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Income Tax Department Reminds On Cash Transaction Limit. Details Here
Cash transactions are capped at Rs 2 lakh with effective from April 1 The government is monitoring all large cash and suspicious transactions Any breach of the rule will attract a penalty of 100 per cent
02 Jun 2017, 02:31 PM IST 
The government has capped the cash transactions at Rs 2 lakh with effective from April 1, 2017.
As an effort to check corruption and a further push towards digital payments, the government has capped the cash transactions at Rs 2 lakh with effective from April 1, 2017. Under Section 269ST of the Income Tax Act, accepting cash of Rs 2 lakh or more by any individual is restricted. Finance Minister Arun Jaitley in his budget speech had proposed the idea of putting a restriction on cash transactions. The government is closely monit...
