Cash Payment Restrictions to be Delayed

The Finance Ministry will continue to work on legislation aimed at limiting the size of transactions made in cash, Deputy Finance Minister Aleksei Moiseyev said Friday.

Pointing to a number of issues, including legal questions, that need to be addressed, Moiseyev said the law would, if passed, not come into force from Jan. 1 2014, but later, Interfax reported.

Earlier, Moiseyev said the Finance ministry had circulated a new version of the proposed legislation to ministries concerning the limitation of cash transactions. Initially, this proposal would introduce a limit of 600,000 rubles ($19,000) on cash payments, and in the future lower that marker to 300,000 rubles.

Read more