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13. May 2002 |
Law on foreign currency transactions comes into effect today
A new Federal law on foreign currency transactions, which greatly liberalizes
international economic cooperation and international financial transactions,
comes into effect today. The law allows citizens to take 2.000 Euros
in cash or travelers checks abroad, which is four times more than the
previous limit.
A great novelty in the law is the possibility for citizens to send money
through banks to family members abroad, provided that, for sums greater
then 5.000 Euros, proof is given that the money is intended for tuition
fees, medical costs, or basic costs of life. A benefit for businesses
is that the law also foresees the possibility of advanced payments when
exporting goods and services.
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