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Hoarding of Rs 2,000 notes falling: Govt

The government said a declining trend in hoarding of cash in Rs 2,000 banknotes may be coming down. In a reply to a question on action against hoarding of highvalue notes, Nirmala Sitharaman said that an analysis of the cases involving cash seizur...

ET Bureau|
Nov 20, 2019, 07.24 AM IST
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2000 note
New Delhi: Hoarding of cash in Rs 2,000 banknotes may be coming down. The government on Tuesday said a declining trend was visible in the seizure of unaccounted cash stashed in Rs 2,000-denomination notes.

Citing an analysis of the search cases involving cash seizures of more than Rs 5 crore in the last three financial years, finance minister Nirmala Sitharaman said: “This analysis reveals that the percentage of unaccounted cash seized in denomination of Rs 2,000, out of the total cash seized, is 67.91%, 65.93% and 43.22% in financial years 2017-18, 2018-19 and the current financial year till date, respectively.”

The minister was replying to a written question in the Rajya Sabha on action against hoarding of highvalue notes.

“To bring transparency in the source of funding to political parties, the provisions of section 13A of the Act have been amended to inter alia provide that no donations of Rs 2,000 or more shall be received otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account or through electoral bonds,” the finance minister said.

In order to facilitate digitalisation of the economy, the government has introduced a section in the Finance Act which says businesses with total sales, turnover or gross receipts exceeding Rs 50 crore during the immediately preceding year must offer a facility to accept payments through the prescribed electronic modes, in addition to other electronic modes.

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