Budget 2017: Cash tax in works to discourage large withdrawals

The step to encourage digital transactions could be a modification of the United Progressive Alliance government’s banking cash transaction tax, where tax will be imposed on cash withdrawals above a certain limit.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap Tech Control

Budget 2017

Presented By:

DAYS hours minutes

Co-Presenting Sponsor :

Associate Sponsors :

Co-Presenting Sponsor :

Associate Sponsors :

Home » News » Economy

Jan 13, 2017, 01.10 PM | Source: Moneycontrol.com

Budget 2017: 'Cash tax' in works to discourage large withdrawals

The step to encourage digital transactions could be a modification of the United Progressive Alliance government’s banking cash transaction tax, where tax will be imposed on cash withdrawals above a certain limit.

Like this story, share it with millions of investors on M3

Budget 2017: Cash tax in works to discourage large withdrawals

The step to encourage digital transactions could be a modification of the United Progressive Alliance government’s banking cash transaction tax, where tax will be imposed on cash withdrawals above a certain limit.

Post Your Comments

Share Cancel

Moneycontrol Bureau
The government is mulling a “cash tax”, the likely proposal of which may figure in the 2017-18 Budget, as part of efforts to incentivise digital transactions, according to a report in The Economic Times.

The report added that the government is currently evaluating the proposal. The step to encourage digital transactions could be a modification of the United Progressive Alliance government’s banking cash transaction tax, where tax will be imposed on cash withdrawals above a certain limit.

An official was quoted as saying that the final call will be taken at the “highest political level”, while another said there was good chance the measure could be introduced in the February 1 Budget.

According to Reserve Bank of India data, digital payments transactions in December last year were 43 percent higher in December than in November since the government devalued popular bank notes.

Buy, Hold, Sell ? Hear it first on M3
Budget 2017: Cash tax in works to discourage large withdrawals

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login