Connect with us

Breaking

Govt proposes to lower cash transaction limit to Rs 2 lakh

Published

on

2 Lac Limit Live

New Delhi, 21 March 2017 : The government today proposed to lower the cash transaction limit to Rs 2 lakh, from Rs 3 lakh announced in the Budget, as it introduced 40 amendments to the Finance Bill in an unprecedented move.

As the Finance Bill was taken up for consideration in the Lok Sabha, the opposition parties including TMC, BJD and RSP protested against the introduction of these many amendments, saying it was being done as a “back-door entry”.

Lok Sabha Speaker Sumitra Mahajan, however, overruled the objections raised by the opposition parties, saying the ‘incidental provisions’ involved in the amendments constitute a ‘Money Bill’ and therefore can be considered as part of the Finance Bill.

The proposed amendments to the Finance Bill include a provision to cap legal cash transactions at Rs 2 lakh. While presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to make any cash transaction beyond Rs 3 lakh as illegal with effect from April this year.

A penalty of equal amount would be levied in case of any violation of the provision, Revenue Secretary Hasmukh Adhia tweeted after the amendment was moved.

Another senior revenue department official said the move was intended to make the law more stringent to clamp down on cash dealings, which was giving rise to black money.

The move to cap legal cash transactions followed recommendations made by the Special Investigation Team on Black Money, which was set by by the government on directions of the Supreme Court.

The amendments to the laws like Companies Act, Employees Provident Fund, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act, have also been moved to make the functioning of tribunals more efficient by merging the smaller ones and reducing their numbers from 40 to 12.

While defending the move to make amendments, Jaitley invoked the first Lok Sabha Speaker G V Mavalankar.

He said if a substantial portion of a bill deals with imposition or abolition of tax, it can be introduced as a Money Bill even even if it has other incidental provisions.

“You cannot have a bill which says government will spend Rs 100,000 crore without detailing how it would be spent. You cannot have a bill where you say there will be 5 per cent without specifying what will be the deduction, what will be the power of assessing officer, appeal provision… No tax can be imposed without reference to courts or tribunals.. These are incidental provisions…,” Jaitley said.

The Minister said the opposition’s objection is borne out the language in Article 110(1) and ever since the inception, the House has been debating on the word ‘only’ used there.

As Jaitley moved the Finance Bill for discussion, N K Premanchandran (RSP) said the government is pushing the amendments to the House and not following the rules.

“It is being bulldozed… If you conduct the House like this, then there is no need for the Monsoon and the Winter sessions… (Parliamentary) Standing Committee can be curtailed. The supreme right of Parliament is being taken away,” Premachandran said.

The government is bringing amendments to the Representation of People Act, the RBI Act and the Sebi Act, he observed, while adding, “How can the issue of electoral bond come under Finance Bill? These amendments do not come under the purview of the Finance Bill.”

Jaitley said the electoral bond has been proposed for cleansing the political money since a lot of electoral funding, across the spectrum, comes from unknown sources.

Jaitley said at present the Representation of the People Act provides for revealing of identity of people making donations above Rs 20,000 and the amendment would provide that if money comes by way of electoral bonds, the identity will not be disclosed.

The Finance Minister also said the amendments proposed in the Post Office Act, the Oil Industry Development Act and the Research and Development cess can be made part of the Finance Bill as these squarely come within the purview of Article 110.

Deepender Hooda of Congress said the government should have brought a separate bill on transparency in electoral funding as amendment to the RBI Act was ‘consequential’ and not ‘incidental’.

Breaking

PDP chief Mehbooba Mufti released from detention after 14 months

Published

on

By

Jammu, 13 Oct : Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) leader Mehbooba Mufti was on Tuesday released from detention. “PDP chief Mehbooba Mufti is being released from detention,” said Jammu and Kashmir administration spokesperson Rohit Kansal.

A government order issued on Tuesday night said her detention was being revoked with immediate effect.

The Jammu and Kashmir administration in July had extended her detention by three months under the stringent Public Safety Act (PSA).

Continue Reading

Breaking

Cinemas, theatres, multiplexes to open with up to 50% seating capacity from Oct 15

Published

on

By

Swimming pools for training of sportspersons to open with SOP from Oct 15

Continue Reading

Breaking

SAD breaks alliance with BJP Leaves NDA in protest against farmers ordinance

Published

on

By

Chandigarh, 26 Sep : The Shiromani Akali Dal (SAD) has severed its alliance with the BJP. The Akali Dal had a 22-year-old alliance with the BJP.

The decision was taken after a meeting of the Akali Dal’s Kaur Committee which lasted for more than four hours today. Mr. Sukhbir Singh Badal addressed the press after the meeting and announced that he would no longer be a part of BJP-NDA.

Continue Reading

Trending Live

Advertisement

Latest Post

Big News

Advertisement

Sports

Cricket8 hours ago

4 मैच में 28 विकेट लेने वाला दक्षिण अफ्रीकी टीम में डुआन ओलिविर शामिल

केपटाउन, 7 दिसंबर (live24india) : दक्षिण अफ्रीका ने भारत के खिलाफ तीन टेस्ट की सीरीज के लिए टीम का ऐलान कर...

Cricket10 hours ago

भारत के खिलाफ टेस्ट सीरीज के लिए साउथ अफ्रीका ने किया टीम का एलान

केपटाउन, 7 दिसंबर (live24india) : भारत के खिलाफ आगामी तीन टेस्ट मैचों की सीरीज के लिए साउथ अफ्रीका ने डीन एल्गर...

Cricket12 hours ago

पहले टेस्ट मैच से बाहर हुए जेम्स एंडरसन, टीम मैनेजमेंट ने लिया चौंकाने वाला फैसला

ब्रिसबेन, 7 दिसंबर (live24india) : इंग्लैंड ने कार्यभार प्रबंधन की अपनी नीति के तहत तेज गेंदबाज जेम्स एंडरसन को ऑस्ट्रेलिया के...

Cricket2 weeks ago

टिम पेन के समर्थन में आए नेथन लायन, रिकी पोंटिंग को दिया यह करारा जवाब !

मेलबोर्न, 25 नवंबर (live24india) : ऑस्ट्रेलिया के स्पिनर नाथन लियोन ने है कहा कि महिला सहकर्मी को आपत्तिजनक संदेश भेजने...

Cricket2 weeks ago

ऑस्ट्रेलियाई टेस्ट टीम के अगले कप्तान और उप-कप्तान के लिए 2 दिग्गजों के हुए इंटरव्यू

मेलबोर्न, 24 नवंबर (live24india) : एशेज सीरीज से कुछ दिन पहले ही ऑस्ट्रेलियाई टीम को बड़ा झटका लगा था. टेस्ट...

Advertisement

Entertainment

Bollywood6 hours ago

‘द कश्मीर फाइल्स’: विवेक रंजन अग्निहोत्री व पल्लवी जोशी ने अटलांटा में पीस मार्च में लिया भाग!

मुंबई, 7 दिसंबर (live24india) : हाल ही में प्रतिष्ठित ‘कैपिटल हिल’ में एक प्रभावशाली भाषण देने के बाद, लेखक-निर्देशक विवेक रंजन...

Bollywood6 hours ago

फ़िल्म ‘तेजस’ अगले साल दशहरा पर 5 अक्टूबर 2022 में होगी रिलीज़!

मुंबई, 7 दिसंबर (live24india) : जब से रॉनी स्क्रूवाला की आरएसवीपी ने अपनी आगामी फिल्म, ‘तेजस’ की घोषणा की है, जिसमें...

Bollywood9 hours ago

अतरंगी रे के भव्य लॉन्च के साथ म्यूजिक एल्बम जारी किया!

मुंबई, 7 दिसंबर (live24india) : चकाचक की शुरुआत के बाद से अतरंगी रे का संगीत देश में म्यूजिक चार्ट पर चढ़...

Bollywood10 hours ago

अभिषेक सिंह ने बादशाह और सीरत कपूर के साथ सबसे बड़ा डांस एंथम ‘स्लो स्लो’ किया पेश!

मुंबई, 7 दिसंबर (live24india) : बहु-प्रतिभाशाली अभिनेता अभिषेक सिंह एक बार फिर संगीत प्रेमियों को लुभाने के लिए तैयार हैं, क्योंकि...

Bollywood11 hours ago

संजय दत्त ने अपनी फ़िल्म “KGF CHAPTER 2” के लिए डबिंग किया शुरू!

मुंबई, 7 दिसंबर (live24india) : संजय दत्त के लिए यह प्रोजेक्ट्स और शूटिंग के साथ एक व्यस्त साल रहा है। आगामी...

Trending