The government had proposed a penalty on cash transactions above Rs 3 lakh in the Budget.
Any cash transaction of more than two lakhs should be penalised at 100 per cent, the government has proposed today.
In his budget presented in February, Finance Minister Arun Jaitley had said cash transactions would be capped at Rs 3 lakh. The government wants to reduce the limit to Rs 2 lakh.
The proposal is aimed at curbing black money.