No cash transactions above Rs 3 lakh from April 1: Arun Jaitley

NEW DELHI: The legislature on Wednesday reported another essential stride in its battle against dark cash and debasement. Introducing the Union Budget 2017, Union Finance Minister Arun Jaitley on Wednesday proposed to boycott all money exchanges above Rs 3 lakh starting April 1, 2017.

The choice to boycott money exchanges past an edge depends on the suggestion of the Special Investigation Team on dark cash that was set up by the Supreme Court, Jaitley said.

The SIT, headed by Justice MB Shah (resigned), in July had presented its fifth answer to the Supreme Court on steps expected to check dark cash.

Taking note of that a lot of unaccounted riches is put away in real money, SIT had stated: “Having considered the arrangements which exist in such manner in different nations and furthermore having considered different reports and perceptions of courts in regards to money exchanges, the SIT felt that there is a need to put a maximum farthest point to money exchanges.”

It suggested an aggregate restriction on money exchanges of Rs 3 lakh or more and that “an Act be encircled to pronounce such exchanges as illicit and culpable under law”.

On November 8 a year ago, the administration had declared the choice to demonetise high cash notes of Rs 500 and Rs 1000 to battle dark cash.

Source:- Timesofindia

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