In a major step to check corruption and tax evasion, transactions above Rs. 3 lakh will not be allowed in cash, Finance Minister Arun Jaitley said today while announcing the budget. Cash transactions above three lakhs will be banned from April. The government had decided to accept the recommendation of a Special Investigation Team or SIT, Mr Jaitley said. The SIT was set up by the Supreme Court to suggest ways to check black or untaxed money and bring back crores parked illegally in foreign bank accounts. (Video Courtesy: Lok Sabha TV)
