Revenue Secretary Hasmukh Adhia has said, the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash received. In a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of 3 lakh rupees, beginning April 1, to settle any transaction. <br/><br/>A ban on cash transaction of more than 3 lakh rupees has been proposed in the Budget for 2017-18. In an interview to PTI, Mr Adhia said, a person doing a transaction of 4 lakh rupees in cash, then the penalty will be 4 lakh rupees which will be levied on the receiver. He said, the government, will track all large cash transactions, and also curb the avenues of conspicuous<br/>consumption through cash.

Revenue Secretary Hasmukh Adhia has said, the penalty for doing cash transaction will be steep and the receiver will have to pay an amount equivalent to the cash received. In a bid to check generation of black money, a steep penalty awaits those accepting cash in excess of 3 lakh rupees, beginning April 1, to settle any transaction. <br/><br/>A ban on cash transaction of more than 3 lakh rupees has been proposed in the Budget for 2017-18. In an interview to PTI, Mr Adhia said, a person doing a transaction of 4 lakh rupees in cash, then the penalty will be 4 lakh rupees which will be levied on the receiver. He said, the government, will track all large cash transactions, and also curb the avenues of conspicuous<br/>consumption through cash.