Contact Your Financial
Adviser MONEY MAKING MC
15 July 2016
In
order to tackle black money, the Special Investigation Team (SIT) has
recommended a total ban on cash transactions above Rs300,000 and an act be
framed to declare such transactions as illegal and punishable under law, an
official statement said here on Thursday. The Total Investment & Insurance
Solutions
The
fifth SIT report has been submitted before the Supreme Court by the SIT.
“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 statement said.
Regarding
cash holding it said: “SIT has suggested an upper limit of Rs15 lakh on cash
holding.”
The Total Investment & Insurance Solutions
Further,
it said 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 Total Investment
& Insurance Solutions
It
has also invited suggestions from the public on the recommendations. The Total Investment
& Insurance Solutions
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