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Making Cash Transaction above Rs 2 Lakhs? Wait!!



In another fresh attempt to have an effective check on Black Money Hoarding, Government of India is planning to make all the cash transactions above Rs.2,00,000 as illegal. It is also making AADHAAR Number mandatory for filing tax returns which can also help in checking income above RS.10,00,000 which would by default nullify the subsidy on LPG Cylinders.

This proposal is a part of 44 amendments in the Finance Bill moved by the Finance Minister Mr Arun Jaitley in the Lok Sabha which has been criticised by the opposition parties. It is worthy to be noted that Government of India had earlier announced all the cash transactions above Rs.3,00,000 as illegal.

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