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European Union Set to Ban Cash Transactions Over 500 Euros

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By JG Vibes
theintelhub.com
January 9, 2013
Right in the middle of the holidays when mainstream media organizations were distracted and short staffed, the finance ministry for the European Union announced that cash transactions over 500 euros would soon be banned.
Ekathimerini News reported that:

“Any transaction in excess of 500 euros will soon only be allowed via credit or debit card or by check, according to a plan by the Finance Ministry aimed at combating tax evasion. The ceiling for cash transactions is to be lowered from 1,500 euros today to 500 euros and could be reduced further over in the course of 2013. Ministry sources say that in the first quarter of the new year all companies and certain self-employed individuals will have to obtain the POS (point-of-sale) terminals that provide for card transactions.”

“The changes we are planning for 2013 include incentives to encourage citizens to use means of electronic payment in order to attain greater transparency in transactions and to combat tax evasion that is facilitated by the use of cash,” Deputy Finance Minister Giorgos Mavraganis told Kathimerini.

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