Rs 2 lakh is the cash transaction limit, Aadhaar mandatory for I-T returns

The Rs 2-lakh limit applies to single transactions

The Rs 3-lakh limit proposed for cash payments in the Budget for 2017-18 would be brought down to Rs 2 lakh as part of an unprecedented 40 amendments to the Finance Bill. 

Finance Minister Arun Jaitley moved the amendments in the lower House on Tuesday. This is aimed at tightening the noose on those dealing in cash.

Most other amendments — making Aadhaar mandatory for filing tax returns, applying for permanent account numbers (PAN) and allowing payments by only non-cash modes such as cheques, bank drafts or electronic transfers for electoral trusts — are also aimed at curbing black money.