Indian Prime Minister Narendra Modi announced currency demonetization after which the country suffered huge currency crisis. After months, Central Finance Minister Arun Jaitley introduced the budget for 2017-18 yesterday which has been the current topic under discussion. During his budget, Jaitley reduced the limits of cash transactions and announced 100% penalty on the breaches. This is all to promote the cashless transactions revealed Jaitley.
Jaitley even revealed that Special Investigation Team (SIT) decided not to allow the cash transactions above Rs 3 lakhs in the country. Any firm or individual which pays over Rs 3 lakhs in cash will have to pay a penalty of 100%. The limit of cash donation to any charitable trust or an association has been reduced from Rs 10,000 to Rs 2,000. Jaitley even revealed that many new schemes are planned and will be introduced soon for cashless transactions.
