The government proposes to lower the limit of cash transaction to Rs.2,00,000/- from the Rs.3,00,000/- proposed in the Budget, 2017, as a part of 40 amendments to the Finance Bill. Finance Minister Arun Jaitley moved the amendments in Loksabha on 21-03-2017.

Later Revenue Secretary Hasmukh Adhia  informed via twitter that, penalty for violation would be a fine equivalent to the amount of the transaction. The penalty would be paid by individuals or establishments receiving the payment.

Other few Amendments in the Finance Bill are:

1. Making Aadhar mandatory for filing Income Tax Returns and PAN application
2. Allowing payments by only non-cash modes such as cheques, bank drafts or electronic transfers for electoral trusts
3. A few are aimed at rationalising tribunals by merging these to reduce the number to 12 from 40.