Credit cards bills payable by cash

New Delhi, July 5: A relief was given yesterday. Central Board of Direct Taxes (CBDT) has given some relaxations for cash payments above a certain limit. The union government has earlier banned cash payments above RS 2 lakhs from April 1, 2017. Some of the relaxations issued are

* Money received by a business correspondent on behalf
of a bank or cooperative bank.

* Receipt by a white label ATM operator from retail
outlet sources on behalf of a bank or cooperative bank.

* Receipt from an agent by an issuer of prepaid instruments.

* Receipt by a company or institution issuing credit cards
against bills raised in respect of one or more credit cards.

* Money received on account of an award or reward instituted by
Central or State the government would now not be covered under the
RS 2-lakh cash transaction limit.

Many people have hailed the relaxations because it would help them pay their credit card bills more easily.