100% penalty for cash transactions over ₹3 lakh: Adhia

Supposing you do a transaction of ₹4 lakh in cash, then the penalty would be ₹4 lakh. If you do a transaction of ₹50 lakh, penalty would be ₹50 lakh,” Revenue Secretary Hasmukh Adhia says

In a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of ₹3 lakh, beginning April 1, to



settle any transaction.

A ban on cash transaction of more than ₹3 lakh has been proposed in the Budget for 2017-18.

In an interview to PTI, Revenue Secretary Hasmukh Adhia said the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash received.