After the demonetisation move in its first term, the Narendra Modi-led national Democratic Alliance (NDA) government may take up more measures to curb black money generation in its second term, Business Standard reported, adding that the newly-elected government may bring back the banking cash transaction tax (BCTT) to curb cash transactions.

"We have received suggestions on taxing cash transactions. The departments concerned are examining the feasibility and effectiveness of the tax. Such tools are not for revenue generation but to curb black money transactions in the form of cash," Business Standard quoted a senior government official as saying.

Tax authorities are also looking at levying an estate tax on inherited property, in line with the global practices, the report said, citing sources.

The matter was discussed in the pre-Budget consultation and will take shape after the new government is formed and a finance minister is appointed.

On April 1, 2005, then-finance minister in the United Progressive Alliance (UPA) government, P. Chidambaram, imposed the BCTT — which levied a 0.1 percent tax on cash withdrawals — but was withdrawn on April 1, 2009.