HOW MUCH CASH CAN YOU KEEP AT HOME?
The reduction of cash in circulation is a gradual policy implemented with the aim of combating certain phenomena of malpractice and malpractice that have spread over time. Less money in circulation means less chance of untraceable and untraceable payments . Even less risk of “ money laundering ”, literally “ money laundering ”, therefore money laundering from illicit proceeds. Less cash in circulation is a healthy indicator of an emerging rather than submerged economy https://www.kindhousebuyers.com/wa/yakima/
How much cash can I keep in my pocket or at home?
At one time, our ancestors kept their savings under the mattress . The Christmas present was hidden in the most unthinkable corners of the grandmothers; and it wasn’t the pockets or the wallet. Today, the anti- money laundering legislation and the rules on the traceability of payments prohibit the exchange of cash in excess of 2 thousand euros (1,999.99 to be precise). And no matter the motivation behind the exchange of cash, the rule always applies, even in relations with the public administration, for example for the payment of taxes. The only exceptions are the deposit and withdrawal operations from the bank or postal current account, for which there are no limits.
However, there is no cash limit to take with you or to keep at home. Owning cash is not an offense, neither criminal nor administrative. No guardian of the law can violate the domicile without a warrant signed by a judge. But if there are ongoing investigations or fiscal checks, the judge can order a search warrant.
Fines for money exchange
In the event of an exchange of money beyond the allowed amount (from 2023, we repeat, it will be possible to exchange 999.99 euros), there is a fine from 2 thousand to 50 thousand euros , in proportion to the amount exchanged.
There are also economic benefits for those who comply with this obligation. The Pos Bonus is a 100% tax credit on the commissions charged if the Pos are connected to tools that allow the electronic storage and transmission of the data of the daily payments to the Revenue Agency.
A 30% Bonus will be applied on the commissions charged for accepting payments with other electronic payment instruments.