Skip to comments.Russia to ban cash transactions over $10,000
Posted on 03/27/2013 11:43:55 AM PDT by grumpygresh
Russia may ban cash payments for purchases of more than 300,000 rubles (around $10,000) starting in 2015. The move is expected to boost banks cash reserves and put a damper on Russias shadow economy. However, the middle class will most likely end up having to pay the price for the scheme....Given the substantial criminal activity and illegal entrepreneurship, the grey and black economies account for 5065 percent of GDP. Even former Central Bank Chief Sergey Ignatyev had to admit that about $50 billion was taken out of Russia illegally in 2012 alone.
(Excerpt) Read more at rbth.ru ...
COMING SOON to a peoples republic near you!
When banksters start jumping from rooftops you'll know the new currency is working.
> ...start minting a sound universal currency.
What Is Bitcoin and What Can I Do With It?
Cash transactions in the US over $10,000 have required special forms to be filed by the receiving party for well over a decade. This was to combat the Cocaine Cowboys of the ‘80’s. They’d regularly buy cars with cash.
Ok, put it on lay away and split the cash payments.
This can never happen in the US because Obama is not a socialist-communist-Marxist-Muslim control freak and also because he did not tell the Russian leadership that he’ll have more freedom to do things once he gets elected to a second term.
Such an economic terrorist would very quickly get to test the soundness of his currency against that of an existing currency backed by the full faith and credit of the United States Marine Corps. :)
I’ve started to do transactions in cash. Everything I can.
I even pay my lawyer in cash.
Because of the gubmint seizing cash, I have great records of where my cash came from.
Not true. Closed my MM acct. (more than $10K ) with a cash withdrawal four (4) years ago. ONLY had to write a check to myself.
Made a cash deposit over $10K a few months ago, didn't even have to fill out a deposit slip...the bank did that for me.
I didn't see anybody whipping out gold bars to buy non-existent gas and groceries after any recent natural disaster.
No, reporting is is one of the initial steps. Banning is only one step away.
The transaction was nonetheless reported and you were captured on video.
Any bank not reporting that would be in danger of losing its charter. Your bank did not risk that.
The underground economy is an old Russian tradition going back to the Soviet Union, if not before. It was called living “na levo” or “on the side.” It was more than a way of life, it was a means of survival. You want to see your doctor when you need to see him? Build him a deck on his dacha. You need the lumber for the deck? Give the guy at the lumber yard a few bottles of vodka to look the other way while the lumber disappeared. Most of the concrete trucks headed from the cement plant to the big state project arrived with less than half their original load. The rest became garage floors and whatever else.
Of course, you had to make sure the authorities turned a blind eye to all of this. So you take care of the cop/KGB man in the apartment complex. The rise of the “Russian mafia” was no surprise, it was the KGB and they were getting their cut of the underground economy all along. All they did was discard the letters and uniforms, their practices didn’t change.
The average Russian will laugh at this latest edict as he laughed at all of the same attempts of the USSR to curb his lifestyle. Nothing will change.
If the gas and groceries were "non-existent," whipping out any currency would have had the same result.
Re-read my post.
What I meant was - I didn’t say they wouldn’t consider banning here at all. But that it IS a big step away that we may not get to.
But yes, just like gun control - once they know where all the guns are via a forced registration, then it is easier to confiscate them.
I have no doubt Obama et. al. are drooling at the thought of confiscating our savings after watching Cyprus get away with it. I think they’d rather just steal our money in savings accounts and 401ks and skip the step of monitoring who is spending what.
It’s the bank that has to do the reporting. So it is even more under-handed because it is done without our consent.
Congrats. I've been doing that for years. I value my privacy. Digital transactions are stored in databases and spied by others. As for safety, friends of mine have had their accounts compromised by digital thieves and identity theft. Transfer money to relatives and friends by purchasing things for them, totally legal (keep it under 5 figures), that they would have had to purchase themselves. It should not be anyone's business how you spend your money. Haven't paid my lawyers in cash yet, interesting idea.
“I have no doubt Obama et. al. are drooling at the thought of confiscating our savings after watching Cyprus get away with it. I think theyd rather just steal our money in savings accounts and 401ks and skip the step of monitoring who is spending what.”
Forced conversion of pension plans to treasuries would precipitate a major market collapse almost instantly. All those pension plans would have to liquidate their holdings of stocks and bonds which would result in a massive sell-off and market closure. The private sector would be deprived of capital and the economy would seize up. No doubt, panic would spread with a run on bank deposits. Banks would close, and so would ATMs and EBT cards; riots to follow.
So perhaps, outright confiscation of accounts without conversion to treasuries would be more feasible. It’s just a wealth transfer from the rich to the uber-rich elites. That seems to be the point of the Cyprus experiment.
Aren’t you glad the Russians stick up for free enterprise? /s
I had to buy a new car in 2008 in Russia’s official Nissan dealership. I first offered them a payment via bank but it was as unusual and weird for them so I ended up in line with a bag of rubles worth $45,000. There were about a dozen people with bags as well. One Asian woman had over $100,000 in cash on her for an Infinity QX.
Obama is a fascist, not a communist. He is happy to have his buddies get rich from Gov’t subsidies and “loans.” He (and his beastly wife) has a taste for the finer things in life which could not be had if the whole world was communist.