Got a link to this article in my email this morning about Israel potentially being our first cashless society. Just wanted to pass it along. This would cause a lot more black market activity IMHO… What a strange time we live in.
The following guidelines were set out by the committee for the short-term:
- Limit business transactions done in cash or by check to NIS 7,500 ($2,150) immediately, and reduce that further to NIS 5,000 ($1,433) one year from the date of legislation;
- Limit private transactions done in cash or by check to NIS 15,000 ($4,300);
- Any violation of these limits would be a criminal offense warranting a stiff fine.
- In conjunction with these new restrictions, Israeli banks would be required to provide all account holders with debit cards to further promote electronic payments.
Maybe we need a new category called “Motivation”