Black Money – Domestic and International Efforts

SIT wants to ban cash transactions above Rs 3 lakhs

  1. News: The Special Investigative Team (SIT) on undisclosed money wants a ban on any cash transaction over Rs 3 lakh and a limit of Rs 15 lakh on cash holdings
  2. In the wake of the ‘Panama Papers’ leak, it also recommended amending the law to provide for confiscation by the state of such money abroad
  3. The SIT, in its fifth report to the Supreme Court, said that a large amount of unaccounted wealth is stored and used in the form of cash
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