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snowman4434 4 posts  |  Last Activity: Aug 3, 2014 8:17 PM Member since: Jul 9, 2007
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  • Reply to

    End of the world!

    by jag_shasha Aug 3, 2014 8:01 PM
    snowman4434 snowman4434 Aug 3, 2014 8:17 PM Flag

    A round of Ebola for everyone, if you like your Ebola you can keep your Ebola.

  • Melt Executive order 999094pudsendlesstripe.

  • snowman4434 snowman4434 Jun 26, 2014 12:28 AM Flag

    If people in Cyprus can live with it so can you!

  • snowman4434 snowman4434 Jun 26, 2014 12:26 AM Flag

    There is no top? Kind of like investing with Madoff, one day it is there and the next day it isn't. They will have a stock market Czar that will issue a decree letting you know if he is willing to throw you a bone today!
    On January 17 2014 the Ministry of Finance published the 25th Decree, as required by Articles 4 and 5 of the Enforcement of Restrictive Measures on Transactions in Case of Emergency Law 2013. The decree further clarifies the restrictions that are in place on the use of credit and debit cards and other payment instruments, including the amounts that can be withdrawn and/or transferred from such instruments. The decree also contains a number of prohibitory measures relating to the termination of fixed-term deposits.

    The decree will be in force until February 10 2014 and contains the following restrictive measures (and exceptions thereto).
    Cash withdrawals

    The maximum amount of cash withdrawn should not exceed the daily allowance of #$%$300 for each natural person or #$%$500 for each legal person in each credit institution, or an equivalent amount in foreign currency. All cash withdrawals are calculated per person, consolidating all accounts held in each credit institution.
    Cashing of cheques

    The cashing of cheques is prohibited.
    Cashless payments and transfers of deposits or funds

    The cashless payment or transfer of deposits or funds to accounts held in other credit institutions within Cyprus is permitted for amounts of up to #$%$15,000 a month for each natural person or up to #$%$75,000 a month for each legal person in each credit institution, regardless of the purpose.

    Furthermore, the cashless payment or transfer of deposits or funds to accounts held in other credit institutions within Cyprus for the purchase of goods and/or services is permitted regardless of the amount, provided that the payment is not made from one credit institution to another into the person's own account. The credit institution is authorised to request justification for the contemplated transaction. Cashless payments and/or transfers of deposits or funds to accounts held abroad are prohibited. However, this is not an absolute prohibition – the following exemptions apply:

    For transactions that fall within the normal business activity of the customer (who may be required to provide documents justifying such transactions):
    the payment and/or transfer of deposits or funds of up to #$%$1 million per transaction is not subject to committee approval, provided that the particular credit institution authorising such a transaction has reviewed the necessary documents and, based on such documents, has concluded that the transaction is justified; and
    the payment and/or transfer of deposits or funds of more than #$%$1 million per transaction is subject to committee approval. The credit institution or payment institution must submit all the relevant documents, as well as the name of the relevant credit institution. In providing its approval, the committee will take into account the liquidity position of the credit institution.
    Payments made for salaries of employees are permitted on the presentation of relevant supporting documents.
    For a person who is studying abroad and is a first-degree relative of a Cyprus resident, transfers for living expenses of up to #$%$5,000 a quarter are permitted, as well as for tuition fees. Supporting documents must be provided and tuition fees must be paid only to the beneficiary educational institution. The credit institution must maintain a record of all such transactions and monitor these for any irregularities.
    Transfers of deposits or funds outside of Cyprus not exceeding #$%$5,000 a month for each person and each credit institution and/or payment institution, regardless of the purpose, are also permitted.

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