India's war against black money has led to several new policies013 Archivesorders of late, one of which was announced by Finance Minister Arun Jaitley on Wednesday in his Union Budget presentation in the Parliament.
The country has banned all cash transactions above Rs 300,000 (roughly $4,500) from April 1.
SEE ALSO: This country will give all its senior citizens a biometrics-based smart health cardThis move follows last year's ban on high-value currency notes that had sucked in 86% of the cash in circulation and sent India's 1.3 billion people into a collective frenzy.
Jaitley's decision is based on a recommendation made by a Special Investigation Team (SIT) on black money that was set up by India's apex court.
"The government has decided to accept this proposal. Suitable amendment to the Income-tax Act is proposed in the Finance Bill for enforcing this decision," Jaitley said in his speech.
The Supreme Court had reportedly also wanted “an Act be framed to declare such transactions as illegal and punishable under law."
High-value cash transactions are a common feature, especially in the real estate sector where buyers try to get away with paying lower stamp duty, reports say.
Here are some reactions on the move.
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