1. Stricter steps coming, including cash payments on high value transactions, says Revenue secretary

Stricter steps coming, including cash payments on high value transactions, says Revenue secretary

Following the ban on Rs 500 and 1000 notes overnight, A top official told ToI that the government plans to unveil a few more measures to tackle down the threat of black money and corruption.

By: | Published: November 10, 2016 12:25 PM
1000, 500, Rs 500 notes, rs 1000 notes, black money. narendra modi, back money modi, govern,ent cracjks down on blackl money, no cash on high value transactions Revenue Secretary Hashmukh Adhia said that the there would be quite a few steps to follow after the ban on high denomination currency notes. (Reuters)

Following the ban on Rs 500 and 1000 notes overnight, A top official told ToI that the government plans to unveil a few more measures to tackle down the threat of black money and corruption. This would include restricting cash use for high-value transactions. Revenue Secretary Hashmukh Adhia told ToI that the there would be quite a few steps to follow after the ban on high denomination currency notes. he informed that this was a continuous drive and different steps would be taken at different times.

Although he assured that other measures of a similar kind were to follow, he said that they did not know what they might be. He said this when he was asked about the government’s plan of imposing restrictions on cash deposits for over Rs 3 lakhs. The Special Investigation Team, appointed by the Supreme Court had earlier put in recommendations to impose kerbs on cash deposits of over Rs 3 lakh. These restrictions are meant to ensure that big transactions were made using trackable methods such as debit or credit cards, cheques or drafts.

Adhia told the ToI that the timing of the restriction had been decided at the highest level and while quite a few options had been thought off, the Prime Minister had thought this to be the best. Adhia informed that one of the reasons Prime Minister Narendra Modi’s travel plans. As the Prime Minister was travelling to Japan on Thursday, the government had decided to announce it mid week instead of waiting for the weekends. He also said that the government had implemented several steps to ensure the flow of more money into the formal system, including the formation of a SIT, enacting the law on foreign black money, Benami law among other things.

  1. A
    Ashok Roy
    Nov 10, 2016 at 8:58 am
    Around 40 to 50 % of actual transaction value of landed property in subsequent s , is in cash. In order to prevent such transaction govt. may consider the following: - Before registration of the property , the papers should be placed before an wing of the revenue department which will consider the market value. If the value is much below the going market rate, the Govt will exercise its right ( to be formulated) of buying the property from the owner and pay the agreed price as per deed. Govt will the property at its market value and the excess revenue will be credited to Treasury.
    Reply

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