Flip the Script
Cash transaction prohibition clarified by the expert
When it comes to cashless transactions, they're all about transparency - knowing where the money's coming from and where it's going. But why do builders prefer good ol' cash? Well, it's usually the sneaky, under-the-radar types engaged in gray activities, like bribes, and the like. An expert weighed in, suggesting that this crackdown on these shady, gray dealings could help trace the source of the funds.
This expert statements doesn't predict any significant impact on real estate prices due to the proposed limitation of cash transactions. Mikhail Beliaev highlighted other factors that determine real estate price fluctuations.
As reported by TASS on April 21, Svetlana Razvorotneva, Deputy Chair of the State Duma's Housing and Utilities Committee, indicated a potential law banning cash transactions for real estate deals over 1 million rubles could become a reality by the end of 2025. Razvorotneva aims to introduce the initiative before the end of June. backed by the Russian Union of Real Estate Market Participants (comprising "Samоlet pлюs" and "Этажи").
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In light of the proposed law banning cash transactions for real estate deals over 1 million rubles, the potential impact on finance and business sectors, including general news and politics, could be significant as it aims to curb illicit activities like bribes. The upcoming legislative initiative is supported by the Russian Union of Real Estate Market Participants and is expected to be presented before the end of June, as reported by TASS on April 21.
