Maximum cash use cut to NIS 6,000 from August 2022

Shekel Photo: Shutterstock

The Knesset Constitution, Law and Justice Committee this morning approved the order by the Minister of Finance Avigdor Liberman cutting the ceiling.

The Knesset Constitution, Law and Justice Committee this morning approved the order by the Minister of Finance Avigdor Liberman cutting the ceiling for the legal use of cash in transactions from NIS 11,000 to NIS 6,000 from August 2022. Cash deals between private individuals will fall from NIS 50,000 to NIS 15,000, except for the sale of second-hand cars where the ceiling will remain at NIS 50,000.

New sanctions will also be introduced for violations of these ceilings with an administrative fines of NIS 6,000 up to NIS 50,000. Fines for payments between NIS 6,000 and NIS 8,500 will be 5% and from NIS 8,500 up to NIS 25,000 in cash will be 10%. Fines for payments between NIS 25,000 and NIS 50,000 will be 15% and above NIS 50,000, the fine will be 25%.

Published by Globes, Israel business news - en.globes.co.il - on October 27, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.

Shekel Photo: Shutterstock
Shekel Photo: Shutterstock
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