Anton Goncharuk
The document aims to remove barriers to cash payments for the purchase of real estate by citizens, as well as the problems faced by entrepreneurs in their activities due to the current restrictions. It also provides for amendments to reduce the risks of illegal use of cash in transactions.
“Citizens who have earned abroad or accumulated funds over a long period of time cannot always provide documentary evidence of them,” says Anton Goncharuk, auditor of PFBC-Privat SRL. – This happens for various reasons. And when buying a car or an apartment, banks require it. There are two ways out of the situation. Either to refuse the deal, or artificially lower the value of the contract, taking part of the price in the black or gray zones. But this is not the result for which the law was adopted.
The law also creates inconveniences and sometimes even blocking of activities for entrepreneurs. This happens in situations when the founder has to transfer borrowed funds to the enterprise to pay salaries and other operating costs, its development, etc. In this case, banks restrict or very carefully control the origin of the money.
On the other hand, depositing money in the company’s cash register is also almost impossible today. There is a small limit of 100 thousand lei per year for this purpose. And when transferring money to the company’s settlement account, the bank carries out a thorough check. And if the amount exceeds 200 thousand lei per year, the legal entity must additionally report on these funds.
If the company has no cash proceeds, there are no such problems, but there is another limitation. A founder who received dividends on a settlement account or card, when trying to withdraw them in the bank, is also asked questions and set limits, referring to internal regulations. It often happens that an entrepreneur, having earned money and paid taxes, cannot use it. For example, money is withdrawn from one bank to open a deposit in another. And a few months later, the cards are blocked due to the lack of a document confirming this deposit.
“Banks conduct “investigative actions”, referring to their own non-transparent regulations,” states Anton Goncharuk. – And the state is trying to stimulate non-cash settlements, keeping money in accounts and cards, but at the same time does not provide security guarantees for them. Except for the Law on Deposit Guarantee, which defines a small limit.
Another problem is courts and blocking of cards by bailiffs. “Due to a fine of 100 lei, all the funds on the card of one of our clients were blocked, as the bank technically could not block only this amount,” he says. – The blocking of social cards, on which citizens receive allowances, also happens.
Often, entrepreneurs cannot open a bank account and use the card because of lengthy court proceedings. And also to receive dividends, because it is possible to do it only by transfer. And if there are limits on loans, there are none in the case of dividends. And if they do not receive dividends, they cannot confirm their income, take a loan, apply for a mortgage, or buy real estate.
Another problem in these procedures is the additional cost of commission fees. “When paying by card, the commission reaches up to 3%,” Anton Goncharuk continues. – And for the cash payment systems that are appearing today, for example, QR code or payment via phone, the state does not have time to create a regulatory framework to effectively regulate them. In my opinion, if it wants to transfer everyone to non-cash payments, the procedures should be simplified.
A large layer of legislation is connected with all these changes, so for now it is possible to correct excessive control by banks on deposit and withdrawal of funds, says Anton Goncharuk. As well as limits on the period of storage and use of money. Especially since the state has information about the movement of funds. But the main thing is to conduct a comprehensive analysis of the impact of the law on economic activity.
