New cash payment limits in Lithuania

From November 1, the provisions of the Law on Limitation of Cash Payments of the Republic of Lithuania enter into force, according to which both natural and legal persons will be able to make payments in cash, as well as any other payments according to transactions, if they do not exceed a 5-thousand-euro amount (or an amount corresponding to this amount in foreign currency). It is published on the VMI website after a month of waiting for this information.

It should be noted that in this case, not the amount of one installment or part is evaluated, but the total amount of all payments for a specific transaction. The VMI has prepared the exact procedure for providing such information and will present it to the public and interested institutions for coordination in the near future.

If mutual settlements or payments according to the transaction cannot take place in non-cash due to the fact that payment service providers do not provide the necessary services at the place of these settlements or payments, and according to the transaction it is necessary to settle immediately, settlement will be possible in cash. In such a case, the person receiving (accepting) settlements or payments in cash will be obliged to notify VMI about this and to indicate the circumstances that made it impossible to settle in cash, and to provide the identification data of the parties to the transaction. The person will have 10 days to report the cash transaction.