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

Ukraine Talks Zelenskyy’s Peace Formula Implementation, India Remains Silent
Ukraine Talks Zelenskyy’s Peace Formula Implementation, India Remains Silent
'Have To Save Our Families': PM Modi Blasts DMK Over Drug Busts In TN, Says 'BJP Enough To Fight Menace'
PM Modi Blasts DMK Over Drug Busts In TN, Says 'BJP Enough To Fight Menace'
After I-T Mounts Heat On Cong, Rahul Hurls 'Tax Terrorism' Charge At BJP, Vows 'Exemplary Action'
After I-T Mounts Heat On Cong, Rahul Hurls 'Tax Terrorism' Charge At BJP, Vows 'Exemplary Action'
It's Kejriwal Today, Govt Will Jail Mamata, Stalin, Vijayan Tomorrow: Delhi Minister Atishi At ABP Shikhar Sammelan
It's Kejriwal Today, Govt Will Jail Mamata, Stalin, Vijayan Tomorrow: Delhi Minister Atishi
Advertisement
for smartphones
and tablets

Videos

Emotional Yet Fun Video Featuring Kapil Sharma, Tabu & Rhea Kapoor, Sharma To Star In 'Crew'ABP Shikhar Sammelan 2024: Anurag Thakur's counterattack to opposition over electoral bondsABP Shikhar Sammelan 2024: Why did BJP canceled tickets of more than 100 sitting MP's?|Anurag ThakurABP Shikhar Sammelan 2024: Anurag Thakur's gets angry on TMC-Congress over remarks on Kangana Ranaut

Photogallery

Embed widget