Central Government of India is making grounds to keep a check on bringing down Black Money into the country.Union Government is planning to impose ban on cash transactions of over Rs.3 lakhs.Banning of this more funds will yield in transactions through cheques, demand drafts, debit/credit cards.
In fact this is the recommendation given by the team which was appointed by Supreme Court.
Income Tax Department officials noticed that unaccounted cash has been said by people as property transactions.Hence Center banned transactions of over Rs.20,0000 for property transactions.Union Government due to pressure from trade industry is not keen on bar cash holding of over Rs.15 lakhs.Finance Minister Arun Jaitely asserted that Moderate Taxes and Tax Evasion can’t go hand in hand.As committed by Central Government is leaving no stone un turned in bringing black money back.
