Cyprus-Forum.com

[Robin Hood]

Cyprus Mail .....
New banking regulations look askance at €500 notes

Bank customers may be in for a surprise if they try to exchange their €500 banknotes into smaller denominations as they can no longer be changed over the counter.

http://cyprus-mail.com/2016/06/05/new-banking-regulations-look-askance-e500-notes/

If you have any largish amounts of 500’s to surrender, you will ONLY be able to deposit them into an account and the information goes to the revenue. And, don’t accept the €500 note as payment, especially if it is in a little brown envelopes ..... you can’t cash it! It’s a bit late now but if your grandparents/parents have been stashing it under the bed to provide for your future so that you don’t have to get a proper job ........ you could have problems cashing in on your inheritance when they pass!

Next stop down the line ........... then notes will disappear completely.

Sweden leads the race to become a cashless society

http://www.blacklistednews.com/Sweden_leads_the_race_to_become_cashless_society/51686/0/38/38/Y/M.html

[CBBB]

Cyprus Mail .....
New banking regulations look askance at €500 notes

Bank customers may be in for a surprise if they try to exchange their €500 banknotes into smaller denominations as they can no longer be changed over the counter.

http://cyprus-mail.com/2016/06/05/new-banking-regulations-look-askance-e500-notes/

If you have any largish amounts of 500’s to surrender, you will ONLY be able to deposit them into an account and the information goes to the revenue. And, don’t accept the €500 note as payment, especially if it is in a little brown envelopes ..... you can’t cash it! It’s a bit late now but if your grandparents/parents have been stashing it under the bed to provide for your future so that you don’t have to get a proper job ........ you could have problems cashing in on your inheritance when they pass!

Next stop down the line ........... then notes will disappear completely.

Sweden leads the race to become a cashless society

http://www.blacklistednews.com/Sweden_leads_the_race_to_become_cashless_society/51686/0/38/38/Y/M.html

But we don't need cash, or a job, just a computer!

[Sotos]

That is bullshit because many people keep cash since the 2013 "haircut" and the €500 notes is the easiest way to do this. In my opinion a Bank is a private company and shouldn't ask any questions. If the state or police suspects somebody for illegal activity they can get a warrant from a court and get the bank details and ask all the questions they want.

[Robin Hood]

Cyprus Mail .....
New banking regulations look askance at €500 notes

Bank customers may be in for a surprise if they try to exchange their €500 banknotes into smaller denominations as they can no longer be changed over the counter.

http://cyprus-mail.com/2016/06/05/new-banking-regulations-look-askance-e500-notes/

If you have any largish amounts of 500’s to surrender, you will ONLY be able to deposit them into an account and the information goes to the revenue. And, don’t accept the €500 note as payment, especially if it is in a little brown envelopes ..... you can’t cash it! It’s a bit late now but if your grandparents/parents have been stashing it under the bed to provide for your future so that you don’t have to get a proper job ........ you could have problems cashing in on your inheritance when they pass!

Next stop down the line ........... then notes will disappear completely.

Sweden leads the race to become a cashless society

http://www.blacklistednews.com/Sweden_leads_the_race_to_become_cashless_society/51686/0/38/38/Y/M.html

But we don't need cash, or a job, just a computer!

Well done ..... you are beginning to get the picture! Although you won't need a computer just a chip and PIN card for now ....(later just the chip :roll: ) ........ only the bank needs the computer, because they will be looking after your numbers and the only way you can use those numbers, is with your smart card. No more queuing at ATM's .... they become redundant.

[Robin Hood]

That is bullshit because many people keep cash since the 2013 "haircut" and the €500 notes is the easiest way to do this. In my opinion a Bank is a private company and shouldn't ask any questions. If the state or police suspects somebody for illegal activity they can get a warrant from a court and get the bank details and ask all the questions they want.

Bullsh*t? I think you are in for a surprise! The notes belong to the State ..... the numbers in your account belong to the bank, not you. All you have is an IOU which is why in 2013 the banks ended up with millions in customers deposits. 'You' lent it all to the bank! The bank defaulted .... and 'you' lost your money.

You are right, the banks are private commercial profit making entities but they come under national and banking regulations. Read the article ..... they can insist you open an account to deposit these notes in, they can put a block on withdrawals from that account ....... they need no Court Order to do so. It's their bank, their rules, their money ...... times have changed. It will be up to you to convince the authorities when asked, that the notes are 'clean' by giving proof that the origin was a legitimate source ....... if you can't ...... you can always sue them to get your money back. but the Court will only ask for the same proof.

Or you can try to off-load them at the local supermarket ..... out of interest, try it and tell us if they accepted the €500 note?

We had one €500 note we took it to the bank last week to change it. No problem ....... we have been same bank customers for 22 years and, as it was just one single note (that they gave us some time ago) we had no problem but the teller said then that they were 'tightening up'

[B25]

OK, so what's the point of a €500 note if you can't do anything with it????

[Robin Hood]

OK, so what's the point of a €500 note if you can't do anything with it????

Precisely ...... that is why you now have to either cash them for €100's for smaller or for larger sums, deposit them into an account. The bank automatically informs the 'authorities' (whoever)! BUT ..... if they have been withdrawn from your account to put under the bed for safety .......... then you have no problem. It is say, a lawyer who only earns €15k and wants to off load €20k-100k+ that could have a problem! The €500 note has become useless!

I would make a guess ..... IMO ..... within a short time ALL large deposits of cash into accounts will be treated in the same way. It now happens in Sweden ...... when a significant (?) payment is attempted in cash they call the police and many establishments will not even accept cash.

[kurupetos]

OK, so what's the point of a €500 note if you can't do anything with it????

Give them to the bank so that they can control your money.

[Robin Hood]

OK, so what's the point of a €500 note if you can't do anything with it????

Give them to the bank so that they can control your money.

They can also take your money if you cannot prove the origin was kosher! Whist obvious to someone with my take on banking (definitely not main stream!!!) .......... today the €500, then the €100, then the €50 and so on until the only option is to pay is using their cards over which they have ultimate and absolute control. Money in paper form (Government issued, debt free, interest free CB paper money) will be history. That should then be irrefutable proof to some deniers, that ' .......it isn't real money in your account afterall'

Once the banks have people having to rely upon their cards as the only method of paying and getting paid ..... they won't need the card ..... just the 666 chip! And some people really do believe it is a conspiracy theory ..... think about it? It makes sense to me! .

[Paul ZKTV]

https://www.ecb.europa.eu/press/pr/date ... 04.en.html
4 May 2016
ECB has decided to discontinue production and issuance of €500 banknote
Europa series of euro banknotes will not include the €500
€500 banknote remains legal tender and will always retain its value

today the Governing Council of the European Central Bank (ECB) concluded a review of the denominational structure of the Europa series. It has decided to permanently stop producing the €500 banknote and to exclude it from the Europa series, taking into account concerns that this banknote could facilitate illicit activities. The issuance of the €500 will be stopped around the end of 2018, when the €100 and €200 banknotes of the Europa series are planned to be introduced. The other denominations – from €5 to €200 – will remain in place.
In view of the international role of the euro and the widespread trust in its banknotes, the €500 will remain legal tender and can therefore continue to be used as a means of payment and store of value. The Eurosystem, which comprises the ECB and the euro area national central banks, will take steps to ensure that the remaining denominations are available in sufficient quantities.
The €500 banknote, like the other denominations of euro banknotes, will always retain its value and can be exchanged at the national central banks of the Eurosystem for an unlimited period of time.
also
http://ec.europa.eu/taxation_customs/cu ... dex_en.htm