The Government proposed a lower cash transaction limit dropping from Rs 3 lakh to Rs 2 lakh from April 1 and the biometric identification Aadhaar card being mandatory for any Income Tax returns as a move to aim, shoot and kill black money.
Indian Government is recklessly-behind the mission to curb black money from Indian economy ever since the November note ban. And here’s yet another step towards abolishing black money when Finance Minister Arun Jaitley moved the amendments to lower the caps for cash transaction from Rs. 3 lakhs to Rs 2 lakh for a single transaction. This move wil tighten the lasso for all those dealing in cash illegally.
Jaitley proposed 40 amendments on the Finance Bill 2017 to the lower house as a need to fight against black money. The 40 proposals were merged and filtered into 12. Apart from the cash ceiling, major amendments include:
- Aadhaar card, the Indian biometric identification card mandatory while applying for PAN (Permanent Account Number) and file Income Tax returns from July 1. “Provided that in case of failure to intimate the Aadhaar number, the permanent account number alloted to the person shall be deemed to be invalid…,” the amendments said.
- An amendment to the Companies Act of 2013, the donations made by companies to electoral trusts must only be paid through account payee cheque, bank draft or electronic transfer.
- Introduction of electoral bonds which can only be purchased by donor using cheques from scheduled banks and encashed only through a notified bank account of a political party within a limited time period.
The last two moves synced together can help to cleanse the political money. This can rise issues in the higher houses and might face down votes from the oppositions but it is a bold move to curb the political black money alongside with the whole nation, not leaving anyone behind.