Measures on Black Money:

  • The Black Money (Undisclosed Foreign Income and Assets) Act, 2015, deals with illegal money kept abroad

  • The Benami Transactions (Prohibition) Amendment Bill, 2015, enables confiscation of illegal property and provides for prosecution

  • Income Declaration Scheme, 2016, gives an opportunity to tax evaders to disclose their unaccounted income or assets

  • Quoting PAN made mandatory for high-value transaction
Proposed:

  • Banning of cash transactions above Rs 3 lakh

  • Individuals or firms cannot hold cash in excess of Rs 15 lakh