Notes of 100
A commercial establishment can be denied to accept a ticket of 100, 200 or 500 Euros
Section two of article 3 of Law 46/1998, of December 17, on the introduction of the euro, states that "notes and coins denominated in euros will be the only legal tender in the national territory". Giving a legal tender currency implies that the payment of any debt can not be rejected when it is done with the physical expression of it, that is, with notes and coins.
Consequently, the use of euro banknotes is not subject to any type of limitation or legal restriction. Therefore, restricting the use of certain high denominations of tickets in advance does not seem to be in line with the concept of legal tender currency that the euro holds.
However, we can not fail to point out that, as stated in number 1 of article 7 of the Civil Code, rights must be exercised in accordance with the requirements of good faith, which should suppose euro banknotes are used in accordance with the amount of the service to be paid, but in no case could the use of certain denominations be rejected in advance for the payment of a debt.
Section two of article 3 of Law 46/1998, of December 17, on the introduction of the euro, states that "notes and coins denominated in euros will be the only legal tender in the national territory". Giving a legal tender currency implies that the payment of any debt can not be rejected when it is done with the physical expression of it, that is, with notes and coins.
Consequently, the use of euro banknotes is not subject to any type of limitation or legal restriction. Therefore, restricting the use of certain high denominations of tickets in advance does not seem to be in line with the concept of legal tender currency that the euro holds.
However, we can not fail to point out that, as stated in number 1 of article 7 of the Civil Code, rights must be exercised in accordance with the requirements of good faith, which should suppose euro banknotes are used in accordance with the amount of the service to be paid, but in no case could the use of certain denominations be rejected in advance for the payment of a debt.
Related news
-
The New 10 Euro Note will be issued by the European Central Bank on September 2014 -
The current economic crisis is putting further stress on the euro, to the extent that its survival as the common currency of the 17 member states of the eurozone is now being openly questioned.
-
This is the first in a planned series of articles about reports of developments in new types of payments that will appear from time to time in Currency News. We will explore technology developments as well as policy initiatives affecting payment alternatives.
