Cash transaction limit

New Delhi March 22: The govt on Tuesday proposed to reduce on cash transactions to Rs 2 lakh, down from Rs 3 lakh as announced in the Union Budget before.

The Finance Minister Arun Jaitley had in his Budget speech announced that on the recommendation of the Special Investigation Team (SIT) on Black Money, the government had decided not to allow cash transactions above Rs 3 lakh.

The proposal was one of the 40 amendments to the Finance Bill moved by the government.

As the Finance Bill was taken up for consideration in the Lok Sabha, opposition parties like TMC, BJD, and RSP protested against the introduction of the amendments to 40 Acts, saying it was being done in the form of "back-door entry".

The amendments to the laws like Companies Act, Employees Provident Fund, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act, have been moved with an aim of making the functioning of tribunals more efficient by merging the smaller ones and reducing their numbers from 40 to 12.



"You cannot have a bill which says the government will spend Rs 100,000 crore without detailing how it would be spent. You cannot have a bill where you say there will be 5 per cent without specifying what will be the deduction, what will be the power of assessing officer, appeal provision... No tax can be imposed without reference to courts or tribunals. These are incidental provisions," Jaitley said.

The Minister said opposition's objection is borne out the language in Article 110(1) and ever since the inception, the House has been debating on the word 'only' used in the Article.

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