Restriction on cash transactions :
CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
71,83&84 | Restriction on cash transactions |
269ST | NEWLY INSERTED | 01st April 2017 (A.Y. 2017-18) |
It is proposed to to provide that no person shall receive an amount of three lakh rupees or more,— (a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. It is further proposed that the said restriction shall not apply to : – ia) Government, ib) any banking company, post office savings bank or co-operative bank ii)Transactions of nature referred in Section 269SS iii) Persons or class of persons central govt may notify. The newly inserted provision is a move towards cash less economy and to reduce circulation of black money |