Commissions announced by banks after the limitation of cash payments, for the attention of the Government

Prime Minister Marcel Ciolacu is to meet this week with specialists from the Ministry of Finance and the National Bank of Romania, but also with representatives of small entrepreneurs, banks and civil society "to make a decision on the subject of cash", noting that it is "intolerable" to "artificially" increase bank commissions.

Marcel Ciolacu sent, at the end of last week, a message on the official Facebook page: "Banks' greed cannot be fueled by the debate on cash! It is intolerable to artificially increase bank fees! Next week, I will convene a meeting with the Government with specialists from the Ministry of Finance and the National Bank of Romania, as well as with representatives of small businesses, banks and civil society in order to make a decision on the subject of cash. I will never give up the fight against escapism. And I will not give up protecting Romanians from the greed of some who want to make money at any cost".

According to law 296/2023 on the new tax changes, from Friday, November 11, cash payments to companies and individuals will be limited. Payments between legal entities can be made within a daily limit of 1,000 lei/person, but no more than 2,000 lei/day. Regarding receipts and payments between a legal entity and a natural person, the daily limit is 5,000 lei to/from a person, and the cash amounts in the cash register of legal entities cannot exceed the limit of 50,000 lei at the end of a day . Cash receipts and cash payments between two natural persons can be made within a daily limit of 10,000 lei.

About this measure, government representatives say that it is necessary to limit tax evasion as much as possible, but economists and specialists in the field say that it only masks the state's inability to collect taxes. The first effect of the implementation of this measure was the announcement by some banks that the commissions for operations with liquid money are to be increased. A major problem is also for small traders, who accuse the fact that there are too few ATMs nationwide and not all of them are equipped with the function and slot necessary for depositing cash into the current account. Nationally, according to statistics, there are around 60,000 small shops that are affected by this measure.

According to the specialists, the most benefited from the implementation of the new fiscal measure will be the banking system, of which some member banks have already announced the increase of commissions for cash operations. In addition to these increased fees, banks will also collect more money from card payments.

The former Minister of the Economy, deputy Claudiu Năsui (USR) is on the side of the European Central Bank regarding cash payments.

Claudiu Năsui specified on his Facebook page: "Here's what the European Central Bank says about cash. That it's a relic from the Middle Ages? Not at all. I quote some ideas: ‹‹Cash is essential for the inclusion of socially vulnerable citizens, such as the elderly or those with lower incomes››.

[Cash] ensures privacy." Do not take everything the PSD-ists and the useful idiots of the regime say for granted. The idea of phasing out cash does not come to us from Europe, but rather from China. It's not about cash versus card, it's about control versus freedom."

Analysts also recall the situation in 2013, in Cyprus, when the first two large banks were restructured and citizens could only withdraw a maximum of 50 euros per day from their bank cards. Some specialists believe that the limitation of cash payments for individuals means a control over their wealth by the state and the banking system.