Question: What is the maximum limit for on cash transactions recommended by SIT on black money?
(a) Upto 4 Lakhs
(b) Upto 3 Lakhs
(c) Upto 5 Lakhs
(d) Upto 2.5 Lakhs
Ans: (b)
Related facts:
- The Fifth SIT report has been submitted before the Hon’ble Supreme Court by the SIT.
- The SIT has recommended that there should be a total ban on cash transactions above Rs.3 Lakhs and an Act is framed to declare such transactions as illegal and punishable under law.
- SIT has suggested an upper limit of Rs.15 lakhs 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.
- Notably, in June 2014, a Special Investigation Team was constituted headed by former judge of the Supreme Court M. B Shah.
- The special investigation team probing allegations of black money.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=147082
http://www.dor.gov.in/sites/upload_files/revenue/files/Press_Release_SIT_5_Report%281%29.pdf