Loading ...Israel considers new limits on precious metals and cash to combat crime
Israeli Prime Minister Benjamin Netanyahu is considering limiting citizens’ right to own precious metals as part of a series of sweeping changes to help fight financial crime.
The report indicated that Netanyahu has called for a meeting to be held with Finance Minister Bazalel Smothrich, Bank of Israel Governor Amir Yaron, Prime Minister’s Office Director-General Yossi Shelley, and top officials from the Tax Authority and Task Force for Combating Crime in the Arab Community.
One of the proposals is to ban private ownership of large quantities of cash alternatives such as gold, silver, and valuable coins. Economists have suggested that Israel could increase its tax revenues by $24 to $31 billion by 2030 with effective measures against black market money.
Netanyahu has also asked the group to consider phasing out the 200-shekel banknote, the largest denomination bill in circulation in the country.
The 200 Shekel note is roughly equivalent to US $50 bill.