authenticate the sales and purchase agreement. The Public Services Agency will also have to make sure that payment is made by transfer before registering the transfer of ownership over the unit of transport. Otherwise, it will not register the ownership in the State Register.

At the same time, economic agents will be able to use cash in unlimited amounts for remunerating work and making other payments generated based on employment relationships, for honoring obligations related to loans raised from financial entities, making settlement with public institutions and authorities, paying taxes and fines into the national public budget.

Under the bill, the commissions for making settlement by transfer will be limited. Thus, commissions or other payments charged by payment service providers in Moldova cannot exceed 0.1% of the amount paid by transfer, including for cash withdrawal. For the violation of the limits when making and collecting cash payments, fines ranging from 3% to 10% of the amount will be imposed.

The legislative initiative is to be given a final reading. The new provisions will enter into force three months after their publication in the Official Gazette.

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