Law no 70/2015 to strengthen financial discipline regarding cash receipts and payments, was published into Official Gazette no 242/09.04.2015
Cash transactions between economic entities
Receipts and payments transactions made by legal persons, freelancers and other entities with or without legal personality will only be undertaken by non-cash payment instruments, except cash limits provided by Law no 70/2015.
These rules also apply to receipts and payments in foreign currency performed on the Romanian territory.
Cash receipts from economic entities will be made subject to a daily limit of 5,000 lei from a person, and cash payments will be made to entities subject to a limit of 5,000 daily euro/person, but no more than a maximum total limit of 10,000 lei/day.
Payments in advance for settlement will be made subject to a daily limit of 5,000 lei determined for each person who received advance payments for settlement.
Receipts/payments from/to cash and carry stores are capped at 10,000 lei.
Receipts/payments that exceed the limits provided by Law can only be paid by non-cash payment instruments.
Fragmented receipts/payments in cash for invoices whose value exceeds 5,000 lei are prohibited.
Cash transactions between economic entities and individuals
Receipts/payments in cash from/to individuals, representing assignment of receivables, receipts/ repayment of loans or other financing, and the equivalent of deliveries / acquisitions of goods or services can only be made subject to a daily limit of 10,000 lei from a person.
Fragmented receipts/payments in cash for transactions whose value exceeds 10,000 lei are prohibited.
Law does not apply to sales in installments, under the condition that installments sale-purchase contracts are concluded.
For invoices cancelled by economic entities, for goods returned and / or services not rendered, with values greater than 5,000 lei, reimbursement of related amounts will be performed as follows: 5,000 lei in cash and the amounts that exceed the threshold should be repaid using non cash payment instruments.
For individuals returns the 10,000 lei limit is applied.
Cash transactions between individuals
Cash receipts and payments between individuals, made as a result of transfer of property ownership on some goods or rights, of rendering of services, as well as those representing the granting/repayment of loans, will be made within a maximum daily limit of 50,000 lei/transaction.
Fragmented cash receipts and payments for transactions over this limit are prohibited.
The cash limit does not apply for transactions such as:
– cash deposits in bank accounts, including ATM.
– payment of travel expenses for business purposes, within the limits provided by law.
– cash payment of taxes, contributions, fines and other obligations owed to the general consolidated state budget;
– cash withdrawals from bank accounts with for salaries payment and other personnel rights;
Non-compliance with the established limits for the cash receipts and payments will be fined with 10% of the amount received/paid that exceeds the limit set for each type of transaction, but not less than 100 lei.
It is forbidden to grant any benefits to the customers for cash payments. Non-compliance with this provision represents a contravention and it is sanctioned with fine from 3,000 lei up to 4,500 lei.
The provisions of the Law enters into force starting 09.05.2015 (30 days from publishing date into Official Journal). The provisions do not apply to contracts concluded before the entry into force of the Law.