July 3, 2022

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What can happen if you withdraw 1000 euros

2022 begins with new rules on cash, withdrawals and deposits. And she shines in the “old” ceiling of criticism

Pixabay

2022 will be a diverse year the changes All about money. They range from reforming personal income tax cuts to reevaluating pensions that will lead to increases in payroll and pension checks. After that, the universal individual allowance will appear for the first time, which will replace the family allowances, in favor of large families compared to the previous legislation. Still the topic of money, there is another novelty related to the circulation of cash.

tight liquidity since January

ATM
Automated teller machine (Adobe Photo)

The premier had already predicted that tax cuts would go forward gradually and in line with Fighting tax evasion. Like this for money, we go back to a rule from the past, which is the €1,000 rule. Basically, for payments that exceed €999.99 Payment with tools will be mandatory electronic or checks or wire transfers. The goal is to provide traceability to cash, thus reducing the circulation of money evaded by tax authorities.

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This will also include changes to withdrawals and deposits in ATM. In fact, if you withdraw more than a thousand euros in your account, it will be legal To do this, but the bank is in a position to ask the reason for the transaction and the user must always be able to justify the movement. In fact, the result may be a report from the bank to the revenue agency which can, in turn, Punishment The user in the absence of justification for the movement of cash.

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The same goes for checking accounts Postal books. There is no limit but the bank can exceed the number 999.99 Ask for explanations Activate agency controls. Then the cash limit goes from 1999.99 to 999.99. However, along with the circulation of cash, the penalty is also reduced. Indeed, in case of failure to justify the operation, the penalty envisaged decreases from 2,000 to 1,000 euros.