Finance Ministry pushing to limit use of cash, checks between private individuals, businesses. Cash payments over $1450 to be banned.
Israel’s Finance Ministry is pushing to limit the use of cash in private business transactions, both between customers and businesses, as well as between private individuals.
Based on the findings of a July 2014 report by the Committee to Examine Reducing the Use of Cash in Israel’s Economy, headed by Harel Locker, the Finance Ministry is pushing to pass legislation which would cap the amount of cash private parties may use in monetary transactions of any sort.
Transactions between a business and an individual would be limited to no more than 5,000 shekels ($1,435), while transactions between two private individuals would capped at 25,000 shekels ($7,175).
The 2014 report, known as the “Locker Report”, was commissioned by the previous Netanyahu government in 2013, with the aim of finding ways to increase tax revenue and combating what it dubbed the “shadow economy”.