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Tax to be levied on cash transaction over Rs 50,000

NEW DELHI, Jan 24: In an effort to discourage cash transactions throughout the country, the Chief Minister Sub Committee on Digital Payment today recommended to levy banking cash transaction tax (BCTT) on withdrawal of Rs 50,000 from banks.

The committee-headed by Andhra Pradesh Chief Minister N Chandra Babu Naidu submitted the interim report on digital payment to Prime Minister Narendra Modi here.

Addressing the mediapersons here, Mr Naidu said, “To curb use of cash for large transaction consider levy of Banking Cash Transaction Tax of Rs 50,000 and above.”

Among others recommendations, the panel suggested to consider all Government sections like insurance, educational institutions, fertilisers, PDS, petroleum, etc to switch over to digital payment.

It also recommended for lower or zero Merchant Discount Rate (MDR) for all digital payments to Government entities.

The panel is also in favour of making Aadhar a mode of primary ID for Know Your Customer (KYC).



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