Amendments to Law no. 70/2015 – Strengthening Financial Discipline for Cash Receipts and Payments

The limits for cash transactions set out in Law no. 70/2015 with subsequent amendments and additions were changed again by Emergency Ordinance no. 115/ 2023 regarding various fiscal budgetary measures taken in the field of public expenditure for the promotion of fiscal consolidation, the combating of tax evasion, the modification and supplementation of various normative acts, as well as the extension of certain deadlines.

The new changes, effective as of 25 December 2023, are as follows:

• the daily limit for advances for settlement has been increased to RON 5,000/ person;
• cash receipts and payments carried out between legal entities/entrepreneurs and individuals in the form of loans/credits, irrespective of their nature or purpose, can only be carried out through non-cash payment instruments;
• failure to respect the limits, including for cash receipts and payments carried out between legal entities/entrepreneurs and individuals in the form of loans/credits, made in cash, will result in a fine of 25% of the amount cashed/paid and not less than RON 500.

Source: Emergency Ordinance no. 115 on various fiscal-budgetary measures in the field of public expenditure for the promotion of fiscal consolidation, the combating of tax evasion, the amendment and supplementation of certain normative acts, as well as for the extension of certain deadlines, as published on 15 December 2023