Cash Transactions Should Be Capped At 2, Not 3 Lakhs, Says Government

[Kool_SRG]

In his budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at three lakhs. The government wants to reduce the limit to two lakhs.

 

Cash transactions of more than two lakhs will be considered illegal and penalised, the government has proposed today.

In the government's annual budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at three lakhs. In an amendment to the Income Tax Act, the government has called for reducing the limit to two lakhs starting next month.

The proposal is aimed at curbing black money and pushing the country towards digital transactions.  

The penalty will be 100 per cent -anyone who accepts more than 3 lakhs in cash will have to pay a fine equal to the entire amount received.

After the budget was presented, Revenue Secretary Hasmukh Adhia said the government would  track all large cash transactions, and monitor sectors that see conspicuous consumption through cash.  

Earlier, the government had made it mandatory for any cash transaction above 2 lakhs to include the PAN or income tax identification details of the recipient/person paying the cash.

However, the cash restrictions will not apply to the government, any banking company, post office savings bank or co-operative bank.

[Kool_SRG]

Manchide gaani mundu Debit/Credit card pai 2 -2.5% surcharge ni lift cheyyandi for payments, banks charge it for POS machines and seller puts on head of Cutsomer this is still happening at majority of places.

[Kool_SRG]

1 minute ago, Kool_SRG said:

Manchide gaani mundu Debit/Credit card pai 2 -2.5% surcharge ni lift cheyyandi for payments, banks charge it for POS machines and seller puts on head of Cutsomer this is still happening at majority of places.

One side RBI says its not supposed to be collected but in reality its not happening...

[lazybugger]

banking in India is in shambles ani oppukondi ra pichi p laara. you can easily blame Congress for that too. which is possibly the only charge that can stick. 

more than the fake 2g and coal scams.

atleast have some hope for BJP now. for bloody politics, they are not going to the extent of publicly putting Indian economy at risk, because they don't have the balls to let banks go under (which is right). keep it up BJP. Now enact some decent policies, other than giving out directives every other day.