A PIL seeking direction to Centre and Delhi Government to take appropriate steps to restrict cash transaction above rupees ten thousand was withdrawn by the petitioner after Delhi High Court on Thursday observed that a law already exists regarding cash transaction under Income Tax Law.
The Division Bench of Chief Justice DN Patel and Justice C Harishankar gave their observation on the PIL moved by Advocate Ashwini Upadhyay.
The petition claimed that restricting the cash transaction will not only help in curbing corruption, black money generation, and 'Benami' (unaccounted) transaction but also in weeding out an organized crime like separatism, terrorism, Naxalism, radicalism, gambling, smuggling, money laundering, kidnapping, etc.
The petition claimed that "If Government will restrict cash transaction above Rs. 10,000, it will lead to an increment of 1 per cent in annual growth. It will clean electoral process, which is dominated by black-money and Benami transaction and thrives on a cycle of large black investments, the capture of power through foul means, use of political strength to amass private wealth, all with disdain of the citizen.
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