Indian Ministers Suggest Tax on Cash Withdrawals Above Rs 50,000; Digital Payments the Future?
To discourage the Indian nation of cash transactions and push the country toward digital payments, high level ministers has suggested a ban on cash transactions and a tax on cash withdrawals above Rs 50,000 (approx $735). On February 1, India’s Union Budget will be heard and it is hoped that the recommendations suggested by the committee led by N Chandrababu Naidu, Chief Minister of Andhra Pradesh, to the Indian Prime Minister Narendra Modi, will be incorporated into the budget. In a report from The Times of India, it states that these suggestions include a subsidy of up to Rs 1,000 for....
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