SIT on black money recommends ban on cash transactions above 3 lakh rupees

The Special Investigation Team (SIT) on black money has recommended the ban on cash transactions of above 3 lakh rupees in a day and a separate law to declare such transactions as illegal and punishable. The SIT headed by retired Justice M B Shah submitted its fifth report to the Supreme Court

It has also suggested upper ceiling of cash holding at 15 lakh rupees to curb illegal wealth in the economy. The SIT felt that the cash transaction limit can only succeed if there is a limitation on cash holding. The panel said, in case any person or industry required holding more cash, it may obtain necessary permission from the Commissioner of Income Tax of the area. 

So let’s discuss some questions related to this post:
1. Name the person who is heading the SIT?
2. Now as per SIT recommends on black money how much cash amount can be transact in a day?

Courtesy: Economic Times


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