Budget 2017: Cash transactions above 3 lakhs banned beginning April 1 amid Govt's black money clamp down
Finance Minister Arun Jaitley In His Budget Presentation On Wednesday Continued With Government's Stringent Drive To Curb Black Money By Proposing Ban On All Cash Transactions Above Rs 3 Lakh Beginning April 1, 2017.
Finance Minister Arun Jaitley in his budget presentation on Wednesday continued with government's stringent drive to curb black money by proposing ban on all cash transactions above Rs 3 lakh beginning April 1, 2017.
The decision to ban cash transactions beyond a threshold is based on the recommendation of the Special Investigation Team on black money that was set up by the Supreme Court, Jaitley said while presenting Union Budget 2017-18 in Parliament.
All cash transactions above Rs 3 lakh will be banned, he said.
Also Read: Budget 2017: Government to infuse Rs 10,000 crore in public sector banks in FY 2018 under 'Indradhanush plan'
The SIT, headed by Justice M B Shah (retired), in July had submitted its fifth report to the Supreme Court on steps needed to curb black money.
Noting that a large amount of unaccounted wealth is stored in cash, SIT had said: "Having considered the provisions which exist in this regard in various countries and also having considered various reports and observations of courts regarding cash transactions, the SIT felt that there is a need to put an upper limit to cash transactions."
It recommended a total ban on cash transactions of Rs 3 lakh and above and that "an Act be framed to declare such transactions as illegal and punishable under law".
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