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The Centre has decided to further tighten norms to discourage payments by cash as well as curb black money. To this end, it has proposed to amend the Finance Bill, 2017 to lower the limit of cash transaction to Rs 2 lakh from the earlier proposal of Rs 3 lakh.
“The penalty for violating this is a fine equivalent to the amount of transaction,” Revenue Secretary Hasmukh Adhia tweeted on Tuesday.
The Finance Bill is at present being discussed in the Lok Sabha.
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