Curbing black money: Now, get ready to pay tax on cash transactions at bank

The matter is being discussed and it has been taken up in some of the pre-Budget consultation meetings

The Narendra Modi government in its second term will put in place measures to further curb black money generation.

According to sources, policymakers have started talks on the possibility of re-introducing the much-flayed instrument of the banking cash transaction tax (BCTT) to discourage cash transactions.

Further, the tax authorities are considering levying the estate tax on inherited property in line with global practices.

“We have received suggestions on taxing cash transactions. The departments concerned are examining the feasibility and effectiveness of the tax. Such tools are not for revenue generation but to curb black money transactions in the form of