Not just cash restrictions: Govt proposes 40 changes to Finance Bill

The current requirement of quoting PAN for cash spending also starts from Rs 2 lakh

The government on Tuesday proposed to lower the cap for cash transactions to Rs 2 lakh from April 1, make biometric identifier Aadhaar mandatory for filing tax returns and allow cheque only contributions to electoral trusts as part of the tirade against black money.

Jaitley said the government will amend several laws including the RBI Act and the Income Tax Act to allow political parties to raise funds through electoral bonds.

Finance Minister Arun Jaitley moved 40 amendments to his seven-week-old Finance Bill 2017, which were strongly opposed by opposition parties, which felt the government was tagging along