Next on Modi's black money war- Holding above Rs 20 lakh cash illegal?

Sources say that in the coming months there is likely to be an announcement in which it would be illegal to have more than Rs 20 lakh cash on hand

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New Delhi, Nov 9: The announcement by Prime Minister Narendra Modi in which he declared invalid both the Rs 500 and 1,000 notes was clearly aimed at fighting black money. However this is just the beginning of things to come and one can expect several more announcements in the months to come.

Sources say that in the coming months there is likely to be an announcement in which it would be illegal to have more than Rs 20 lakh cash on hand.

Know what next on Modi's black money war

This would be yet another move to check mate the black money holders. Sources say that this is another step being planned by the Modi government to curb the menace of black money and move towards plastic money.

Read more: Rs 500 and 1,000 notes invalid: All your questions answered here

On Tuesday, Modi made a major announcement in which he declared as invalid Rs 500 and 1,000 notes. Not only did this announcement put those holding black money in a quandary, but it also wiped out the fake currency market which deals only with Rs 500 and 1,000 notes.

Read more: This is what the new Rs 500 and Rs 2,000 notes look like

Sources say that there are several more measures being planned as the PM is extremely serious about tackling the menace of black money. This issue needed to be treated as an emergency situation and hence such a drastic announcement was made.

Moreover the PM and his team managed to keep the entire issue a secret. Sources say that this was planned six months back and apart from the PM only the finance minister, Arun Jaitley knew about this.

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