New Delhi, Feb 1: Continuing with government steps to clamp down on black money, Finance Minister Arun Jaitley today proposed to ban all cash transactions above Rs 3 lakh beginning April 1, 2017.

All cash transactions above Rs 3 lakh will be banned, he said.
The SIT, headed by Justice M B Shah (retired), in July had submitted its fifth report to the Supreme Court on steps needed to curb black money.
Noting that a large amount of unaccounted wealth is stored in cash, SIT had said: "Having considered the provisions which exist in this regard in various countries and also having considered various reports and observations of courts regarding cash transactions, the SIT felt that there is a need to put an upper limit to cash transactions."
It recommended a total ban on cash transactions of Rs 3 lakh and above and that "an Act be framed to declare such transactions as illegal and punishable under law".

Comments
When the Feku is going for cash less transactions and plastic money, what is the meaning of this 3 lakh limit... Any NAMO slaves can explain
well done .. its good decision ... its bomb shell on anti nationals ... not one law abiding citizen ... love u modi ... we need more and more surgical strike against anti india forces which is operating in india .. terror hubs like bhatkal , ullal , mulur , kasargod ,malappuram ...bleeding already ... hara hara modi ...ley rikacha , economics artha agalla ninge hogappa ... sumne naale nimmavva biryani maadthare , hogi dana kadi hogu ... naalege bekagatte ... banda feku andukondu ...kudla da madrasa kumara ... sumne hogappa ...kandideeni :)
Sangeeth, you must be joking......we never get money deposited in foreign banks....never ever get black money from anyone...Modi is day dreaming.....
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