Rules for Cash transaction

 

• Transaction of more than Rs 20 lakh in cash in a financial year can attract a fine.
• It is necessary to give PAN number for depositing or withdrawing cash more than Rs 50,000 at a time.
• If a person deposits 20 lakh rupees in cash in 1 year, then he will have to give information about PAN (PAN) and Aadhaar (Aadhaar).
• Fine up to Rs 20 lakh may have to be paid for not giving information about PAN and Aadhaar.
• You cannot shop for more than Rs 2 lakh in cash.
• A copy of PAN and Aadhaar card will have to be given if purchases of more than Rs 2 lakh are made in cash.
• The person can come on the radar of the investigating agency on the purchase and sale of property worth more than Rs 30 lakh in cash.
• At the time of payment of Credit-Debit Card card, if a person pays an amount of more than Rs 1 lakh in one go, then investigation can be done.
• Can’t take cash more than Rs 2 lakh from your relatives in 1 day. This has to be done through the bank.
• The limit for donating in cash has been fixed at Rs 2,000.
• No person can take a loan of more than 20 thousand in cash from another person.
• You will have to pay TDS if you withdraw more than Rs 2 crore cash from the bank.