SIT on black money suggests a cap of Rs 15 L for individuals
21 Jan 2015 12:37 AM GMT
The Special Investigating Team (SIT) on black money has suggested to the Supreme Court that a ceiling of Rs 15 lakh be imposed on the maximum cash currency that an individual/entity is allowed to possess at a particular point of time to curb the menace.
“Cash holding is one of the primary modes in which black money is held in this country. Legitimate transactions can be made through the use of cheques/bank transfers all of which can be traced. The use of cash for executing transactions makes the source of money difficult to trace.
“The SIT recommends that a ceiling be imposed on the maximum cash/currency that an individual/entity is allowed to possess at a particular point of time. SIT has recommended Rs.
15 lakh as the permissible limit, however, even a higher threshold may be fixed,” it said.
Government should examine this issue and come up with suitable legal framework to implement this recommendation, the apex-court appointed SIT has submitted before a Bench headed by Chief Justice H L Dattu.
“Cash holding is one of the primary modes in which black money is held in this country. Legitimate transactions can be made through the use of cheques/bank transfers all of which can be traced. The use of cash for executing transactions makes the source of money difficult to trace.
“The SIT recommends that a ceiling be imposed on the maximum cash/currency that an individual/entity is allowed to possess at a particular point of time. SIT has recommended Rs.
15 lakh as the permissible limit, however, even a higher threshold may be fixed,” it said.
Government should examine this issue and come up with suitable legal framework to implement this recommendation, the apex-court appointed SIT has submitted before a Bench headed by Chief Justice H L Dattu.
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