Cash transactions proposed to be capped at Rs 2 lakh

Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed the cap to be Rs 3 lakh with effect from AprilThe government on Tuesday moved a fresh proposal to cap cash transactions at Rs 2 lakh instead of Rs 3 lakh as provided in the Budget, as it introduced as many as 40 amendments to the Finance Bill in an "unprecedented move".

As the Finance Bill was taken up for consideration in the Lok Sabha, opposition parties like TMC, BJD and RSP protested against the introduction of the amendments to 40 Acts, saying it was being done in the form of "back-door entry"The amendments to the laws like Companies Act, Employees Provident Fund, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act, have been moved with an aim of making the functioning of tribunals more efficient by merging the smaller ones and reducing their numbers from 40 to 12.

The objections by the opposition parties were overruled by Speaker Sumitra Mahajan who ruled that the 'incidental provisions' involved in the amendments constitute a 'Money Bill' and therefore can be considered as part of the FinanceBill.Among the amendments made to the Finance Bill was a provision to cap cash transaction at Rs 2 lakh.

India seeks investment from Aramco

 Abu Dhabi co in refinery, petchem projectIndia plans to set up a 60 million tonnes per annum (mtpa) coastal refinery in Maharashtra. Petroleum Minister Dharmendra Pradhan had last year said the government was keen to have foreign investment in the project.India is talking to Saudi Aramco and Abu Dhabi National Oil Company to invest here in refinery and petrochemical projects, Minister of Petroleum and Natural Gas Dharmendra Pradhan said on Thursday."We are talking to Aramco for a mega refinery project," Pradhan said when asked what kind of projects the global oil and gas majors were interested in. He was talking to reporters on the sidelines of Network18's Global Natural Resources Conclave.India plans to set up a 60 million tonnes per annum (mtpa) coastal refinery in Maharashtra. Pradhan had last year said the government was keen to have foreign investment in the project.He also said the government would soon start the second round of auction of discovered small fields.The government has so far awarded 31 'contract areas' under its 2016 auction of discovered small and marginal oil and gas fields that were surrendered 

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