HE Bank of Spain He released a statement regarding the issue. 500 euro banknotes. These bills happen It is becoming increasingly rare in Europe. In reality, it has been found that these notes are mainly used. criminal activities and is monitored for money laundering and is gradually withdrawn from circulation, except in some exceptional cases.
There are currently only 500 banknotes in circulation Published before 2019: Starting from that year, the Bank of Spain stopped their production upon the recommendation of the European Central Bank (ECB). These bills are often associated with crimes such as fraud or money laundering This was the determining factor in making the decision.
It is very important to emphasize that only certain industries can “recirculate” these invoices. These are three places:
Monitored by the Tax Office
The purpose of this is to combat the informal economy, therefore Tax Administration regulates certain cash transactions. Accordingly, this public institution may request information and justification for deposits exceeding 3,000 Euros. Likewise, the Tax Office also inspects. Cash transactions exceeding 500 euros.
At the end of 2020, the Government introduced new regulations to combat fraud and restrict cash payments. Therefore, Law No. 11/2021 of 9 July states: The maximum amount for cash payment is 1,000 euros. If the customer wants to purchase products or services for a larger amount, he must use another electronic payment method.
“These banknotes will retain their value indefinitely and can be exchanged at the national central banks of the euro area at any time,” the ECB said in a statement at the time. said. However, it is not possible to find these banknotes in any store today.