The Finance Minister Arun Jaitely has presented the Union Budget 2017, his fourth annual budget.

Here are the key highlights of this year’s budget.

Finance Minister bans cash transactions above Rs 3 lakh.

Personal I-T rate up to Rs 5 lakh comes down to 5%.

Corporate tax for small companies reduced to 25%.

Maximum amount of donation to political parties reduced to Rs 2,000.

Govt to abolish Foreign Investment Promotion Board.

FM Jaitely raises credit to farmers to Rs 10 lakh crores.

MGNREGA has been allocated highest ever to Rs 48,000 crore.

Mission Antyodaya will bring 1 crore households out of poverty and will make 50,000 Gram Panchayats poverty free.

Proposes to double the lending target of Pradhan Mantri Mudra Yojana and set it up at Rs 2.44 lakh crore for 2017-18.

Monetary policy will be expansionary in major economies.

More steps are going to be taken for benefiting farmers and weaker sections.

The demonetisation effects will not spill over to next year. Demonetisation will be helping in transferring resources from tax evaders to government.

Demonetisation impacts only transient on economy, th long term benefits include higher GDP growth and tax revenue.

After demonetisation, GDP will be bigger, cleaner.

The functional autonomy of Railways will be maintained.

The merger of Railway Budget with General Budget involves focus on a multi-model approach for development of railways, highways and inland water transport.

Government has taken two tectonic policy initiatives- the passage of GST Bill and demonetisation.

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