Penalty of equal amount for cash transaction of over ₹3 lakh
A penalty of equal amount will be levied for any cash transaction of over ₹3 lakh from April 1, Revenue Secretary Hasmukh Adhia has said. "Supposing you do a transaction of ₹4 lakh in cash, then the penalty would be ₹4 lakh," Adhia explained. A ban on cash transaction of over ₹3 lakh has been proposed in the Union Budget.