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Credit/Debit Card exchange to be made compulsory in hotels!
Posted on: 04/Mar/2015 4:55:02 PM
The central government has been taking certain strong measures to eradicate black money in the economy.
The recommendations of the special committee for removing black money are being implemented. This was mentioned by the Finance Minister during his recent budget presentation.
PAN card will be involved in all financial transactions worth more than Rs. 1 Lakh. Individuals who have stashed away black money in foreign countries will have to come clear admitting the same and giving details.
Another measure is that all hotel payments exceeding Rs. 5000/- must be made only through credit/debit cards.
Finance department secretary, Mr. Rajiv Mehrishi, has informed more measures are under consideration for immediate implementation.
The central government believes that most of the unaccounted financial transactions can be blocked with this measure.
