Restriction on cash transactions :

CLAUSE(S) OF FINANCE BILL, 2017	PARTICUL ARS OF AMENDME NTS	SECTION	AMENDMENT / NEWLY INSERTED	APPLICABLE W.E.F.	BRIEF OF AMENDMENT
71,83&84	Restriction on cash transactions	269ST	NEWLY INSERTED	01st April 2017 (A.Y. 2017-18)	It is proposed to to provide that no person shall receive an amount of three lakh rupees or more,— (a) in aggregate from a person in a day; (b) in respect of a single transaction; or (c) in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account. It is further proposed that the said restriction shall not apply to : – ia) Government, ib) any banking company, post office savings bank or co-operative bank ii)Transactions of nature referred in Section 269SS iii) Persons or class of persons central govt may notify. The newly inserted provision is a move towards cash less economy and to reduce circulation of black money