Explorer

Another blow to black money: Cash transaction above Rs 3 lakh banned from Apr 1, says Arun Jaitley

New Delhi: Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley on Wednesday proposed to ban 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. 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".
View More
Advertisement
Advertisement
25°C
New Delhi
Rain: 100mm
Humidity: 97%
Wind: WNW 47km/h
See Today's Weather
powered by
Accu Weather
Advertisement

Top Headline

Lok Sabha Polls: Congress CWC Meeting Begins, Likely To Release Manifesto Today
Lok Sabha Polls: Congress CWC Meeting Begins, Likely To Release Manifesto Today
Supreme Court To Hear Batch Of  Pleas Today Seeking Stay On Implementation Of CAA Rules
Supreme Court To Hear Batch Of Pleas Today Seeking Stay On Implementation Of CAA Rules
Delhi Excise Policy Case: K Kavitha Conspired With CM Kejriwal, Sisodia For Favours, Claims ED
Delhi Excise Policy Case: K Kavitha Conspired With CM Kejriwal, Sisodia For Favours, Claims ED
'Modi Violated Lok Sabha MCC': TMC Alleges PM Campaigning For BJP Using Govt Money
'Modi Violated Lok Sabha MCC': TMC Alleges PM Campaigning For BJP Using Govt Money
Advertisement
for smartphones
and tablets

Videos

Electoral Bonds Case: By When Will The Parties Enjoy Donation Benefits? | ABP NewsElectoral Bonds Case: Will The Reality Behind Donations Be Out Soon? | ABP NewsElectoral Bonds Case: Will State Bank Of India Provide Supreme Court With Data? | ABP NewsElectoral Bonds Case: Is This The Matter Of Donation Or Some Electoral Power? | ABP News

Photogallery

Embed widget