SIT on black money has recommended a ban on cash transactions of more than INR 3 lakhs

Q.  SIT on black money has recommended a ban on cash transactions of more than what amount?
- Published on 20 Jul 16

a. INR 2 lakhs
b. INR 3 lakhs
c. INR 4 lakhs
d. INR 5 lakhs

ANSWER: INR 3 lakhs
 
Special Investigation Team on black money has recommended a ban on cash transactions of more than INR 3 lakh and restricting cash holding with individuals to not more than INR 15 lakh to curb illegal wealth in the economy.
  • SIT headed by Justice MB Shah submitted its 5th report to the SC on methods for curbing black money in the economy.
  • SIT recommended a total ban on cash transactions above INR 3 lakhs and an Act to be framed to declare such transactions as illegal/punishable by law

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