India’s war against black money has led to several new policies and orders of late, one of which was announced by Finance Minister Arun Jaitley on Wednesday in his Union Budget presentation in the Parliament.
The country has banned all cash transactions above Rs 300,000 (roughly $4,500) from April 1.
This move follows last year’s ban on high-value currency notes that had sucked in 86% of the cash in circulation and sent India’s 1.3 billion people into a collective frenzy.
Jaitley’s decision is based on a recommendation made by a Special Investigation Team (SIT) on black money that was set up by India’s apex court. Read more…
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