The intent being made clear to promote the usage of a digital platform Pan India with cashless transactions earlier today the banks have come to consensus in order to put a ceiling for third party cash transactions at Rs. 25,000 per day. The decision was made to discourage customers not to engage in cash transactions.
- After four free cash transactions that include cash deposits and withdrawals every month this charge would be levied and also become applicable on both a savings as well as a salary account starting March
- While cash handling charges would be discontinued for the third party cash transactions that have been capped up to a limit.
- Up to a period of one month people can withdraw or deposit up to Rs. 2 lakh from their savings or salary accounts through their home branch. If the amount is in excess of Rs. 2 lakh, customers will be charged at Rs. 5 per Rs. 1,000. Daily transactions up to Rs. 25,000 in the case of non-home branches are not chargeable and children as well as senior citizens will be exempted.
While this was so, it is to be succeeded by a series of steps that would likely include a ceiling on cash amounts held by individuals and also companies.
The Government will be required to make this predicted change through the finance bill if it intends to on the basis of recommendations made by a Special Investigation Team.
Let’s hope that this call comes with a positive welcome from the general public and the outcome that would be followed forthcoming has an impact on a right note considering the perspective as an individual.