BIG News..You will have to pay tax on depositing cash in banks

New Delhi: PM Narendra Modi does not want you to deal much in cash. Thus, the budget will see measure that will de-incentivise use of cash. One such measure is likely to be track people using cash. A tougher measure will be to levy charges on cash deposits and cash payments.    

Apart from levying charges on the cash transactions the government is planning to bring most cash transactions under PAN radar. In the budget, the government is likely to reduce the the threshhold for quoting PAN from Rs 50,000 to Rs 30,000. At present, cash deposits in banks up to Rs 50,000 are exempt from quoting PAN, while those above Rs 50,000 have to mandatorily furnish PAN card details.

These steps are being viewed as government's strategy to gradually move towards a 'less-cash' economy. (News24Bureau)