The
5th Special Investigation Team (SIT) report has been submitted before the
Hon’ble Supreme Court by the SIT. An extract of the report has been uploaded on
Department of Revenue
The
SIT has made the following recommendations in the 5th Report:
Cash
transactions..!
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.
Thus,
the SIT has recommended that there should be a total ban on cash transactions
above Rs. 3, 00,000 – (Rupees Three Lacs) and an Act be framed to declare such
transactions as illegal and punishable under law.
Cash
holding..!
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.
SIT
has suggested an upper limit of Rs. 15 lakhs (Rupees Three Lacs) 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.
Suggestions
are invited on the above recommendations of SIT at sit_suggestions@nic.in
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