Government may impose charges on cash handling in Budget 2017

Government may impose charges on cash handling in Budget 2017

The government is expected to impose charges on handling cash in the upcoming Budget, ETNOW said in a series of tweets quoting unnamed government sources.

The move will be made to dissuade people from using cash to make payments and to promote cashless, digital transactions. Incentivising digital payments and disincentivising cash transactions has been on the radar of the government mainly to ensure that records of all the payments are maintained.

The government is expected to impose charges on handling cash in the upcoming Budget, ETNOW said in a series of tweets quoting unnamed government sources.

The move will be made to dissuade people from using cash to make payments and to promote cashless, digital transactions. Incentivising digital payments and disincentivising cash transactions has been on the radar of the government mainly to ensure that records of all the payments are maintained.

The government is also expected to bring down the threshold of cash transactions which would require quoting PAN card details.

The government is also expected to bring down the threshold of cash transactions which would require quoting PAN card details.

People are liable to quote their PAN card number while buying jewellery for purchases beyond Rs 2 lakh to ensure that black money isn't used in these transactions.

People are liable to quote their PAN card number while buying jewellery for purchases beyond Rs 2 lakh to ensure that black money isn't used in these transactions.