Cash Transaction Limit: Things You Should Know
Cash exchange and transactions are still pretty common and habitual for Indians despite various initiatives taken by the government to control it. A recent PTI report suggested that India’s cash withdrawals were up by 22 percent in the past year, clearly pointing out that the citizens and businesses are still highly dependant on cash.
The government had introduced the UPI and even took up the burden of MDR (merchant discount rate) on transactions less than Rs 2,000 in 2017 to encourage Indians to adopt digital payment methods.
While we are all in the practice of cash transactions, here are 4 cash transaction limits to keep in mind before you accept more cash because it is the receiver that gets into trouble: