July 14, 2016
Paying more than three lakhs in cash for anything should be made illegal and holding more than 15 lakhs in cash at any point should be banned for individuals – two major recommendations that the government will now review as it tries to eliminate thousands of crores of black or undeclared money.
The proposals have been made by a Special Investigation Team or SIT, which was appointed immediately after Prime Minister Narendra Modi took office. The committee reports to the Supreme Court, which, since 2011, has been supervising the government’s efforts to locate and recover undeclared cash, much of it stashed abroad to avoid taxes.
