May 29, 2023


Complete Canadian News World

This industry is in danger of collapse due to restrictions on cash payments. As much as 90 percent of customers pay in cash

New limits for cash payments

The new cash payment limits will come into effect on January 1, 2024. The introduction of the new regulations is intended to combat the so-called gray area, but, experts assure, the regulations will hit ordinary citizens. What exactly will change from next year?

From 2024, the limit of cash payments among entrepreneurs will be reduced from 15 to 8 thousand. zlotys. It will also be served Payment limit for consumers – it will be 20 thousand. zlotys.

In practice, this means that the shopkeeper will not be able to make cash purchases at the warehouse if they exceed 8,000 PLN. zlotys. Earlier, he would have to take his expenses to the bank to pay for the goods by card or bank transfer. The regulations will also directly affect consumers. From the new year, you will not be able to buy a car with cash, for example.

There will be lower cash limits. This will make life difficult for many Poles

The new frontier will reach car dealers

The new payment limits will particularly affect car dealerships, which deal mainly in cash. As experts assure, cash payments to a developer or car dealership are rare. According to the applicable regulations, there are limits to cash payments in the housing market of up to PLN 10,000. euro. Any attempt to pay a larger amount in cash should be reported to the appropriate institutions. Traditionally, customers only pay upfront payments. Payments at car dealerships are similar. The same limits apply and most new cars cost over £10,000. euro.

See also  Significant declines in gas prices in Europe. Warm autumn and full of warehouses do their job, but this is not the end of the crisis

However, the new regulations will hit owners of used car dealerships, as up to 90 percent of transactions take place in cash. Used cars offered by used car shops cost less than 46,000 in most cases. zlotys (10,000 euros).

Maciej Szymajda, Chairman of the Komisó Association for the portal, talks about the problems that may occur in the industry.

– Our clients are often people who don’t have an account at all or just use it to collect their paychecks – they pay and manage with cash. Sometimes they don’t even know they’ve imposed restrictions on daily transactions – Szymajda admits and adds that he hopes new regulations won’t be introduced.

Will you run out of money? explains PKO’s chief economist