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The government is set to ban cash transactions over Rs 3 lakh as it seeks to clamp down on black money in the economy following recommendations from the Supreme Court-appointed Special Investigation Team.
The government, however, is yet to decide on the SIT’s other proposal to bar cash holdings over Rs 15 lakh due to opposition from trade and industry, sources told . “There are concerns that this will result in harassment by tax officials,” an officer said.
The Rs 3 lakh-limit is aimed to ensure that transactions are made using credit or debit cards, cheques or drafts which can be easily tracked. Despite the crackdown on unaccounted money, authorities continue to unearth several transactions involving purchase of jewellery or even cars in all-cash deals
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