Sunday, January 8, 2012

Game On! - Italy bans cash transactions

The following has just been reported by about new regulations just brought in by the Italian Government. Note if any one had taken the time to attend to a lecture given by Imran Hosein in Sydney, early 2009 they would not be surprised has he foretold of a day when "money" would no longer physically exist, ie cash transactions would be limited and then banned. He said that money would only exist in you account as a debit or credit, to be tracked or deleted by the elite at any time.
  • An extraordinary edict making cash transactions of more than Euro 1,000 illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300. Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now).
  • A requirement that credit card companies report all transactions carried out by Italians, in Italy and abroad to the fiscal authorities
  • Delays and refusals by banks in allowing customers to withdraw cash balances of as little as Euro 10,000
  • Finance Police has placed cameras at the physical borders with Switzerland (see below) to register all license plates. In addition, currency-sniffing dogs have been deployed at the border.
 This story has been also reported in part by Reuters and Corriere Del Ticino

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