New Delhi, Modi Government: The Finance Minister Arun Jaitley has banned in the Union budget 2017-18 banned all cash transactions exceeding Rs 3 lakh from April 1, 2017 onwards.
List of government Initiative to fight against corruption and black money
- Limit of 3 Lakh: This move of curbing transition in the form of cash will surely help limit the transition being done across India. Especially while purchasing a vehicle, house, jewellery etc where people often do transaction in the form of cash. This move is expected to give another push to digital transactions and help the central government in its fight against corruption.
In The budget speech Arun Jaitley on Wednesday, Jaitley said the move was based on a proposal made by a Special Investigation Team (SIT) on black money, which was set up by the government of Inia for black money. The SIT had recommended this, no transaction above Rs 3 lakh should be permitted in cash. The BJP government has decided to accept this proposal,” the finance minister Jaitley said Parliament.
The Rs 3 lakh limit on payment by cash we have put along with PAN card limits on unaccounted expenditure de-incentivises the use of cash
Demonetisation by far is still the best step taken by the BJP government in the centre. The impact will last much longer, especially in the form of digitalization. Last November 8th 2016, The Modi government banned Rs 500 and Rs 1000 banknotes, a move said to be aimed at eliminating corruption. The decision sparked chaos and confusion across the country, with millions of consumers queued outside banks and ATMs to change a limited number of old notes for new ones or withdraw cash. There is still debate, mostly in the opposition parties who don’t agree over it.
To read more on demonetisation read
- Political parties cannot accept cash above Rs 2000
budget 2017-18: Modi government is doing what can be best to stop the menace of black money in the political party. The Union Finance minister today broke the backbone of the political funding by making a major change in the political funding. Now onwards the political parties while getting the one above Rs 2000 will have to make only through cheque or digital mode. To read more visit the below ayupp.com page
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