above Rs 3 lakh Cash exchanges are restricted from April 1

Posted:Thursday 16th of March 2017 02:52:51 AM
Proceeding with government ventures to clasp down on dark cash, Finance Minister Arun Jaitley on Wednesday proposed to boycott all money exchanges above Rs 3 lakh starting April 1, 2017.

The choice to boycott money exchanges past a limit depends on the proposal of the Special Investigation Team on dark cash that was set up by the Supreme Court, Jaitley said while exhibiting Union Budget 2017-18 in Parliament.
All money exchanges above Rs 3 lakh will be restricted, he said. The SIT, headed by Justice M B Shah (resigned), in July had presented its fifth answer to the Supreme Court on steps expected to check dark cash.
Taking note of that a lot of unaccounted riches is put away in real money, SIT had stated: ”Having considered the arrangements which exist in such manner in different nations and furthermore having considered different reports and perceptions of courts with respect to money exchanges, the SIT felt that there is a need to put a maximum breaking point to money exchanges.” It suggested an aggregate prohibition on money exchanges of Rs 3 lakh or more and that ”an Act be surrounded to pronounce such exchanges as illicit and culpable under law”.