Govt announces ban on cash transactions above ₹3 lakh
In the 2017 Budget speech, Union Finance Minister Arun Jaitley on Wednesday announced that cash transactions above ₹3 lakh will not be allowed. This comes after demonetisation and various other measures by the government to curb black money in the economy. Jaitley also said that India is mainly a tax non-compliant economy and it puts pressure on tax payers.  