Jaitley talks about tax benefits to businesses engaged in cashless transactions; says RBI has more than adequate cash

Finance Minister Arun Jaitley said amendments were made in some taxation for small traders to boost payment.

Addressing a news conference, Jaitley said small scale business having turnover of Rs 2 crore will get tax benefits.

“We made amendments in some taxation for small traders to boost digital payment, we will offer tax benefit to small businesses engaged in cashless transactions,” said Jaitley.

Meanwhile, talking about queues outside banks and ATMs, Jaitley said there was cash crunch and RBI has more than adequate cash to last not just till December 30 but even more.

“We were prepared. There has been no day when RBI did not dispense adequate cash to banks,” Jaitley said, claiming all the ATMs have been re-calibrated.

Reiterating his statements on limiting deposits in bank accounts to Rs 5000, Jaitley asked people to deposit all their money once in the account and only repeated depositors will be enquired.