חוק לצמצום השימוש במזומן, התשע"ח-2018Law on the Reduction of the Use of Cash, 2018 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Law passed in second and third reading on 12 March 2018, and is based on the recommendations of the Locker Committee submitted to the Government in 2014, which included a framework intended to gradually reduce the use of cash and other paper-based payment instruments such as checks, and to promote increased use of electronic payment instruments. The Law includes, among other things, the following arrangements: restrictions on the use of cash in transactions above a certain amount, including use of cash as wages, donations, gifts, or loans. Excluded from the scope of the cash prohibitions are the use of cash between family members (except in the case of wages), a state authority to be determined by order, and charitable loan societies (gemachim) (under a temporary provision). Restrictions were also established on the use of checks, including a prohibition on giving or receiving an "open check" or a check endorsed "in part." The Law establishes financial sanctions to be imposed on a business that violates the provisions of the Law, as well as administrative fines to be imposed on someone who is not a business. The restrictions on the use of cash will take effect within approximately 9 months from the date of approval of the Law. In addition, different application dates were set for residents of the Area and residents of the Palestinian Authority who are not Israelis.

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