1. Govt may curb on use of cash for high-value deals: Revenue secretary

Govt may curb on use of cash for high-value deals: Revenue secretary

The Centre is likely to unveil more steps to control the black money menace , including restrictions on the use of cash for high-value transactions, a top official has said.

By: | New Delhi | Updated: November 10, 2016 7:57 AM
Tax authorities will not immediately as questions on cash deposits that people make now, says Hashmukh Adhia. (Reuters) Tax authorities will not immediately as questions on cash deposits that people make now, says Hashmukh Adhia. (Reuters)

The Centre is likely to unveil more steps to control the black money menace , including restrictions on the use of cash for high-value transactions, a top official has said.

Taking measures to control the menace is a continuous process and the government is taking different measures at different times, Revenue Secretary Hashmukh Adhia was quoted as saying by ‘The Times of India’.

He said that more such measures are expected to come, when asked by the paper whether the government will come out with restrictions on cash deposits of over Rs 3 lakh. The special investigation team ,which was appointed by the Supreme Court had suggested that curbs be imposed on cash deposits of over Rs 3 lakh. The main aim of the limit is to ensure that transactions are made using credit or debit cards, cheques or drafts which can be tracked.

The government decided the move at the highest level for a number of reasons, even though other options were also discussed, it was the best the prime minister felt. It was also because of the travel plan since he is travelling to Japan from Thursday, Hashmukh Adhia added.

The revenue secretary further said that the government had taken several steps including setting up an SIT, accepting some of its suggestions, Income Declaration Scheme, among others.

He also added that a number of people pay taxes is low and even those who pay, prefer to pay less than the actual.

Tax authorities will not immediately as questions on cash deposits that people make now, he said.

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