First steps to curb generation of black money in realty

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Market experts say that the intent of the government is good and looks to reduce the black money transaction in the sector but it may be tough to implement it. While home buyers will have to make all payments exceeding Rs 20,000 by way of cheque, experts feel that it is tough to track them.

“It is practically very tough to stop such transactions. It will be difficult for the government to produce evidence against such transactions,” said a real estate expert who did not wish to be named.

In another move to curb the flow of black money, the government is looking to announce steps that will discourage cash transactions and encourage card-based transactions.

“Now that a majority of Indians have or can have a RuPay debit card, I propose to introduce soon several measures that will incentivise credit or debit card transactions, and disincentivise cash transactions,” said Jaitley.