Legislative changes – cash receipts and payments

According to the new amendments of Law 70/2015 in the field of financial discipline regarding cash receipts and payments, we inform you of the following:

 

Cash receipts

  • Cash receipts may be made from legal entities, authorized individuals, family businesses, associations and entities with or without legal personality within a daily limit of 1,000 lei /person.
  • It is forbidden to issue split invoices for a delivery of goods or provision of services whose value is more than 1.000 lei
  • Cash & Carry shops may make cash withdrawals from the same persons up to a maximum limit of 2,000 lei/person
  • Fragmented cash receipts for invoices with a value of more than 1,000 lei are prohibited. An invoice issued for a supply of goods or services whose value is more than 000 lei can be collected as follows: in cash, only by a single collection up to 1.000 lei, the difference can be collected only by bank instruments.
  • It is forbidden to grant any advantages to customers for making cash payments.

 

Cash payments

  • Cash payments may be made to legal entities, authorized individuals, family businesses, associations and entities with or without legal personality up to a daily limit of 1,000 lei/person, but no more than a total limit  of 2,000 lei/day.
  • Payments to cash and carry shops, up to a total daily limit of 2,000 lei
  • Payments from advances for settlement, up to a daily limit of 1,000 lei per person
  • Fragmented cash receipts/payments for invoices with a value greater than 1,000 lei, respectively 2,000 lei, are prohibited for cash and carry shops. An invoice whose value is more than 1.000 RON/2.000 RON can be paid in cash only by a single cash payment within the limit of 1.000 lei/ 2.000 lei, the difference can be paid only by bank instruments.
  • Within the limit of the daily limit of cash payments, the amount of RON 2,000/day includes advances for settlement granted to employees (but not more than RON 1,000/employee). The payment of travel expenses in the interest of the service are exempted from this limit , within the limit of the amounts due for the payment of transport, daily subsistence allowance, accommodation and other unforeseen expenses incurred in this respect.
  • Payments to individuals representing the value of deliveries or purchases of goods or services, dividends, loans are made within the daily limit of 5,000 lei/person until 31 December 2024 and 2,500 lei/person from 1 January 2025. It is also forbidden, as for payments between legal entities, to split payments for operations with a value greater than 5,000 lei.
  • It is forbidden to make payments/cash receipts to/from individuals in their capacity as associates/managers, representing loans. The law is ambiguous regarding the granting/refund of cash loans in relation to natural persons other than those who are partners/administrators, as one time is limited to the 5,000 lei/person limit and another time is prohibited.

Cashier’s balance

  • The cash amounts in the cashier’s office cannot exceed, at the end of each day, the limit of 50.000 lei. Cash amounts exceeding the limit  shall be deposited in their bank accounts within 2 working days.
  • The limit of 50.000 lei may be exceeded only for amounts related to salary payments and other staff rights
  • if the amount I exceed this limit is used for the payment of personnel rights or for purchases from individuals within the next 3 working days, then there is no problem.
  • if the amount I exceed the limit of 50.000 lei is not used for the payment of staff entitlements or purchases from individuals or is much higher than the amount needed to pay them, the entity is obliged to deposit these amounts at the bank within 2 working days.

Exceptions to limits

  • Cash deposits in accounts opened with credit institutions, including cash deposit machines
  • Payment of travel expenses on official business, within the limits of the amounts due for travel, subsistence, accommodation and other unforeseen expenses incurred in this connection
  • Payment in cash of taxes, duties, contributions, fines and other obligations owed to the general consolidated State budget
  • Cash withdrawals from accounts opened with credit institutions
  • Depositing cash in cash dispensers that operate on the basis of banknotes or coins
  • The refund of amounts in the case of goods returned by customers or services not rendered follows the same rules as above.
  • Cash payments and cash receipts may be made between individuals up to a daily limit of RON 10,000 maximum, and no fragmentation of transactions or payments/receipts is allowed.

 

 

Fines

  • Failure to comply with the provisions is punishable by a fine of 25% of the amount collected / paid, respectively held in the cashier, which exceeds the limit established by law for each type of operation, but not less than 500 lei.
  • Failure to comply with the provision on granting advantages to customers for making cash payments is punishable by a fine of 15,000 lei to 20,000 lei.

 

These legislative changes will enter into force from 11 November 2023.