July 13, 2026 07:58 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'Highway blocked, stones pelted, cops injured': BJP faces open revolt in Madhya Pradesh over Narottam Mishra ticket snub | Two Kolkata Police DCPs suspended over alleged remarks against Bengal CM Suvendu Adhikari | Bail to Bloodbath: Telangana man allegedly kills wife, kids and teen who accused him of sexual harassment | Prakash Raj gets bail in multiple voter registration case linked to 2019 polls | ED raids Shekhar Suman associate's premises in FEMA case; phone allegedly thrown from 13th floor | 'Candidate fled': Prashant Kishor jibes BJP over Bankipur nominee change | BJP replaces candidate days before high-stakes Bankipur bypoll | Foreign franchise league enters India! BBL opener to be played in Chennai, announce Modi-Albanese | 'They could have stopped me': Vijay blames police, former DMK government over Karur stampede | 'People will correct their 2025 mistake': Electoral debutant Prashant Kishor predicts BJP defeat in Bankipur

Total ban on cash transactions above Rs. 3,00,000: SIT

| | Jul 15, 2016, at 01:22 am
New Delhi, July 14 (IBNS): In an attempt to curb black money, the Special Investigation Team (SIT) on Thursday said that there should be a total ban on cash transactions above Rs. 3, 00,000 and an Act be framed to declare such transactions as illegal and punishable under law.
In its Fifth Report submitted before the Supreme Court, the SIT has 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," the report stated.
 
The SIT has further 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 above limit of cash transaction can only succeed if there is a limitation on cash holding, as suggested in its previous reports. 
 
The SIT has suggested an upper limit of Rs. 15 lakhs on cash holding. 
 
"Further, stating that in case any person or industry requires holding more cash, it may obtain necessary permission from the Commissioner of Income tax of the area," the report stated.
 
#SIT # black money #Cash transactions #Upper limit cash holding

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
In Images: Narendra Modi in New Zealand
In Images: Narendra Modi in New Zealand Jul 11, 2026, at 05:33 pm
In Images: Auckland’s Sky Tower lights up in Indian Tricolour on Modi's historic New Zealand visit
In Images: Auckland’s Sky Tower lights up in Indian Tricolour on Modi's historic New Zealand visit Jul 11, 2026, at 12:46 am
In Images: PM Modi makes maiden New Zealand visit on final leg of three-nation visit
In Images: PM Modi makes maiden New Zealand visit on final leg of three-nation visit Jul 10, 2026, at 11:30 pm
Related Videos
Honeymoon couple decorated coup flouting railway rules Jul 10, 2026, at 07:00 pm
Chilling CCTV video of flash flood -landslide from Kerala’s Wayanad Jul 10, 2026, at 06:59 pm
Agnimitra Paul at a book launch in Kolkata Jul 10, 2026, at 06:56 pm