The government is taking various measures to prevent illegal transactions. For this the government has made some amendments in the rules for cash limit, if they deposit or receive money above the specified limit, they will be penalized up to 100 percent of the amount they can get. According to the new rules imposed by the Central Board of Direct Taxes, an individual who wants to deposit more than Rs 20 lakh in a year will have to submit his PAN card and Aadhaar card details. Earlier, PAN card details were required for deposits of Rs 50,000 in a day, but then no annual deposit limits were fixed.
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But as per the new rules, it is mandatory to provide PAN card and Aadhaar card details to track the amount deposited and withdrawals in several banks in a year. Persons who do not have a PAN card are required to apply for a PAN card seven days prior to depositing or withdrawing money in excess of the specified amount from the bank. On the other hand, it is not possible to make cash transactions above Rs. 2 lakhs, for example, when buying gold jewelery above Rs. 3 lakhs, the payment must be made only through cheque, credit card, debit card or bank transaction instead of cash.
In order to control cash transactions in high value transactions, the government has imposed a rule that no cash transactions should exceed Rs.2 lakhs. You should also follow these rules while receiving money from your family member or members. Don’t accept a cash gift of more than Rs.2 lakh from anyone at a time, otherwise you will be fined. One should not borrow more than Rs.20,000 from each other and only Rs.20,000 in cash is allowed in property transactions. Also taxpayers should pay the insurance premium only through bank and not in cash as they will be ineligible for Section 80D exemption.
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