Oberoi said the government is “exploring ways to curb cash transactions” and that the minister has spoken with these departments recently. Photo: MintThe government is looking to curb unaccounted cash transactions in a largely overlooked and unregulated sector—the multibillion dollar test-prep or coaching industry. India’s coaching industry was worth Rs.40,000 crore in 2011 as per a report by rating agency Crisil. The official said that more than 90% of the transactions in this sector are cash transactions. “There is a need to regulate cash transactions in the coaching sector, because there are many cases of both service tax and income tax evasion.

Source: Mint June 12, 2016 19:41 UTC