The order is: less cash in circulation, no specific limit on bank withdrawals and cash payments. But “nero” in fact still free for mini purchases, also by exploiting the trick of split payments: the new thresholds will be easily circumvented with the result that tax revenues will not suffer particular advantages, but consumption could be tightened also for psychological reasons. Here is the vademecum of Unimpresa in view of the entry into force, from Wednesday 1 July, of the new banknote payment ceiling that drops from 3,000 to 2,000 euros which will then drop to 1,000 euros again from January 2022. “It is the worst time to introduce cash ceilings: with the worst crisis of the last decades to face, all efforts must be directed to encourage and stimulate spending and not to weaken the purchases of families »comments the president of Unimpresa, Giovanna Ferrara. As explained by the Unimpresa Study Center, from 1 July 2020, the limit for making payments with cash drops from 3,000 to 2,000 euros. To be exact, the thresholds are € 2,999.99 and € 1,999.99 respectively. From January 2022 it will drop further to 1,000 euros (€ 999.99). For larger payments, the use of wire transfers, digital tools and plastic money (credit cards and debit cards) becomes mandatory. The basic concept is traceability. The penalties start at 3,000 euros and go up to 50,000 euros for a single transaction, according to the gravity of the infringement.
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The cash squeeze has a twofold objective: to fight tax evasion and to fight money laundering. There are no specific limits as regards the movement of money in the bank, both as regards withdrawals and as regards payments. This is because the payment or withdrawal does not constitute a so-called transfer between different subjects. However, current accounts are subject to checks by the Inland Revenue – who has access to all bank data for tax assessments, recalls one company. Same goes for the checks by the Bank of Italy’s Financial Intelligence Unit, as regards the anti-money laundering rules. In this case, however, the banking operator can report suspicious transactions in relation to substantial cash movements. Since last year, the new control mechanism of the Bank of Italy’s financial information unit has been in place: under the lens of the UIF, those who move cash, between withdrawals and payments, end up over 10,000 euros in a month even with multiple lesser amount, but still higher than 1,000 euros.
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