Large cash transactions illegal as of Friday

Large sized cash transactions will be illegal as of Friday as the government forces the payment of all goods and services above 3,000 euros to be completed by credit card or bank cheque in a bid to stamp out tax evasion.

The restriction on cash transactions will offer the Finance Ministry more effective on-line monitoring of business revenues and taxes payable.

The 3,000 euro limit will drop to 1,500 euros as of January 1, 2012.