HE Bank of Spain made a relevant statement for those. 500 euro bills. These bills are spinning Increasingly rare across Europe. In fact, it has been found that these banknotes are predominantly used. criminal activities and money laundering are therefore being tracked and gradually withdrawn from circulation, with some exceptions.
Now only 500 banknotes are in circulation. Posted before 2019: from that year the Bank of Spain stopped producing them on a recommendation from the European Central Bank (ECB). These bills are often associated with crimes such as fraud or money laundering was decisive in making this decision.
It is very important to emphasize that only certain industries can “recirculate” these invoices. These three places are:
Monitored by the Tax Office
Its purpose is to combat the informal economy. Tax Administration regulates certain cash transactions. In this line, this public body can request information and a justification for deposits above 3,000 euros. Likewise, the Tax Office Cash transactions greater than 500 Euros.
At the end of 2020, the Government approved new regulations to combat fraud and restricted cash payments. Therefore, Law No. 11/2021 of 9 July establishes: The maximum amount for cash payment is 1,000 Euros. If a customer wishes to purchase a product or service at a higher price, they must use another electronic payment method.
“These banknotes will retain their value forever and can be exchanged at any time at the national central banks of the eurozone,” the ECB said at the time. However, nowadays it is not possible to find these tickets in any store.