State Duma deputy Anatoly Wasserman has said that a bill banning the storage of more than 1 million rubles in undeclared cash is not ready yet and remains a collection of opinions, according to reports from TASS.
Wasserman noted that his comment on the initiative would come after the review and gathering of opinions is completed.
He explained that the proposal would add a section to the Criminal Code of the Russian Federation addressing the illegal circulation of cash payments. Under this provision, funds stored without declaration could be confiscated, and violators might face a double fine and a cash tax equal to or exceeding 1 million rubles. The 1 million ruble threshold, he said, is a rough estimate tied to typical earnings, though regional data likely indicate that fewer than a million people earn above that level each year.
Earlier Wasserman proposed requiring citizens to report cash taxes for sums exceeding 1 million rubles. He said this idea was sparked by an incident eleven years ago when he discovered 1.5 million euros near a house during searches conducted with Ksenia Sobchak. He argues that the new measure could help curb the informal economy more effectively. Opponents among his Duma colleagues contend that the law already guarantees citizens the right to choose how to hold their money, and they point out that tracing the origin of every Russian savings balance is impossible.
In related remarks, supporters emphasize that formalizing cash holdings could reduce shadow transactions and improve tax compliance, while critics warn that enforcement challenges and personal financial privacy concerns could hinder the plan’s success. The debate continues as committees study the potential impact and practical implementation details. The discussion remains part of a broader effort to modernize financial oversight and ensure clearer reporting of cash operations across the country, with inputs from various lawmakers and experts. — source: TASS