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of <h1>RBI Affirms Banks Set Debit Card Limits; Finance Act 2017 Enforces Rs. 2 Lakh Cash Transaction Ban, Penalties Apply.</h1> The Reserve Bank of India states that the card-issuer bank determines the purchase limits for debit card transactions. Public Sector Banks have not reduced these limits. To promote a less cash-dependent economy and curb black money, the Finance Act, 2017, introduced section 269ST in the Income-tax Act, 1961. This section prohibits cash transactions of Rs. 2 lakh or more in certain scenarios, mandating electronic or cheque payments. Violations incur a 100% penalty on the amount. This information was provided by a government official in a Lok Sabha session.
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