Government set a limit on keeping Cash at home

TIL Desk/National/New Delhi/ After the announcement of demonetisation on November 8, the government may now set a limit on keeping cash at home — anywhere between Rs 3 and Rs 15 lakh. However, being a developing economy, it will be quite difficult to set a minimum limit to keep the cash.

In 2015, a team of experts assigned by the Supreme Court to fight and recover black money said the limit to keep cash at home should be set at Rs 15 lakh. The panel of retired judges and bureaucrats was formed as a Special Investigating Team to ensure the government uncovers which Indians have hidden untaxed money in foreign bank accounts.

The government’s demonetisation move has been criticised by the Opposition with Congress Party vice-president Rahul Gandhi terming the move as a “Modi Made Disaster’. The Trinamool Congress president and West Bengal Chief Minister Mamata Banerjee, two times within a month, sought the intervention of President Pranab Mukherjee in the demonetisation issue.

Uttar Pradesh Chief Minister Akhilesh Yadav recently said while those who have huge amount of cash in their accounts are getting “services’ from bank managers at their doorstep. Only the poor are standing in queues outside banks, he added. Ex-CM of UP, BSP chief Mayawati, escalating her attack on the BJP government at the centre recently said that the demonetisation exercise has taken the sheen off the government that used to brag about its “India Shining’ slogan.