SIT Recommends Banning Cash Transactions Above Rs 3 Lakh To Curb Blackmoney

The Special Investigation Team (SIT) on blackmoney has recommended ban on cash transactions of above Rs 3 lakh and restricting cash holding with individuals to not more than Rs 15 lakh to curb illegal wealth in the economy. The SIT headed by Justice M B Shah (retd), submitted its fifth report to the Supreme Court on methods to curb black money in the economy.The panel felt that large amount of unaccounted wealth is stored and used in form of cash. “Having considered the provisions which exist in this regard in various countries and also having considered various reports and observations of courts regarding cash transactions the SIT felt that there is a need to put an upper limit to cash transactions,” an official statement said. http://indianexpress.com/article/business/business-others/ban-cash-transactions-above-rs-3-lakh-to-curb-blackmoney-sit-2913746/ The Indian Express Videos: One stop for all videos related to mobile launches, gadgets reviews, technology, Entertainment and Bollywood including political videos, opinions and views. ——————————————————————————————— Subscribe for more videos: http://goo.gl/RjJrX0 Like us on Facebook: https://www.facebook.com/indianexpress Follow us on Twitter: https://twitter.com/indianexpress Download the Indian Express app at http://indianexpress.com/apps/ Watch more videos at http://www.indianexpress.com/videos