With the goal to check money laundering, black money and terrorism funding, government will be reducing the cash transaction limits further from the current Rs. 3 lakhs to Rs. 2 lakhs. Beyond these limits, a PAN card would be required. And if one is in violation, both the individuals and organizations receiving such payments. In the early years, penalty will be light but will become more strict with higher penalties in later years.
Source: Business Standard
- 26 Mar 2017