Finance Minister said that Russian Finance Ministry is proposing to revive the idea of limiting cash transactions in Russia in a bid to reduce shadow economy.
The Russian Finance Ministry is proposing to revive the idea of limiting cash transactions in Russia in a bid to reduce shadow economy, Finance Minister Anton Siluanov said on Saturday.
“Maybe we should think about limiting cash transactions. Many countries are following this path … That is very right as it is an element of reducing shadow economy. This instrument may give an opportunity to raise more taxes and make our economy more transparent,” Siluanov said at the congress of the United Russia party.The implementation of the new rules should be done gradually, to avoid any inconveniences, especially in those Russian municipalities and regions that do not have the infrastructure for cashless operations, the minister added.
The Russian Central Bank and the Ministry of Finance started to discuss the prospects of limiting cash transactions in 2012....MORE