The Law on cash receipts and payments
This law amends and supplements the previous provisions on the limitation of cash receipts and payments.
The novelty is that the new regulations apply to receipts and payments, respectively, made by legal persons, self-employed persons, sole partnerships, family businesses, freelancers, individuals who operate independently, associations and other entities with or without legal personality. The provisions of the law also apply to receipts and payments in foreign currency on the territory of Romania. The compliance with the set ceilings is ensured according to the exchange rate communicated by the NBR on the date of the receipt or payment operations.
Therefore, cash receipts from economic operators shall be performed subject to a daily ceiling of RON 5,000 from a person, and cash payments to companies shall be performed subject to a daily ceiling of RON 5,000/person, but not more than the total ceiling of RON 10,000/day.
This law also establishes the limit for cash and carry operations. These stores may cash in up to RON 10,000 a day in cash.
The new law prohibits fragmented receipts and split payments in cash from the beneficiaries for equivalent values exceeding RON 5,000 or RON 10,000, respectively. However, the companies will be able to pay the invoices received, with higher amounts than the set limits, by paying RON 5,000 or RON 10,000, respectively, in cash and the amount that exceeds the ceiling by cashless payment instruments.
The operations for which the provisions of this law are not applied are also regulated:
- The cash deposits in the accounts opened with credit institutions or institutions providing payment services;
- The payment of the business travel expenses subject to the amounts due for the payment of the transportation;
- The cash payment of taxes, contributions and fines;
- The withdrawal of cash from accounts opened with credit institutions or institutions providing payment services;
- The transfer of money through institutions providing payment services authorized by the NBR;
- The cash deposits at the automatic teller machines which operate based on banknote acceptors or coin detectors.
Regulations have also been included on the cash receipts and payments between individuals other than the receipts and payments performed through institutions providing payment services authorized by the NBR, performed following the transfer of ownership of goods or rights, the provision of services, as well as those representing the granting/repayment of loans and these may be performed subject to a maximum daily ceiling of RON 50,000/transaction.
For reversed invoices worth more than RON 5,000 or RON 10,000, respectively, the repayment can be made subject to the ceilings and the sums that exceed these ceilings shall be transferred by cashless payment instruments.
The law enters into force on 9 May 2015.
Law no. 70/2015 for enhancing the financial discipline of cash receipts and payments and amending and supplementing the Government Emergency Ordinance no. 193/2002 concerning the introduction of modern payment systems
Published in the Official Journal Part I no. 242 of 09.04.2015
