Limits on mandatory cash payments are to be stricter

The Chamber of Deputies and the Senate of the Parliament of the Czech Republic have recently adopted an amendment to the Act Nr. 254/2004 Coll., on Limitation of Cash Payments.

 According to the Act on Limitation of Cash Payments, if the payment exceeds an amount of 350.000,- CZK, it must be transferred to a bank account. The adopted amendment decreases this limit to the amount of 270.000,- CZK.

 It is expected that the amendment shall become effective as of 1^st December 2014.