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Card or cash? From today the new rule takes effect – RB

Card or cash? From today the new rule takes effect – RB

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Card or cash? From today the new rule takes effect – RB

Card or cash? From today the new rule is triggered – RB We have explained the details of the news, step by step, below. Card or cash? From today the new rule is triggered – RB Keep reading our news. Here are all the details on the subject.

Card or cash? From today the new rule takes effect – RB

SMART EVOLUTION

From today the new rule on the cash limit is triggered: it goes from 2. 000 to 1. 000 $ and the penalties can be very high.

The 1 January is approaching and the new rules are about to come into force regarding the cash payments , with the threshold that will change from the current two thousand $ to one thousand . In the new year, all transactions for an amount greater than 999, 99 $ must be traceable to avoid penalties.

The route was traced by the tax decree linked to the maneuver 2020 of the Conte-bis Government , which had established an initial threshold of 1. 999, 99 $ and a subsequent one adjustment starting from 2022. In practice, we will return to the situation of 2011 and to what the decree had established Salva Italia by Mario Monti , subsequently modified in 2016 . The threshold applies to all types of economic transactions – including donations and loans – and it will be necessary to use digital payment methods or, alternatively, the bank transfer . For those who do not respect the rules there are fines quite high.

New cash limit: what are the penalties

Thanks to the digitization of current accounts, the Revenue Agency has the ability to track and control all incoming and outgoing movements. So, in case of transgression, it will be easy to get fines.

The penalty for violating the new limit has recently been halved from 2. 000 to 1. 000 $, but it is borne by both the person who gives the money, both of that which receives . Furthermore, if the payment is for the service of a professional , the fine starts at 3. 000 and can reach 15. 000 EUR.

Merchants who refuse to accept electronic payment systems, such as ATMs and credit cards, will be able to receive sanctions starting from 30 $ and can be increased by 4% of the value of the transaction. For example: if the merchant refuses electronic payment for an item with a value of 100 $, would receive a fine of 30 $ plus 4% of 100 $, paying in total 34 EUR.

How safe are electronic payments

If on the one hand the measure will help to fight black, on the other hand concerns are increasing for those who do not trust electronic payment systems. However, with the entry into force of the legislation Strong Customer Authentication ( SCA ) starting from January 2021, users will be much more relaxed, even those less accustomed to the use of computer systems.

In fact, this legislation provides for the use of the so-called two-factor authentication . Therefore, before making a payment, you must provide a ” double consent “To make it effective. Typically, it involves simultaneously using two tools between:

password and PIN a hardware token or smartphone biometric authentication Basically, to authorize the payment you need to enter a password and a PIN generated by an authentication app at the same time, or a PIN and your fingerprint, and so on. Above 500 $ the SCA is mandatory, with exception of wire transfers.