THE GOVERNMENT HAS FINALLY COME OUT WITH A NOTIFICATION RESTRICTING THE TRANSACTIONS IN THE PROPERTY IN TERMS OF CASH BY PERMITTING IT TO RS.20,000/-. ANY AMOUNT PAYABLE OR TO BE PAID MUST BE ONLY THROUGH AN ACCOUNT PAYEE CHEQUE/DEMAND DRAFT/PAY ORDER/BANK TRANSFER/RTGS.
THE TRANSACTION IN CASH INVOLVES HIGH RISK AND THE BUYER WILL BE AT THE MERCY AND in THE CLUTCHES OF THE SELLER/AGENT/BROKER AND THERE IS ALWAYS A CHANCE FOR THE INCOME TAX SCRUTINY.
IT IS ADVISED TO TRANSACT ONLY THROUGH BANK TRANSFER/ACCOUNT TRANSFER/RTGS/DEMAND DRAFT AND CHEQUES TO AVOID FRAUD AND BLACKMAIL BY THE SELLER AND HIS AGENTS.