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100% Penalty on Cash Transactions above Rs 3 lakh
By: Tupaki Desk | 1 Feb 2017 10:38 AM GMT
In a major step towards curbing Black Money, Union Finance Minister Arun Jaitley on Wednesday announced that Cash Transactions above Rs 3 lakh willn't be permitted from April 1st, 2017. This move was recommended by Special Investigative Team (SIT) set up by Supreme Court on Black Money.
As per Revenue Secretary Hasmukh Adhia, 100% Penalty will be levied on cash transactions above Rs 3 crore. Which means any Individual or Firm won't be permitted to pay anyone over Rs 3 lakh in cash.
In the 5th Report it submitted to Supreme Court in July last year, SIT recommended Rs lakh upper limit on Cash Transactions to curb black money. Stating that majority of the unaccounted wealth is in the form of cash, It recommended Centre not to permit Individuals or Firms to have over Rs 15 lakh in cash.
As per Revenue Secretary Hasmukh Adhia, 100% Penalty will be levied on cash transactions above Rs 3 crore. Which means any Individual or Firm won't be permitted to pay anyone over Rs 3 lakh in cash.
In the 5th Report it submitted to Supreme Court in July last year, SIT recommended Rs lakh upper limit on Cash Transactions to curb black money. Stating that majority of the unaccounted wealth is in the form of cash, It recommended Centre not to permit Individuals or Firms to have over Rs 15 lakh in cash.
