After making the Permanent Account Number (PAN) mandatory for high-value transactions, the government is now considering banning all-cash transactions of more than Rs 3 lakh. The Supreme Court-appointed Special Investigations Team (SIT) on black money has recommended this to the Centre. It has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies.
“Domestic black money is a bigger menace than the illegal cash stash abroad. This will allow the tax department to track all high-value transactions and reduce cash in the economy,” says Neha Malhotra, executive director, Nangia & Co.
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