Home / Latest News / Justice M B Shah led SIT on Black Money want complete ban on cash transactions above Rs 3 lakh

Justice M B Shah led SIT on Black Money want complete ban on cash transactions above Rs 3 lakh

July,14,2016:

SIT suggested Rs 15 lakh as an upper limit of cash holding.

Way forward to Curb Black Money
Way forward to Curb Black Money

Justice M B Shah (retd) led Special Investigation Team (SIT) on black money has given recommendations to the Supreme Court.

It has recommended that there should be a ban on all the cash transactions over Rs 3 lakh. It is also suggested that restriction shall be placed for cash holding of not more than Rs 15 lakh with individuals to curb undeclared black wealth in the nation’s economy.

In its fifth report to the Supreme Court the SIT headed by Justice M B Shah (retd), submitted on methods to curb the flow of black money in the economy.

The panel found that a huge amount of unaccounted and undeclared wealth is stored and used in the form of cash.

After considering the provisions in this regard in various other countries the SIT felt that there is a urgent need to put an upper limit to cash transactions.

SIT recommended that there shall be a total ban on cash transactions above Rs 3 lakh and it be declared illegal and punishable under law.

Rs 15 lakh is suggested as an upper limit of cash holding.

It is suggested that in case any person or industry needs to hold more cash, it may obtain due permission from the area Commissioner of Income Tax.

Black Money Trails

Related News @ LatestLaws.com-

Black Money is being made White illegally

14.4.2016- Supreme Court: We can not act on mere suspicion that Black Money is being made White illegally

Panama Papers Scam Rocks India

4.4.2016- Panama Papers Scam: Country’s Wealth siphoned off illegally, Modi Govt. form Multi Agency Team with RBI, CBDT for probe

Tracing Black Money

26.5.2015- Black Money: FM delighted as Swiss Banks reveal Account Holder’s names

Justice

17.12.2015- Supreme Court expounds- Jail a Rule and Bail an exception for Financial Scamsters and Money Laundrers

Benami Property

13.5.2015- Cabinet clears bill to check benami transactions aimed at curbing domestic black money

Black Money

13.5.2015- Parliament clears Black Money Bill

IT returns to contain black money

18.4.2015- New I-T return forms to curb black money

UN

13.4.2015- Black money: U.N. meet endorses India’s concern

Arun Jaitley

29.3.2015- Arun Jaitley, New Law to tackle Black Money

 

Facebook Comments

Check Also

Red Beacons were banned

Do you approve WB CM Mamata Banerjee’s move to dodge Red Beacon ban with Flags?

Do you approve WB CM Mamata Banerjee's move to dodge Red Light ban with Flags?

Leave a Reply

Your email address will not be published. Required fields are marked *