Govt to ban cash transactions over Rs 3 lakh?

August 22, 2016

New Delhi, Aug 22: The government is set to ban cash transactions over Rs 3 lakh as it seeks to clamp down on black money in the economy following recommendations from the Supreme Court-appointed Special Investigation Team.

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The government, however, is yet to decide on the SIT's other proposal to bar cash holdings over Rs 15 lakh due to opposition from trade and industry, sources said. "There are concerns that this will result in harassment by tax officials," an officer said.

The Rs 3 lakh-limit is aimed to ensure that transactions are made using credit or debit cards, cheques or drafts which can be easily tracked. Despite the crackdown on unaccounted money, authorities continue to unearth several transactions involving purchase of jewellery or even cars in all-cash deals.

The finance ministry is also trying to promote use of plastic money and recently did away with transaction charges+ for government services. In the past, businesses have cited payments to workers, especially smaller players, to justify large cash holdings. But the argument is seen to have become weak in the wake of a spurt in number of bank accounts, especially after Jan Dhan was launched two years ago.

The government has already initiated several steps, including banning cash advance of more than Rs 20,000 for property transactions. The move came after income tax raids revealed unaccounted cash was often attributed to "recently concluded property transactions". A similar limit has been placed on repayment of bank loans. The SIT had suggested the twin moves citing examples of countries such as France and Italy, that allow transactions up to a certain limit.

The panel argued that cash transactions of over Rs 20,000 were rampant and often tax was not being deducted at source as prescribed under the law. "Question of levying penalty will arise only when such transaction comes to knowledge of I-T department because it is difficult to find out or locate the same," the SIT said in its report.

Comments

SK
 - 
Monday, 22 Aug 2016

Arvind Delhi....well said... Even Santosh Hegde does not speak on such matters.... He closes his eyes on such issues.....

Rikaz
 - 
Monday, 22 Aug 2016

Good job! It can reduce cow trafficking by Sangh Pariwars in considerable amount....3 lakhs is too much, that should be reduced to Rs. 20,000

PK
 - 
Monday, 22 Aug 2016

Only in media... cheddis never bring it. it will effect . Same stories like 15 lakhs?

SK
 - 
Monday, 22 Aug 2016

why 3 laks.... make it 50,000.....It seems that sanghis have lot of black money and so they are giving more and more time to make it black.....

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coastaldigest.com web desk
July 25,2020

Chennai, July 25: A widow living alone in her apartment in Chennai city suburbs has filed a police complaint against ABVP national president Dr Subbiah Shanmugam, accusing him of harassment, including urinating and throwing used surgical masks at her doorstep.

Shockingly, no action has been taken so far by the police, even though the complaint against Dr Shanmugam, who is in government service, was filed on July 11 at the Adambakkam Police Station here by the widow’s relative Balaji Vijayaraghavan. 

Dr Shanmugam and the 62-year-old widow were living in the same apartment complex in Nanganallur and an argument broke between them over a parking slot. “He wanted to use our parking lot. We agreed but demanded a nominal charge for using it. He was outraged by our demand and even broke our signboard at the parking lot,” Vijayaraghavan wrote in his complaint.

He also alleged that Dr Shanmugam began harassing her by throwing “pieces of chicken” outside her apartment despite knowing she is a vegetarian. Vijayaraghavan also alleged in his two-page written complaint that the ABVP National President had urinated outside the woman’s apartment gate and had been throwing garbage and used masks at her gate.

The 62-year-old woman has been living alone in her apartment for the last year following her husband’s death. In his complaint, Vijayaraghavan also said the family was “concerned about her safety”, while asking police to take action against Dr Shanmugam, who he says, “has a bad track record in maintaining rapport with neighbours.”

CCTV footage corroborates with the allegations of urinating outside the residence of the widow. However, the ABVP claimed the incident as a “malicious and derogatory propaganda” by the Congress’ student wing of NSUI.

Also Read: Finally FIR registered against ABVP national president for allegedly harassing widow

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News Network
June 15,2020

Bengaluru, Jun 15: Karnataka Chief Minister B S Yediyurappa on Monday laid the foundation stone for the construction of a Rs 220 crore airport project in his political bastion of Shivamogga, as he expressed confidence that it will give a boost to tourism, industries and economic activities in the region.

"The long cherished dream of people of Shivamogga about having an airport is finally becoming a reality.

The project that was planned when I was Deputy Chief Minister and Chief Minister in the past was shelved due to contractor issues and lack of interest by the governments that came later," Yediyurappa said.

Speaking at the foundation laying event for the airport, which he attended virtually via video conference, he said, now the government is once again taking up the project through infrastructure development and PWD departments.

The project to construct the well-equipped airport at Sogane in Shivamogga taluk at the cost of Rs 220 crore in about 662.38 acre land area has been initiated, he said, adding that the project will be taken up in two phases.

He expressed hope that it will be completed in a year's time.

The first phase consists of runway, taxiway, apron, approach road, peripheral road and compound wall construction, while the second phase consists of terminal building, ATC tower, fire station building, among others, a release said.

Noting that under the Udan scheme the project has been envisaged to provide affordable air travel to people, the Chief Minister expressed confidence about tourism, industries and economic activities in the region getting a boost, with the small airport coming up at Shivamogga.

He also directed officials to complete the airport work on time without compromising on the quality.

Highlighting various developmental works that is being implemented in Shivamogga, the district which is regarded as his political turf, Yediyurappa said, with the cooperation of the central government various railway projects have also been taken up in the district including Shivamogga- Shikaripura rail route.

Shikaripura is the constituency represented by the Chief Minister, while his son B Y Raghavendra represents Shimoga constituency in Lok Sabha.

Yediyurappa, who also inaugurated the divisional office of National Highway authority in the district, said a bridge project across river Sharavati at Singndur in Sagara taluk will be taken up.

Conceding that developmental work has taken a backseat due to the COVID-19 situation, the Chief Minister said the challenge is to overcome it and achieve development.

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News Network
July 19,2020

Bengaluru, Jul 19: Karnataka Chief Minister B S Yediyurappa convened a meeting with Private Medical College Hospitals on Saturday to assess COVID-19 management and directed them to provide 50 per cent of the beds, as promised, with effect from Sunday.

The chief minister said that private medical college hospitals need to cooperate as there is a sharp rise in COVID-10 cases in the city. He further said that it has come to the notice of the government that some institutes are denying treatment of COVID-19 as well as non-COVID patients.

The chief minister expressed his concerns over media reports stating several people died as they didn't get timely treatment due to denial from the hospitals. He said that Bengaluru should continue to lead the country as a role model in COVID-19 management.

During previous meetings, private medical colleges had agreed upon providing around 4,500 beds, which would make the total beds available in government and private medical colleges 6,500.

The chief minister expressed dismay over some colleges not providing the number of beds as promised and also about certain lacunae which were noticed by ministers during their visit.
During this emergency situation, we should show humanity. COVID and non-COVID patients shall not be denied treatment and the balance in healthcare system shall be maintained, he advised.

He assured them of all support, including providing doctors and nurses if need be.
The private medical colleges had assured to provide 50 per cent of beds and some colleges offered 80 per cent of the beds for COVID treatment.

Nodal officers have already been appointed to monitor the availability of beds in these medical colleges.

It was decided to issue a notice to Vaidehi Medical College for their absence in the meeting.

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