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By : Oneindia Video Team
Published : January 25, 2017, 12:35
Duration : 01:26

Demonetisation : Cash transactions over Rs 50,000 to face tax

A high-level committee on digital payments has suggested a tax to discourage cash transactions, a cap on the maximum allowable limit for large-size cash transactions and a complete abolition of charges on card payments to incentivise digital transactions. Some of these recommendations of the Chandrababu Naidu-headed committee of state chief ministers could find a mention in the upcoming Union Budget on February 1. The recommendations seek to make digital transactions more cost effective and attractive than cash transactions. The committee has suggested a banking cash transaction tax on transactions of Rs 50,000 and above.

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