Date : 14.7.2016
Ban cash transactions above Rs 3 lakh to curb blackmoney: SIT
The panel felt that large amount of unaccounted wealth is stored and used in form of cash.
BY: PTI | NEW DELHI |Updated: July 14, 2016 6:19 Pm
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.
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