> Around NIS 5 billion have already been collected in fines since the restrictions were voted into law. In 2022 alone, around 6,000 audits have been conducted s

> Around NIS 5 billion have already been collected in fines since the restrictions were voted into law. In 2022 alone, around 6,000 audits have been conducted so far, with 2,189 law-breakers identified, representing a sum of NIS 35 million in illicit transactions. That figure of NIS 5 billion, or US $1.45 billion[1], must be error because it suggests they are fining people $95K when caught doing a $5K cash transaction[2]. It seems very extreme, enough to bankrupt many people and businesses; it can't be right. [1] The exchange rate for the NIS (New Israeli Shekel) to US dollars is about NIS 3.44 = US $1.00. [2] Extrapolating backwards, if 2,189 law-breakers did NIS 35 million in illicit transactions so far this year, then in the last 3.5 years since the law came into effect, 15,323 law-breakers did NIS 245 million in illicit transactions, for an average transaction size of NIS 15,989 or US $4,647. So each law-breaker received an average fine of NIS 326,306 (NIS 5 billion divided by 15,323), or US $94,856, which is 20 times greater that the illicit transaction itself.