April 20, 2024 10:35 (IST)
Follow us:
Total ban on cash transactions above Rs. 3,00,000: SIT
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.
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.
Latest Headlines
Indian-origin man Banmeet Singh sentenced to five years in prison in US for selling controlled substances on dark web marketplaces Sat, Apr 20 2024
'Had mangoes only three thrice, sweets 6 times in jail': Arvind Kejriwal counters ED claims in court Sat, Apr 20 2024
'Great response, people voting for NDA in record numbers': PM Modi on first phase turnout Fri, Apr 19 2024
'Opposition got donations through bonds, is that extortion as well?' Amit Shah slams Rahul Gandhi Fri, Apr 19 2024
Millions of Indians vote in the biggest phase of Lok Sabha polls, 60.03 pct turnout recorded Fri, Apr 19 2024
India votes in first phase of Lok Sabha elections, approximately 60 percent voting recorded across 102 seats till 5pm Fri, Apr 19 2024
DRDO hands over first batch of Leading Edge Actuators, Airbrake Control Module to HAL for LCA Tejas Mk1A Fri, Apr 19 2024
West Bengal records 66.4 pct voting in first phase till 3 pm Fri, Apr 19 2024
India to deliver first set of BrahMos missiles to Philippines Fri, Apr 19 2024
New Delhi hosts Russian-Indian friendship cycling rally Fri, Apr 19 2024