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Cash Transaction Limit - Just Rs 2 Lakh!
By: Tupaki Desk | 21 March 2017 4:54 PM GMT
Union Government decided to limit the Cash Transaction to only 2 lakh, which is Rs 1 lakh less than what Finance Minister proposed during the Budget Session in Parliament.
Arun Jaitley mentioned during Union Budget 2017-18 that cash transactions to be capped at Rs 3 lakh. He made it clear that any cash transaction beyond Rs 3 lakh will become illegal.
However, Centre has proposed cap legal cash transaction limit at Rs 2 lakh now. This proposal is one of the 40 amendments recommended to the Finance Bill.
In case if people were caught violating the rule, A penalty of equal amount would be levied on them. This is a major step to collect more revenue in the form of taxes and cut down corruption.
Arun Jaitley mentioned during Union Budget 2017-18 that cash transactions to be capped at Rs 3 lakh. He made it clear that any cash transaction beyond Rs 3 lakh will become illegal.
However, Centre has proposed cap legal cash transaction limit at Rs 2 lakh now. This proposal is one of the 40 amendments recommended to the Finance Bill.
In case if people were caught violating the rule, A penalty of equal amount would be levied on them. This is a major step to collect more revenue in the form of taxes and cut down corruption.
