Zee media bureau
New Delhi: After demonetisation of Rs 500 and Rs1,000 currency notes, the government has issued orders to income tax department and all banks to keep a track of all the monetary transactions involving cash of Rs 2 lakh and above.
As per income tax officials, this will help in tracking cash transactions and gaining higher revenues for government.
Record of all individuals along with their PAN card will be kept by the tax department.
The tax department is also mulling imposing penalty anywhere between 30 per cent and 120 percent dependent upon the source of income.
The cash circulation in India is to the tune of Rs 17 lakh crore. This includes 88 percent of Rs 500 and Rs 1,000 notes.