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For decades, the bail bonds industry has operated as a central pillar of the American criminal justice system. When a person is arrested and charged with a crime, a court may set a monetary bail amount. Bail is designed to ensure that the accused returns for future court hearings while allowing them to remain free during the pretrial period. However, not everyone can afford to pay the full bail amount. In such cases, defendants often turn to bail bond agents, who post bail on their behalf in exchange for a non-refundable fee—typically around 10% of the total bail.

While this system has functioned for generations, it has increasingly come under scrutiny. Critics argue that cash bail disproportionately affects low-income individuals, effectively criminalizing poverty and contributing to overcrowded jails. At the same time, technological advancements are modernizing how bail services operate, making processes faster, more transparent, and more data-driven.

Today, the bail bonds industry stands at a crossroads. Legal reform efforts and rapid technological innovation are reshaping how pretrial justice works in the United States.

Understanding the Traditional Bail Bonds Model

To understand how reform and technology are transforming the industry, it is important to first understand how the traditional bail bonds system works.

What Is Cash Bail?

Cash bail is a financial guarantee that a defendant will appear in court. If the defendant attends all required hearings, the bail amount is returned at the end of the case. If they fail to appear, the court may forfeit the bail and issue a warrant for their arrest.

For many defendants, bail amounts can range from a few thousand dollars to hundreds of thousands of dollars, depending on the seriousness of the alleged offense, criminal history, and perceived flight risk.

The Role of Bail Bond Agents

When a defendant cannot afford to pay the full bail amount, a bail bond agent steps in. The agent posts a bond with the court on behalf of the defendant. In exchange, the defendant (or their family) pays a non-refundable premium—usually about 10% of the total bail.

For example:

1. If bail is set at $20,000, the bail bond agent charges $2,000.

2. The agent guarantees the full $20,000 to the court.

3. If the defendant fails to appear, the agent may be responsible for paying the full amount unless the defendant is located and returned to custody.

Enforcement Through Bounty Hunters

If a defendant skips court (often referred to as “jumping bail”), bail bond agents may hire recovery agents—commonly known as bounty hunters—to locate and return the individual. This practice is legal in many states, though it remains controversial.

Operational Challenges in the Traditional Model

Historically, the industry has relied heavily on:

1. Face-to-face interactions

2. Paper contracts and manual record-keeping

3. In-person court coordination

4. Physical tracking methods

These traditional systems often lack transparency, are labor-intensive, and may result in inconsistent outcomes. Critics argue that the industry’s structure can incentivize profit over fairness.

The Push for Bail Reform: Addressing Systemic Inequities

Over the past decade, a nationwide movement for bail reform has gained momentum. Reform advocates argue that the cash bail system creates two separate justice systems—one for those who can afford bail and one for those who cannot.

The Problem of Wealth-Based Detention

Research has consistently shown that pretrial detention can have severe consequences, even if a person is ultimately found not guilty. Defendants who remain in jail before trial are more likely to:

1. Lose their jobs

2. Experience housing instability

3. Face family disruption

4. Accept plea deals under pressure

5. Receive harsher sentences

In short, inability to pay bail can fundamentally alter the trajectory of a person’s life.

Reform in Action: State-Level Changes

Several states have implemented significant reforms.

In 2017, New Jersey introduced sweeping changes, largely eliminating cash bail and implementing a risk-based system. Instead of focusing on a defendant’s ability to pay, courts evaluate factors such as:

1. Risk of failing to appear

2. Risk to public safety

3. Criminal history

Similarly, New York enacted major bail reforms in 2020, limiting the use of cash bail for many non-violent offenses. Other states and counties across the country have adopted similar measures, experimenting with alternatives to financial conditions for release.

Risk Assessment Tools

Many reform efforts rely on pretrial risk assessment tools. These tools use data to evaluate the likelihood that a defendant will:

1. Miss court

2. Commit a new offense while on release

While these tools aim to increase objectivity, they have sparked debate. Concerns include:

1. Algorithmic bias

2. Lack of transparency

3. Over-reliance on historical data that may reflect systemic inequities

Ensuring fairness, accountability, and independent oversight remains essential.

The Impact of Reform on the Bail Bonds Industry

Reform efforts have had a direct and significant impact on bail bond businesses.

Reduced Demand in Reform States

In jurisdictions where cash bail has been reduced or eliminated, the demand for traditional bail bond services has declined sharply. Some bail agencies have:

1. Closed operations

2. Consolidated services

3. Diversified into related legal services

Legal and Political Responses

Bail bond associations have actively lobbied against reforms in certain states. Legal challenges have been filed arguing that eliminating cash bail may compromise public safety or violate certain legal standards.

However, public debate continues, and reform efforts remain active in many parts of the country.

A Shift Toward Service-Oriented Models

Forward-thinking bail agents are adapting by:

1. Offering flexible payment plans

2. Providing court reminder services

3. Assisting clients with compliance requirements

4. Partnering with pretrial service providers

The industry is gradually shifting from a purely financial guarantor model to a broader pretrial support role.

Technology’s Disruptive Influence on Bail Bonds

Parallel to legal reform, technology is rapidly reshaping the industry’s operations.

Digital Platforms and Online Bail Applications

Modern bail bond companies now offer:

1. Online bail applications

2. Digital document signing

3. Electronic payment systems

4. Real-time case updates

These platforms allow families to initiate bail from their smartphones, reducing the need for late-night office visits and paper-heavy processes.

Benefits include:

1. Faster processing times

2. Greater accessibility

3. Improved record-keeping

4. Enhanced transparency

Electronic Monitoring and GPS Tracking

Technology has introduced alternatives to traditional supervision methods. Courts increasingly use:

1. GPS ankle monitors

2. Smartphone-based tracking apps

3. Electronic check-in systems

These tools allow defendants to remain in the community while ensuring accountability.

Electronic monitoring can:

1. Reduce jail overcrowding

2. Lower taxpayer costs

3. Provide real-time compliance data

However, concerns exist about privacy, over-surveillance, and data security.

Automated Court Reminders

Failure to appear in court is often due to missed reminders rather than intentional flight. Automated systems now send:

1. Text message reminders

2. Email notifications

3. App alerts

Studies suggest that simple reminder systems significantly reduce failure-to-appear rates, demonstrating that technology can improve compliance without financial penalties.

Artificial Intelligence and Predictive Analytics

AI-driven tools analyze patterns in court attendance, criminal history, and demographics to assess risk levels. These technologies promise:

1. Increased efficiency

2. Data-driven decision-making

3. Reduced human bias

However, critics caution that algorithms can replicate systemic biases embedded in historical data. Transparency in how algorithms function is critical to maintaining public trust.

Data Security and Privacy Concerns

As the industry becomes more digitized, data protection becomes increasingly important.

Bail companies handle sensitive information, including:

1. Personal identification data

2. Criminal records

3. Financial details

4. Location tracking information

Cybersecurity measures must be robust to prevent:

1. Data breaches

2. Identity theft

3. Unauthorized surveillance

Compliance with state and federal data protection laws is essential. Industry standards are evolving to address these risks.

The Changing Role of Bail Agents in a Digital Age

Technology and reform are redefining the professional identity of bail agents.

From Financial Sureties to Case Managers

Modern bail professionals are increasingly acting as:

1. Client advisors

2. Compliance coordinators

3. Community resource connectors

Rather than focusing solely on securing release, many agents now help clients navigate:

1. Court schedules

2. Legal documentation

3. Social service referrals

Embracing Digital Infrastructure

Agencies investing in:

1. Customer relationship management (CRM) software

2. Secure client portals

3. Digital payment integration

4. Analytics dashboards

are better positioned to compete in a tech-driven marketplace.

Ethical and Professional Standards

As scrutiny increases, professional standards are also evolving. Training, licensing, and compliance requirements are being strengthened in many jurisdictions.

Transparency in fee structures and client communication is becoming a competitive advantage.

Economic and Social Implications

The transformation of the bail industry has broader economic and social consequences.

Impact on Jail Populations

Reduced reliance on cash bail can significantly decrease jail populations, particularly among non-violent offenders. This can lead to:

1. Lower public expenditure

2. Reduced overcrowding

3. Improved jail safety

Financial Pressure on Families

Under traditional systems, families often borrow money, sell property, or take loans to pay bail premiums. Reform efforts aim to reduce this financial burden.

Public Safety Debate

Opponents of reform argue that removing financial incentives may increase crime rates. Supporters counter that data from reform states shows stable or manageable outcomes when reforms are properly implemented.

The debate remains complex and highly localized.

Innovation in Pretrial Services

Beyond bail bond companies, new private and public pretrial service providers are emerging.

These services may include:

1. Court appearance coaching

2. Substance abuse counseling

3. Mental health referrals

4. Employment assistance

Technology platforms integrate multiple services into one digital ecosystem, helping defendants comply with court conditions.

This holistic approach aligns with broader criminal justice reform goals.

Challenges and Unintended Consequences

While reform and technology offer promise, challenges remain.

Algorithmic Bias

Risk assessment tools must be continually audited to prevent discrimination.

Over-Reliance on Monitoring

Electronic monitoring can become intrusive if overused. There is a risk of creating a “digital jail” experience outside of physical incarceration.

Uneven Reform Across States

The United States has a fragmented legal system. Some states have eliminated cash bail, while others continue traditional practices. This patchwork creates uncertainty for industry stakeholders.

Industry Resistance

Economic disruption inevitably leads to resistance. Balancing economic interests with social justice goals requires thoughtful policymaking.

Building a Fair and Efficient Future

The convergence of reform and technology creates an opportunity to redesign pretrial justice around fairness, safety, and efficiency.

Key Principles for the Future

1. Evidence-Based Policy

2. Transparency in Technology

3. Accountability for Decision-Makers

4. Protection of Civil Liberties

5. Collaboration Across Stakeholders

Lawmakers, judges, technologists, and industry professionals must work together to ensure reforms are carefully implemented and continuously evaluated.

The Road Ahead: A System in Transition

The bail bonds industry is experiencing one of the most significant transformations in its history.

Long rooted in tradition, it is now influenced by:

1. Legislative reform movements

2. Technological innovation

3. Public scrutiny

4. Data-driven governance

Some jurisdictions may move away from commercial bail entirely. Others may refine the existing system. In many areas, hybrid models are emerging.

What is clear is that the future of pretrial justice will look very different from its past.

Conclusion: Toward a More Just Pretrial System

The transformation of the bail bonds industry reflects a broader national conversation about fairness, equality, and public safety. Reform efforts seek to reduce the harmful effects of wealth-based detention, while technology introduces tools that can enhance efficiency and oversight.

When implemented responsibly, these changes have the potential to:

1. Reduce jail overcrowding

2. Protect civil liberties

3. Promote accountability

4. Improve public trust

However, reform is not a one-time event—it is an ongoing process requiring evaluation, transparency, and collaboration.

The bail bonds industry stands at a pivotal moment. By adapting thoughtfully and embracing innovation, stakeholders can help shape a pretrial justice system that balances individual rights with community safety—creating a more equitable and humane framework for generations to come.

Introduction 

Valuation is the process of determining the current or anticipated worth of an asset, business, or investment using analytical methods. Whether you are a buyer, seller, or investor, understanding the valuation process is crucial. It helps in making informed decisions, ensuring compliance with legal requirements, and protecting the interests of all parties involved.

In India, valuation is regulated under various laws and guidelines, including the Companies Act, SEBI regulations, and the Income Tax Act. These regulations ensure that valuations are fair, transparent, and compliant with the law.

Benefits of Valuation

1. For Creditors:

   • Valuation allows creditors to assess the repayment potential of an organization.

2. For Investors:

   • Provides a reliable estimate of a company’s worth, boosting investor confidence.

3. For Regulators:

   • Ensures compliance with legal regulations and prevents manipulation of financial statements.

4. For Management:

   • Helps management make informed strategic decisions.

Key Components of a Valuation Report

A comprehensive valuation report must include the following sections:

1. Information of the Valuer:

   • Name, registration number, and contact details of the valuer.

2. Engagement Details:

   • Name of the organization, intended users of the report, and the purpose of the valuation.

3. Subject of Valuation:

   • Description of the asset, liability, or business being valued, including financial health and legal compliance.

4. Information Utilized:

   • Historical financial data, assumptions, and data sources used for valuation.

5. Valuation Methodology:

   • Detailed explanation of the methods used, assumptions made, and rationale behind them.

6. Compliance Confirmation:

   • Statement confirming adherence to applicable rules and guidelines.

7. Valuation Conclusion:

   • Final valuation figure, date of valuation, and valuer’s signature.

Common Valuation Methods

1. Absolute Valuation Model

• Focuses on the intrinsic value based on fundamentals like cash flows and growth rates.

• Key Methods:

  1. Discounted Cash Flow (DCF): Projects future cash flows and discounts them to present value.

  2. Asset-Based Model: Values a company based on its assets minus liabilities.

  3. Dividend Discount Model: Focuses on the present value of expected dividends.

2. Relative Valuation Model

• Compares the company to similar firms in the industry.

• Key Ratios:

  1. Price-to-Earnings (P/E) Ratio.

  2. Enterprise Value-to-EBITDA Ratio.

3. Net Asset Value Method

1. Calculates value by subtracting liabilities from assets.

2. Suitable for asset-heavy businesses.

4. Discounted Cash Flow (DCF) Method

1. Uses projected cash inflows and outflows, discounted to the present value.

2. Ideal for businesses with stable and predictable cash flows.

5. Comparable Transactions Method

• Uses valuation multiples from similar past transactions in the industry.

6. Liquidation Value Method

• Estimates the cash that could be realized if assets were sold in a forced sale.

Types of Valuation Reports

1. Investment Value:

   • Focuses on the potential profits from ownership.

2. Liquidation Value:

   • Based on the expected sale proceeds in a forced sale.

3. Solvency Opinion:

   • Determines if a company can meet its liabilities.

4. Fair Market Value:

   • Based on what a willing buyer would pay in an open market.

Who Can Prepare a Valuation Report?

1. Registered Valuer:

   1. Must be registered under the Companies Act, 2013.

   2. Can prepare reports for mergers, acquisitions, and corporate restructuring.

2. Merchant Banker:

   1. Registered with SEBI.

   2. Can issue valuation reports for equity transactions under FEMA and the Income Tax Act.

Regulatory Requirements for Valuation Reports

1. Under the Companies Act, 2013

• Section 62(1)(c): Valuation report required for issuing preferential shares.

• Section 230: Required for mergers and acquisitions.

• Section 236: Needed for buying shares from minority shareholders.

• Section 281: Liquidator must submit a valuation report within 60 days during company winding up.

2. SEBI Regulations

• Ensures fair pricing in public offerings and prevents manipulation.

3. Income Tax Act, 1961

1. Rule 11UA: Valuation reports required for unquoted equity shares.

2. Ensures fair value determination for tax purposes.

Common Challenges in Preparing a Valuation Report

1. Choosing the Right Method:

   • No single method is universally applicable.

2. Subjectivity in Assumptions:

   • Assumptions about growth rates, market conditions, etc., can influence results.

3. Regulatory Compliance:

   • Ensuring adherence to diverse regulations.

Steps Involved in the Valuation Process

1. Define the Purpose:

   • Determine if the report is for mergers, acquisitions, or compliance.

2. Collect Information:

   • Gather financial statements, industry reports, and historical data.

3. Choose Valuation Method:

   • Select the most suitable method based on the purpose and industry.

4. Perform Financial Analysis:

   • Analyze historical performance and adjust for non-recurring items.

5. Draft the Report:

   • Prepare a detailed report with all mandatory components.

Limitations of Valuation Reports

1. Complexity of Methods:

   • Some methods are complicated and require expertise.

2. Market Volatility:

   • Market conditions can render valuations outdated quickly.

3. Subjectivity:

   • Assumptions and forecasts can vary among valuers.

Key Differences Between Valuation Methods

Conclusion

A valuation report is an indispensable tool for businesses, investors, and regulators. It helps in making informed decisions, ensuring compliance, and safeguarding the interests of all stakeholders. Understanding the requirements, methods, and limitations of valuation can empower businesses to make strategic decisions with confidence.

For precise and compliant valuation reports, consult with registered valuers and SEBI-registered professionals who can guide you through the complexities of valuation with accuracy and legal compliance.

The Indian Income Tax Department has significantly ramped up its monitoring mechanisms in recent years to combat tax evasion and ensure compliance. With advancements in data analytics and collaboration with various governmental bodies, high-value cash transactions are now under scrutiny like never before. For individuals engaging in significant financial dealings, understanding the legal framework surrounding income tax notices becomes crucial.

This guide provides an in-depth explanation of high-value transactions, the triggers for income tax notices, compliance measures, and how to respond effectively if you receive such a notice.

What Are High-Value Transactions?

High-value transactions involve large sums of money exceeding specific thresholds as defined by the Income Tax Department. These financial dealings are reported under Specified Financial Transactions (SFTs), ensuring transparency in significant monetary exchanges.

Examples of high-value transactions include:

1. Cash Deposits in Savings Accounts: Deposits exceeding ₹10 lakh annually attract scrutiny.

2. Real Estate Transactions: Purchase or sale of property valued above ₹30 lakh.

3. Credit Card Payments: Non-cash payments exceeding ₹10 lakh annually or cash payments above ₹1 lakh.

4. Investments in Financial Instruments: Investments over ₹10 lakh in bonds, debentures, or mutual funds.

5. Foreign Currency Transactions: Expenditure or purchases above ₹10 lakh.

These transactions are reported by financial institutions, registrars, and other specified entities using Form 61A, enabling the department to track and analyze substantial monetary activities.

Legal Framework: Key Provisions and Thresholds

To streamline tax compliance and track evasion, several sections of the Income Tax Act play a pivotal role in monitoring high-value cash transactions:

1. Section 269ST: Prohibits cash transactions exceeding ₹2 lakh in a single day or related transactions.

2. Section 114B: Mandates PAN card submission for cash deposits exceeding ₹50,000 in a single day.

3. Section 271FA: Imposes penalties for failing to report high-value transactions in Form 61A, with fines accruing daily.

Failure to comply with these provisions not only results in penalties but also increases the likelihood of an income tax notice.

Common Triggers for Income Tax Notices

The Income Tax Department monitors various high-value transactions through its extensive data collection network. Some common triggers for notices include:

1. Large Cash Deposits or Withdrawals:

   • Savings account deposits exceeding ₹10 lakh annually.

   • Current account deposits or withdrawals above ₹50 lakh annually.

2. Real Estate Deals:

   • Transactions involving properties worth more than ₹30 lakh.

3. Significant Investments:

   • Investments exceeding ₹10 lakh in bonds, debentures, or mutual funds.

4. High Credit Card Spending:

   • Cash payments above ₹1 lakh or non-cash payments exceeding ₹10 lakh annually.

5. Foreign Currency Transactions:

   • Expenditure or conversions above ₹10 lakh.

Each of these activities is meticulously recorded and cross-verified through Form 26AS, which now includes Specified Financial Transactions.

How the Department Tracks High-Value Transactions

The Income Tax Department employs several tools and techniques to monitor and analyze high-value transactions:

1. Form 26AS and AIS (Annual Information Statement):

   • Enhanced Form 26AS now includes details of SFTs, making financial activities more transparent.

   • AIS provides a consolidated view of all financial transactions for a taxpayer.

2. Integration with Financial Entities:

   • Collaboration with banks, post offices, and registrars ensures timely reporting of significant transactions.

3. TDS on Cash Withdrawals:

   • A 2% Tax Deducted at Source (TDS) applies to withdrawals exceeding ₹1 crore annually. For non-filers, TDS applies at lower thresholds.

4. Mandatory ITR Filing for High-Value Transactions:

   • Even individuals below the taxable income threshold must file returns if they engage in high-value transactions.

Responding to Income Tax Notices

Receiving an income tax notice for high-value transactions can be daunting. However, a structured approach can help mitigate potential penalties:

1. Log In to the Compliance Portal:

   • Visit the Income Tax e-filing portal and access the compliance section using your PAN credentials.

2. Review the Details:

   • Check the 'Pending Actions' section for discrepancies or notices related to high-value transactions.

3. Respond to the Notice:

   • Choose from response options such as:

     • "Information is correct."

     • "Information is partially correct."

     • "Information pertains to another person."

   • Provide supporting documents, including bank statements, proof of income, or sale deeds, as applicable.

4. File Accurate Returns:

   • Ensure all high-value transactions are reported in your Income Tax Return (ITR). Reconcile discrepancies proactively.

5. Consult a Tax Professional:

   • If unsure about the notice's implications, seek guidance from an expert to ensure compliance and avoid penalties.

Penalties for Non-Compliance

The Income Tax Act prescribes strict penalties for failing to report or misrepresenting high-value transactions:

1. Under Section 271FA:

   • ₹500 per day for not filing Form 61A, with penalties accruing daily until compliance.

2. Under Section 234F:

   • Late filing of ITR attracts fines of up to ₹10,000, depending on the delay.

3. Scrutiny and Prosecution:

   • Persistent non-compliance can result in detailed scrutiny and, in extreme cases, legal action.

Best Practices to Avoid Income Tax Notices

To ensure smooth compliance and avoid the stress of notices, consider the following best practices:

1. Maintain Proper Records:

   • Keep documentation for all high-value transactions, including receipts, bank statements, and agreements.

2. Adhere to Reporting Thresholds:

   • Monitor cash deposits, credit card payments, and property transactions to stay within permissible limits.

3. File ITR Promptly:

   • File accurate and timely returns, ensuring all transactions are disclosed.

4. Use Digital Payments:

   • Opt for digital modes of payment to reduce the risk of triggering cash transaction notices.

5. Seek Expert Advice:

   • Consult with tax professionals to navigate complex transactions and ensure full compliance.

Key Takeaways

1. High-value transactions are subject to strict scrutiny under the Income Tax Act, and failure to comply can lead to penalties and legal action.

2. Form 26AS and AIS provide taxpayers with a consolidated view of their financial transactions, facilitating transparency and compliance.

3. Timely and accurate filing of income tax returns is essential to avoid notices and penalties.

4. Collaboration with tax professionals can help ensure that all transactions are reported correctly, minimizing the risk of issues.

Conclusion

High-value cash transactions play a crucial role in India’s efforts to enhance tax compliance and curb evasion. By understanding the provisions of the Income Tax Act, monitoring financial dealings, and filing accurate returns, individuals can avoid notices and penalties. In case of any discrepancies or notices, prompt action and consultation with tax experts can help resolve issues effectively. Stay informed, stay compliant, and ensure smooth financial operations.

image: The hindu business line. 

In the last financial budget, the government has come up with the introduction of Section 269ST of the Income Tax Act, which states in detail that Section 269ST “prohibits any person to receive an amount of Rs.2 lakh or more in cash”:

(i) In aggregate from a person in a day, or
(ii) In a single transaction, or
(iii) In respect of transactions relating to one event or occasion from a person .

Few examples to understand the new tax amendment:

1. Suppose, Mr. X sells furniture worth Rs 4,50,000 and makes three different bills of Rs 1,50,000 and gives one to each person & accepts cash in a day, at different times, the Section 269 ST (a) will get violated.

1. Secondly, Mr. Y sells gold worth Rs5, 00,000 through a single bill to another person and receives cash of Rs 2, 50,000 on the first day and the remaining on the next day, then Section 269ST(B) gets violated.

1. Thirdly, Mr. Z accepts an order for catering, flowers & light decoration, occasion venue rent in respect for the event of marriage from Mr. A. He accepts cash of Rs 1,00,000 for the purpose of catering; Rs 1,50,000 for decoration; Rs 1,50,000 for the venue booking, then also section 269 ST(c) gets violated, even if he accepts cash on different dates because all the three transaction is relating to occasion of A’s marriage.

Thus, we can understand that in all the three cases, section 269ST gets violated and penalty u/s 271DA is applicable.

Penalty for violating Section 269ST:

If any person violates the provisions of Section 269ST or accepts any payment in conflict with the provisions, then he shall be liable to pay a penalty of sum which is equivalent to the amount of receipt under Section 271DA.

But in case the person can prove that there was sufficient and bonafied reasons for the breach of the section, no penalty shall be imposed.

However, it is being said that a transaction amount which is equivalent to Rs2 Lakh or more is permitted while doing transaction only through the use of electronic clearing system (which includes debit/credit card/Net Banking/IMPS/UPI/NEFT/RTGS/BHIM) via bank or account payee cheque or demand draft. Nonetheless, it can be said that this is an initiative taken by the government, in order to promote and boost up the digital economy.

Exemptions to Section 269ST of the Income Tax Act: 

• Though this section is not applicable to any receipt of amount by the government, any banking company, post office savings bank or co-operative bank, or any other person/receipts as may be notified.

• Also, transactions referred to in section 269SS (attracted when we accept loan from any person) will be excluded from the scope of the new section 269ST.

Thus, we can say that from now onwards cash transactions must be done vigilantly. Accepting any amount which is more than Rs 2Lakhs, received in form of cash, can impose penalty. This is to make the citizens more concern that transaction of lump sum amount of money must be done by the mode of bank payments only. Now-a-days, income tax laws are getting more firm for the taxpayers so that unaccounted income can be taken count of.