Italy to Ban Cash Transactions Over 5,000 Euros, Lawmaker Says
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Italy’s government will approve a measure to ban any cash transactions of more than 5,000 euros ($6,188) to clamp down on tax evasion, according to a lawmaker briefed on the plan by Finance Minister Giulio Tremonti.
A Cabinet meeting in Rome tonight will pass the measure as part of 24 billion euros ($30 billion) in deficit cuts aimed at bringing the budget gap within the European Union limit in 2012, said the lawmaker, who asked not to be identified. He also said the threshold may eventually be raised to 6,000 euros, “as it is in the rest of Europe.”