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2017-04-01 / admin

Finance Bill gets President's nod, takes effect from 01-04-2017

President Pranab Mukherjee has given his assent to the Finance Bill 2017, and the provisions of the bill will come into effect from today. This will give effect to provisions like ban on cash transactions above Rs 2 lakh. Further, this marks the first time the annual Budget and taxation proposals have come into effect from the financial year's first day.

The legislative process of getting approvals for demands for grants or spending, general Budget as well as taxation proposals contained in the Finance Bill 2017 were all completed by March 30. President's assent was taken the very next day.

This will give the government more time to implement welfare spending programmes and taxation plans.

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