After the ban, the government has taken another stern step to curb black money. Government has proposed amendment in 'Finance Bill 2017'. Upon its passage, cash transactions of more than two lakh rupees from April 1 to April 1 will be considered invalid.

 The government had earlier proposed to set up the limit of 3 lakh. It has now been reduced to two lakh rupees. Apart from this, if a person does not give his 'Aadhaar' number to the income tax department from 1st July, 2017, his PAN number will be canceled.

The 'Aadhaar number' will also be necessary for getting PAN number from July and filing income tax returns. Finance Minister Arun Jaitley presented 40 official amendments in the Finance Bill in 2017 in the Lok Sabha. Through these, amendment has been proposed in many other laws, along with changes in this effect in income tax law. The opposition opposed the government's move to make amendments in several laws through the Finance Bill.

However, after referring to Jaitley's parliamentary traditions, constitutional and legislative evidence, Speaker Sumitra Mahajan initiated a discussion on the bill bypassing the arguments of the opposition members. Later, Revenue Secretary Hasmukh Adhia tweeted that while presenting the amendment in the Finance Bill, the government has reduced the limit of cash transactions from three lakh to two lakh rupees. If someone makes a cash transaction more than this limit then it will be considered illegal.

In violation of the provision, the person will have to pay the fine equivalent to this amount. Provision was in the general budget The Finance Minister had proposed to add Section 269 ST in the Income Tax Act through the Finance Bill 2017 with the intention of curbing cash in the general budget.


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