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Reminder: 2 Lakh Cash Transaction Limit !!!
The Government of India has started reminding people through advertisements about the 2 Lakh cash transaction limit.
Jun 2, 2017, 10:57 am ISTShould KnowAazad Staff
Recently, the Government of India cut down the cash transaction limit from Rs. 3 Lakh to Rs 2 lakh. The revised limit is an official amendment to the Finance Bill.
In a move to curb black money, the government has placed a ceiling of Rs 2 lakh on cash transactions, which is lower than the Rs 3 lakh proposed in Budget 2017-18. The penalty for violating this is a fine equivalent to the amount of transaction.
An amendment to this effect has been made in the Finance Bill, 2017, which has been approved by the Parliament.
The Govt. is leaving no stone unturned to inform everyone about the new transaction limit. Government has even started issuing info-adverts in print media to communicate the revised limit to everyone.
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