|
|
New Delhi, (PTI) 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.
SIT recommended a total ban on cash transactions above Rs 3 lakh and "an Act be framed to declare such transactions as illegal and punishable under law."
It also felt that, given the fact of unaccounted wealth being held in cash which are further confirmed by huge cash recoveries in numerous enforcement actions by law enforcement agencies from time to time, the cash transaction limit can only succeed if there is a limitation on cash holding.
"SIT has suggested an upper limit of Rs 15 lakh on cash holding," the statement said.
In case any person or industry required holding more cash, it may obtain necessary permission from the Commissioner of Income Tax of the area, the panel opined.
Disclaimer: Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. canaranews.com will not be responsible for any defamatory message posted under this article.
Please note that under 66A of the IT Act, sending offensive or menacing messages through electronic communication service and sending false messages to cheat, mislead or deceive people or to cause annoyance to them is punishable. It is obligatory on CANARANEWS to provide the IP address and other details of senders of such comments, to the authority concerned upon request.
Hence, sending offensive comments using canaranews will be purely at your own risk, and in no way will canaranews.com be held responsible.
