Odisha News Insight

Debate on Banning Cash Transaction over Rs 3 Lakh

2000Do you support the ban on cash transaction over Rs 3 lakh? Will it check corruption and hoarding of black money? Or, will it damage the rural economy and kill real estate sector?

Chennubhotla Bapujee: The transactions may not be curbed though ban is imposed. These are to be implemented initially in the political circles especially during elections.

Vijaya Singh: Yes I do. The transaction over the said amount can curb the menace of corruption to some extent. In real estate sector, it will put a break on demand of black money in cash and bring the over inflated rates down so that people can afford to buy their dream house.

Keya Ghosh: This is going to be an extremely effective measure. No rural people need to deal with cash over 3 lakh under normal circumstances. And, those who need, they definitely should be made liable to pay taxes. Corruption could be checked to a great extent.

Balakrushna Patra: It’s a strategic step to curb corruption, which should be welcomed. However, all property deals, high value bank transactions should be made accountable so that rich can’t get away by exploiting the flaws in the system.

Pradeepta Dash: Absolute right decision of Modi Govt in order to put an end to unwanted pecuniary cash transactions. Real estate may continue to see inflow of black money. But, the government can remain alert to check it.

Deepak Kumar Prusty: It will no way kill real estate sector if the sector is crystal clean. Rural economy will not be affected as it is based on primarily small amount transaction. Though the step will not curb corruption totally but can be a helping hand in curbing corruption and tax evasion.. So, I support it..

Sai Kumar: A better step towards curbing hoarding and corruption than demonetisation.

Tusarkanta Satapathy: Trading community, backbone of the BJP, is opposing the move.

Umasankar Sahu: Corruption and flow of black money in real estate sector will stop if respective state governments update the market value of properties on a regular basis. The low market value of land/flats encourage people to opt for illegal means. Apart from that, the government should make cheque transaction mandatory in all transactions between seller and the buyer.

Sudhir Padhy: Something is better than nothing.

Devi Prasad Misra: Yes ,a good step. Cashless transactions must be encouraged and in some cases enforced to curb corruption. In Rural areas, transactions over 3 lakh is rare, so there will be no impact on the economy. In real estate sector, cash transactions must be stopped so that black money is not generated.

Jagannath Mahapatra: No, It Won’t Kill Anything, It Will check Corruption and black money hoarding.

Dipti Ranjan Jena: More than Rs 3 lakh cash ban means it will be regulated by the govt authorities. The benefits as follow:

* It will create more organised skilled job in long run instead of unorganised unskilled job in short run.

* Rural people will be associated with the banking system, which will give an edge to poor and encourage them to get banking assistance in terms of financing to their small business and farming.

* On record transaction will discourage corruption.

* Real estate industry will experience a huge correction in prices and it will be driven by consumers rather than land mafia.

Bijay Kumar Bose: For rural economy, 3 lakh in cash payment limit is more than sufficient.
Killing real estate sector is imaginary; it is a strong lobby from the sector, which should be discouraged/penalised.

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