Israel is considering imposing new rules and limits on how much cash can be used in commercial and private payments, and how much may be held at home without the need to declare it.
Current rules already require that salaries be paid to the worker’s bank account or cash card.
Commercial transactions, loans and donations of 11,000 sheqels or more must be paid by check, credit card or bank transfer. A small portion may be paid in cash.
The current limit for cash payment in transactions between private persons is 50,000 sheqels.
The new rules being proposed would reduce cash payments in commercial transaction to 6,000 sheqels. Holding cash at home in excess of 50,000 sheqels will have to be reported. The holding of more than 200,000 sheqels will be prohibited. Amounts exceeding that limit will be confiscated.
These new measures are intended to fight tax evasion and terrorist activities.
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