This will be yet another move made by the government to rein in black money in the economy. In yet another move to crack down on black money, the government is expected to put a ban on cash transactions above Rs 3 lakh. A ban on cash transactions above Rs 3 lakh will ensure that credit or debit cards are used to make large payments which will ensure that the transactions are recorded and can be tracked easily. In a bid to bring down black money in the system, the government had also mandated PAN cards while buying jewellery over Rs 2 lakh. A Times of India report said, that the government is yet to decide on SIT's proposal to bar cash holdings of over Rs 15 lakh because of opposition from trade and industry.

Source: dna August 22, 2016 06:00 UTC