The draft law will be implemented after it is also adopted by the Parliament, besides the Government, and promulgated by the president, not immediately like in case of emergency ordinances.
The Finance Ministry drew up a draft ordinance presented by Mediafax on January 24, according to which government plans to ban cash payments for transactions with lands, houses, and cars, irrespective of their value, both for companies and for individuals.
According to the draft, cash payments between firms and toward private individuals will be capped to 2,000 lei (EUR449) per day, from RON10,000/day currently. The document also says that a ceiling of RON10,000 will be introduced for cash payments between private individuals.
Currently, cash payments between firms are set at RON10,000/day and RON5,000/day toward the same supplier. Cash payments toward Cash&Carry-type store chains will be kept at RON10,000/day.
According to the same draft, card issuer banks would not be allowed to charge interchange fees exceeding 0.2% of the transaction value for debit cards and 0.3% for credit cards.
Failure to comply will trigger fines of 20% of the amount cashed or paid that exceeds the ceiling set for each type of operation, but no less than RON100, according to the document. (EUR1=RON4.4589)