August 23, 2016
The Central government is examining SIT’s recommendation of banning cash transactions of over Rs 3 lakh in a bid to clamp down on black money in the economy, CBDT Chairperson Rani Singh Nair said on Tuesday.
The move follows Supreme Court-appointed Special Investigation Team (SIT) on black money recommending banning cash transactions of Rs 3 lakh and above and restricting cash holding with individuals and industry to Rs 15 lakh to curb illegal wealth in the country.
“These recommendations have come. It (banning cash transactions over Rs 3 lakh) is under examination. SIT recommendations are under consideration,” she told reporters on the sidelines of an Assocham event in New Delhi.