In another move, the government had limited the cash transactions to Rs.2 lakh from that of Rs.3 lakh and the government also made it mandatory to to provide the Aadhaar number while filing IT returns and applying for a PAN card. The decisions were part of amendments moved to the finance bill, which puts into effect the Budget proposals.

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The new move will come into effect from the new financial year. Apart from this 40 more proposals were tabled in the Loksabha. According to the bill if an individual or company  cross the cap of Rs.2lakhs in transactions        the same amount must be paid as penalty.               This move was brought to curb the corruption and was recommended  by the special investigation team (SIT)which is investigating on the flow of black money in the country.

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The  other proposals made were the companies act , Employees provident fund act, Foreign Exchange Management Act, TRAI act and ITact. The government also came up with the move in the judicial system. It proposed to reduce the tribunals to 12 across the country from the existing 40 tribunals.

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Finance Minister Arun Jaitely moved an "unprecedented" 40 amendments to his seven-week old Finance Bill 2017, which were strongly opposed by opposition parties led by the RSP, the TMC and the BJD, which felt the government was tagging along non-tax bills in the legislation to make them Money Bills, obviating the need for a nod from the Rajya Sabha where it does not have a majority yet.

 


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