Cash is Dangerous 

9 Point to relating to cash transactions

Is there a limit to how much money you can retain at home? be mindful of this information regarding cash transfers!

1. Over Rs 20 lakh in cash transactions throughout a fiscal year may result in fines.

2. The CBDT states that in order to deposit or withdraw more than Rs 50,000 at once, a PAN number must be provided.

3. Aadhaar and PAN information are required if a person deposits Rs 20 lakh in cash in a year.

4. A punishment of up to Rs 20 lakh may be assessed for failure to give PAN and Aadhaar information.

5. Anything costing more than Rs. 2 lakh cannot be purchased in cash.

6. A copy of both your PAN number and your Aadhaar card are needed for cash purchases over Rs 2 lakh.

7. Anyone who buys or sells monetary assets worth more than Rs 30 lakh in cash may end up on the investigation team's radar.

8. If a person uses a credit or debit card to make more than one lakh rupees in a single transaction, there may be cause for investigation.

9. Cash amount of more than Rs 2 lakh cannot be taken from relatives in a day. This has to be done through the bank

"Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional advice. We cannot be held responsible for any consequences that may arise from implementing the information without proper consultation. It is important to seek professional advice tailored to your specific circumstances before making any decisions or taking any action based on the content of this blog."