Govt to ban cash transactions over Rs 3 lakh?

August 22, 2016

New Delhi, Aug 22: 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.

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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 said. "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.

The finance ministry is also trying to promote use of plastic money and recently did away with transaction charges+ for government services. In the past, businesses have cited payments to workers, especially smaller players, to justify large cash holdings. But the argument is seen to have become weak in the wake of a spurt in number of bank accounts, especially after Jan Dhan was launched two years ago.

The government has already initiated several steps, including banning cash advance of more than Rs 20,000 for property transactions. The move came after income tax raids revealed unaccounted cash was often attributed to "recently concluded property transactions". A similar limit has been placed on repayment of bank loans. The SIT had suggested the twin moves citing examples of countries such as France and Italy, that allow transactions up to a certain limit.

The panel argued that cash transactions of over Rs 20,000 were rampant and often tax was not being deducted at source as prescribed under the law. "Question of levying penalty will arise only when such transaction comes to knowledge of I-T department because it is difficult to find out or locate the same," the SIT said in its report.

Comments

SK
 - 
Monday, 22 Aug 2016

Arvind Delhi....well said... Even Santosh Hegde does not speak on such matters.... He closes his eyes on such issues.....

Rikaz
 - 
Monday, 22 Aug 2016

Good job! It can reduce cow trafficking by Sangh Pariwars in considerable amount....3 lakhs is too much, that should be reduced to Rs. 20,000

PK
 - 
Monday, 22 Aug 2016

Only in media... cheddis never bring it. it will effect . Same stories like 15 lakhs?

SK
 - 
Monday, 22 Aug 2016

why 3 laks.... make it 50,000.....It seems that sanghis have lot of black money and so they are giving more and more time to make it black.....

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News Network
May 5,2024

Karwar, May 5: What commenced as a mere exchange of words between spouses swiftly transmuted into a calamitous ordeal, resulting in the heartbreaking loss of their innocent offspring. The heart-wrenching incident unfolded in the serene confines of Halamaddy village in the picturesque expanse of Dandeli, nestled within the idyllic expanse of Uttara Kannada district.

In the throes of a fervent dispute with her spouse, the aggrieved wife, succumbing to an overwhelming surge of emotions, callously propelled their tender six-year-old progeny into the somber depths of a nearby canal, thereafter alerting the local populace to her grievous act.

Promptly apprised of the distressing occurrence by concerned bystanders, the authorities were swiftly summoned to the scene to confront the harrowing aftermath.

Responding to the distress call, the diligent officers of Dandeli rural police swiftly converged upon the site where the innocent child had been cast into the unforgiving waters of the canal, subsequently effecting the retrieval of the child's lifeless form. 

Regrettably, it was discerned that a portion of the child's remains had been tragically claimed by the lurking jaws of a predatory crocodile.

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May 18,2024

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In a fresh claim, arrested BJP leader and advocate G Devaraje Gowda has alleged that Deputy Chief Minister D K Shivakumar and four other ministers were behind exposing Prajwal Revanna’s sex scam that has brought disgrace to Janata Dal (Secular) H D Deve Gowda family. 

Devaraje Gowda has been arrested in a sexual abuse case. 

Speaking to reporters while being taken to the district prisons, in Hassan on Friday, Gowda alleged that he was offered Rs 100 crore to drag the name of H D Kumaraswamy in the Prajwal’s case. 

“D K Shivakumar had offered me Rs 100 crore to project that H D Kumaraswamy was behind the case. The offer was made through ministers N Chaluvarayaswamy, Krishna Byre Gowda, Priyank Kharge and another minister. They had even sent Rs 5 crore as advance to Bowring Club. But I did not agree. Hence, they hatched a plot to trap me,” Gowda alleged.

“It is D K Shivakumar, who collected all information from Prajwal Revanna’s former car driver Karthik and readied the pen drive. A team of four ministers were formed to handle the issue. As I did not agree to the plan. They planned to bring disrepute to the BJP, Narendra Modi and H D Kumaraswamy,” he said.

Gowda further alleged that former MLC M A Gopalaswamy of Channarayapatna was sent to him for negotiation.

“The main intention of D K Shivakumar is to bring disrepute to Modi and BJP in the case. Besides, he wanted to defame H D Kumaraswamy’s leadership in the state” he claimed. “They filed a sexual harassment and rape case against me, but found no evidence. Now, they are trying to fix me in the pen drive case” he alleged.

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News Network
May 6,2024

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Bengaluru: The Congress and BJP will lock horns on the electoral battleground again in less than a fortnight in Karnataka, as the stage is set for the second phase of elections in the 14 remaining Lok Sabha seats on Tuesday.

It is going to be a straight fight between the ruling Congress and BJP in Parliamentary segments in the northern districts. The JD(S) is not contesting in these seats and is supporting its National Democratic Alliance (NDA) partner -- the BJP.

The state has a total of 28 Lok Sabha constituencies. The first phase of polling in 14 seats in most of the southern and coastal districts was held on April 26.

A total of 227 candidates -- 206 men and 21 women -- are in the fray for the second phase.

More than 2.59 crore voters are eligible to exercise their franchise in 28,269 polling stations where voting will take place between 7 am to 6 pm.

The segments where elections will be held on Tuesday are: Chikkodi, Belgaum, Bagalkot, Bijapur, Gulbarga, Raichur, Bidar, Koppal, Bellary, Haveri, Dharwad, Uttara Kannada, Davangere and Shimoga.

In the 2019 Lok Sabha polls, BJP had swept all these 14 seats, defeating Congress and JD(S), which were in alliance and ruling the state then.

Having scored a thumping victory in the Assembly elections last year, the Congress now appears determined to put up a strong show.

Karnataka is the most important state for the BJP in south India as it's only here that it has held power in the past.

Speaking to PTI, Karnataka Chief Electoral Officer Manoj Kumar Meena said adequate security arrangements have been made for Tuesday's polling.

"Around 1.45 lakh polling officials have been deployed across the 14 constituencies. In addition, 35,000 civil police personnel, 65 companies of Central Paramilitary forces and armed police of other states will be deployed for the polling day," he said.

Besides this, 4,000 micro-observers will also be on duty and 17,000 polling stations will be covered by webcasting, he added.

Davangere has the maximum number of 30 candidates, followed by 23 in Shimoga and Raichur has the least number - eight.

Former Chief Ministers Basavaraj Bommai (Haveri) and Jagadish Shettar (Balgaum), Union Ministers Pralhad Joshi (Dharwad) and Bhagwanth Khuba (Bidar) -- all from BJP; Congress' Geetha Shivrajkumar (Shimoga) -- wife of actor Shivrajkumar and daughter of former CM S Bangarappa and AICC President Mallikarjun Kharge's son-in-law Radhakrishna Doddamani (Gulbarga), are among the prominent names in the fray.

Also in the contest are MP and veteran BJP leader B S Yediyurappa's son B Y Raghavendra, suspended party leader and former Deputy CM K S Eshwarappa -- both from Shimoga, former Speaker Vishweshwar Hegde Kageri and ex-Minister B Sreeramulu of BJP from Uttara Kannada and Bellary respectively and retired IAS officer G Kumar Naik of Congress from Raichur.

Stakes are high for several Ministers in this phase with their children in fray.

Sons of Ministers Laxmi Hebbalkar and Eshwar Khandre - Mrinal Ravindra Hebbalkar and Sagar Khandre - are contesting from Belgaum and Bidar respectively, while daughters of Ministers Satish Jarkiholi and Shivanand Patil -Priyanka Jarkiholi and Samyukta Patil- are in contention in Chikkodi and Bagalkot respectively.

Prabha Mallikarjun, wife of Minister S S Mallikarjun and daughter-in-law of veteran Congress leader Shamanur Shivashankarappa, is in the fray from Davangere.

The Congress' performance in the elections, especially in the second phase which covers almost all Lingayat-dominated districts, is crucial, as the party did not win one of them in 2019, and to also check whether the grand old party has managed to retain the support of a section of Lingayats -- considered as the BJP's core vote-base -- which seemed to have somewhat shifted towards it in the 2023 Assembly polls.

The Lok Sabha election is being seen as a big test of sorts for Congress state unit chief D K Shivakumar, who has made no secret of his ambition to become chief minister, amid speculations of change in guard mid-way of the Assembly term. The stakes are also high for Chief Minister Siddaramaiah, as victory in this election is seen as key to strengthening his hands, analysts say.

It is also seen as a kind of a "litmus test" for state BJP president B Y Vijayendra, who has the onerous task of helping the party retain its supremacy in the Lok Sabha polls, by regaining its traditional Lingayat vote-base.

Ensuring a BJP sweep is paramount for the son of veteran leader B S Yediyurappa, to consolidate his position and silence critics who have questioned his selection to the post, overlooking seniors and seasoned hands.

The ruling Congress is mostly banking on the implementation of its populist five guarantee schemes while the BJP seems to be leveraging the "Modi factor" to the hilt.

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