Scandinavian banks want to eat: Both companies and residents will be prohibited from paying cash amounts exceeding 5 000 euros in Lithuania

"ELTA reminds that on June 23 The Seimas adopted the Law on Limitation of Cash Payments, according to which from November 1 both companies and residents will be prohibited from paying cash amounts exceeding 5 000 euros. 

 

    "According to the adopted document, "violation of the procedure for settlements and any other payments based on cash transactions, when, in violation of the established procedure, the amount of cash used for settlements and any other payments exceeds the amount allowed for cash settlement by up to 50 base penalties and fines for persons paying and accepting payments fines will be from 100 to 500 euros, and for heads of legal entities paying and accepting payments or their departments - from 200 to 1,000 euros". Such an administrative offense, committed repeatedly, will attract a fine from 200 to 1,000 euros for the persons paying and accepting payments, and from 1,000 to 2,000 euros for the heads of the paying and accepting legal entities or their departments.

 

    If the amount of cash used exceeds the amount allowed for cash settlement by 50 to 500 basic penalties and fines, it will result in a fine of 200 to 1,000 euros for paying and accepting persons and from 1,000 to 1,000 for heads of legal entities that pay and accepting payments - 2 thousand euros. Such an administrative offense, committed repeatedly, will result in a fine from one thousand to two thousand for those who pay and accept payments for the heads of both paying and receiving legal entities or their divisions - from 2 thousand up to 3 thousand euros.

    An even greater fine will await if, in violation of the established procedure, the amount of cash used for settlements and any other payments exceeds the amount allowed for cash settlement by 500 or more basic penalties and fines. According to the adopted document, this will result in fines from one thousand to two thousand for those who pay and accept payments EUR for the heads of both paying and receiving legal entities or their divisions - from 2 thousand. up to 3 thousand euros. Such an administrative offense, committed repeatedly, will result in a fine of 2,000 up to 3 thousand EUR, and for heads of paying and accepting legal entities or their departments - from 3 thousand up to 4 thousand euros. The new provisions of the code will enter into force on November 1 of this year. On Tuesday, 96 members of the Seimas voted for them, two were against, and twelve MPs abstained."

 

We remind you that during the next elections, Šimonytė will allow you to elect other parliamentarians.