Govt proposes ban on cash transactions above â¹2 lakh
The Centre on Tuesday proposed to lower the limit of cash transactions to â¹2 lakh from the earlier proposal of â¹3 lakh in the Union Budget. The penalty for violating it will be a fine equivalent to the amount of transaction, Revenue Secretary Hasmukh Adhia tweeted. The move aims to discourage cash payments, as well as to curb black money.