Black Money – Domestic and International Efforts

Payments banks to help in move to ‘cashless economy’

  1. The opening of a large number of payment gateways, Internet banking, payment banks will prompt the use of banking transactions and plastic money to rise significantly.
  2. The govt. was considering making it mandatory to provide PAN card details for cash transactions beyond a certain limit.
  3. The monitoring regime of the income tax department has been strengthened.
  4. The department can detect large cash withdrawals, or large cash transactions which enter the system.
  5. The Finance Minister lays the blame for incidence of tax evasion on previous govts and their high tax rates.
  1. The opening of a large number of payment gateways, Internet banking, payment banks will prompt the use of banking transactions and plastic money to rise significantly.
  2. The govt. was considering making it mandatory to provide PAN card details for cash transactions beyond a certain limit.
  3. The monitoring regime of the income tax department has been strengthened.
  4. The department can detect large cash withdrawals, or large cash transactions which enter the system.
  5. The Finance Minister lays the blame for incidence of tax evasion on previous govts and their high tax rates.
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