The State Duma banned cash payments for the purchase of scrap metal from citizens
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The State Duma adopted in the third, final reading law, which prohibits cash settlements with individuals when they sell scrap and waste of non-ferrous and ferrous metals. They can only receive payments by bank transfer. The changes will come into effect on July 1, 2024.
The law comes into force from the day of its publication. From this moment, non-cash is provided if the amount of purchase of non-ferrous metal scrap exceeds 120 thousand rubles, and ferrous metals – more than 10 thousand rubles. Until July next year, the government will also be able to adjust these financial thresholds.
One of the authors of the draft law was deputy Andrei Lugovoy. He explained the need for its adoption by the fact that industry participants withdraw large amounts of cash from bank accounts for settlements with sellers. According to him, the uncontrolled withdrawal of cash “stimulates the development of shadow schemes and causes increased attention and distrust on the part of regulatory authorities, which negatively affects conscientious participants,” Interfax reports.
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