Modi government has said that hoarding of 2000 rupee notes can be reduced. Finance Minister Nirmala Sitharaman told Parliament that in the year 2017-18, 2018-19 and the current financial year, cases of illicit money being held in the form of Rs 2000 notes were 67.91%, 65.93%, and 43.22%. Also, it told that the central government has taken many big steps to stop hoarding.

MP Dr. L Hanumantayya had asked the question in the Parliament whether the government has given the high risk of unaccounted cash due to large denomination of high denomination currency notes, such as 2000 thousand rupee notes. Have you taken any steps to deal with the matter of easy hoarding, if yes?

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With the help of these measures, the government will control the hoarding of 2000 rupee note

1. To prevent the hoarding of notes, the government has made a big change in digital payment from 1 November 2019. This new rule will apply only to businessmen with a turnover of more than Rs 50 crore. Under the new rule, traders will no longer have to pay any fee or charge if they take payment in electronic mode.

2. In case of withdrawal of more than Rs 1 crore from a bank account in a year, it will now attract 2% TDS. TDS will not be deducted on cash withdrawals made earlier, but the previously withdrawn money will also be included in the withdrawal. The Central Board of Direct Taxes (CBDT) said that in the current financial year till August 31, 2019, those who have already withdrawn cash of Rs 1 crore, will be charged TDS of 2 percent on all subsequent withdrawals.

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3. To prevent hoarding, the government has also fixed the limit for payment in cash. The rules are also fixed for your personal expenses - business expenses. Cash is paid up to 2 lakh rupees for personal expenses. A cash limit of up to Rs 10,000 has been set for the business.

4. The government has reduced the limit of cash donations to charitable organizations from 10 thousand rupees to 20000 rupees.

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5. If someone sends the loan amount directly to the bank, then this limit is 20 thousand rupees. If you take a cash loan over Rs 20,000, then you will have to pay 100% penalty.

6. Modi government has also improved the provisions of section 13A to bring transparency in the amount of donations to political parties. Accordingly, the amount of more than Rs 2000 should be given only through bank cheque or draft. If a person wants, he can also give it through ECS. Along with this, the options of electoral bonds have also been made available to the people.

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